EuroDry Correlations

EDRY Stock

USD 16.90 0.65 4.00%

The current 90-days correlation between EuroDry and Caravelle International Group is -0.1 (i.e., Good diversification). The correlation of EuroDry is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

EuroDry Correlation With Market

Weak diversification

The correlation between EuroDry and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EuroDry and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with EuroDry Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in EuroDry. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

For more information on how to buy EuroDry Stock please use our How to Invest in EuroDry guide.

Moving together with EuroDry Stock

0.64	SB	Safe Bulkers	Pair Corr
0.63	SBL	Safe Bulkers	Pair Corr
0.63	DAC	Danaos	Pair Corr
0.63	DSX	Diana Shipping Earnings Call Today	Pair Corr
0.63	ECO	Okeanis Eco Tankers	Pair Corr
0.72	GNK	Genco Shipping Trading	Pair Corr
0.62	GSL	Global Ship Lease	Pair Corr
0.69	PXS	Pyxis Tankers	Pair Corr
0.63	ALC	Algoma Central	Pair Corr
0.63	ZIM	ZIM Integrated Shipping Trending	Pair Corr
0.76	HSHP	Himalaya Shipping Symbol Change	Pair Corr
0.71	J1X	HIMALAYA SHIPPING LTD	Pair Corr

Moving against EuroDry Stock

0.49	ICON	Icon Energy Corp	Pair Corr
0.38	W1M	Singapore ShippingLimited	Pair Corr

Related Correlations Analysis

	HTCO	VNTG	NCT	PRZO	OESX	BTOC	EPOW	QRHC	PXS	SIDU
HTCO		0.12	0.57	0.64	0.25	0.54	0.58	-0.1	-0.23	-0.5	HTCO
VNTG	0.12		0.34	0.32	0.27	0.32	0.44	-0.33	-0.56	-0.09	VNTG
NCT	0.57	0.34		0.53	-0.08	0.26	0.83	-0.58	-0.57	-0.69	NCT
PRZO	0.64	0.32	0.53		0.41	0.39	0.51	-0.11	-0.24	-0.2	PRZO
OESX	0.25	0.27	-0.08	0.41		0.65	0.13	0.43	-0.19	0.19	OESX
BTOC	0.54	0.32	0.26	0.39	0.65		0.42	0.27	-0.54	-0.35	BTOC
EPOW	0.58	0.44	0.83	0.51	0.13	0.42		-0.56	-0.73	-0.52	EPOW
QRHC	-0.1	-0.33	-0.58	-0.11	0.43	0.27	-0.56		0.4	0.27	QRHC
PXS	-0.23	-0.56	-0.57	-0.24	-0.19	-0.54	-0.73	0.4		0.32	PXS
SIDU	-0.5	-0.09	-0.69	-0.2	0.19	-0.35	-0.52	0.27	0.32		SIDU
	HTCO	VNTG	NCT	PRZO	OESX	BTOC	EPOW	QRHC	PXS	SIDU

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

EPOW	+ 0.83	NCT
BTOC	+ 0.65	OESX
PRZO	+ 0.64	HTCO
EPOW	+ 0.58	HTCO
NCT	+ 0.57	HTCO
BTOC	+ 0.54	HTCO

High negative correlations

PXS	- 0.73	EPOW
SIDU	- 0.69	NCT
QRHC	- 0.58	NCT
PXS	- 0.57	NCT
QRHC	- 0.56	EPOW
PXS	- 0.56	VNTG

Risk-Adjusted Indicators

There is a big difference between EuroDry Stock performing well and EuroDry Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze EuroDry's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HTCO	5.92	0.06	0.02	0.07	7.97	(6.16)	19.28	(11.44)	49.11
VNTG	2.39	(0.18)	0.00	(0.57)	0.00	0.00	5.95	(6.52)	18.89
NCT	5.71	(2.03)	0.00	(0.74)	0.00	0.00	10.53	(15.52)	43.52
PRZO	6.01	0.08	0.02	0.09	6.38	(7.05)	11.76	(10.00)	57.11
OESX	4.58	(0.02)	(0.01)	0.00	5.74	(5.22)	10.72	(9.66)	32.25
BTOC	3.74	(0.72)	0.00	(0.75)	0.00	0.00	6.35	(8.00)	30.92
EPOW	3.40	(0.38)	0.00	5.22	0.00	0.00	8.24	(8.54)	42.69
QRHC	4.09	0.37	0.08	0.79	3.80	(5.23)	9.27	(6.40)	30.43
PXS	2.27	0.49	0.18	1.78	2.09	(2.85)	7.82	(3.61)	16.06
SIDU	12.15	2.67	0.27	0.69	9.47	(15.67)	34.88	(15.83)	125.36

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