EuroDry Correlations

EDRY Stock

USD 11.38 0.12 1.04%

The current 90-days correlation between EuroDry and Himalaya Shipping is 0.14 (i.e., Average 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

Good diversification

The correlation between EuroDry and DJI is -0.08 (i.e., Good 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.

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 metropolitan statistical area.

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

Moving together with EuroDry Stock

0.94	OP	Oceanpal	Pair Corr
0.9	SB	Safe Bulkers	Pair Corr
0.9	ESEA	Euroseas	Pair Corr
0.78	ASC	Ardmore Shpng	Pair Corr
0.9	DSX	Diana Shipping	Pair Corr
0.89	ECO	Okeanis Eco Tankers	Pair Corr
0.66	GNK	Genco Shipping Trading	Pair Corr
0.64	KEX	Kirby	Pair Corr
0.97	NMM	Navios Maritime Partners	Pair Corr
0.69	GASS	StealthGas	Pair Corr
0.93	GLBS	Globus Maritime	Pair Corr
0.76	GOGL	Golden Ocean Group	Pair Corr
0.85	HSHP	Himalaya Shipping	Pair Corr
0.75	CMRE-PC	Costamare	Pair Corr
0.66	CMRE-PD	Costamare	Pair Corr
0.72	KNOP	KNOT Offshore Partners	Pair Corr
0.83	PANL	Pangaea Logistic	Pair Corr
0.65	PSHG	Performance Shipping	Pair Corr
0.88	SBLK	Star Bulk Carriers Sell-off Trend	Pair Corr
0.97	SHIP	Seanergy Maritime	Pair Corr
0.82	SMHI	SEACOR Marine Holdings	Pair Corr
0.78	BWLP	BW LPG Limited	Pair Corr
0.67	CCEC	Capital Clean Energy Symbol Change	Pair Corr
0.92	CISS	C3is Inc	Pair Corr

Moving against EuroDry Stock

0.82	HTCO	Caravelle International Symbol Change	Pair Corr
0.33	ICON	Icon Energy Corp	Pair Corr
0.89	AZ	A2Z Smart Technologies	Pair Corr
0.88	B	Barnes Group Earnings Call This Week	Pair Corr

Related Correlations Analysis

	CMRE	CPLP	GSL	DAC	ESEA	HSHP	KEX	NMM	PXSAP	USEA
CMRE		0.32	0.78	0.86	0.88	0.92	0.8	0.78	-0.74	0.75	CMRE
CPLP	0.32		0.27	0.21	0.38	0.29	0.23	0.33	-0.33	0.29	CPLP
GSL	0.78	0.27		0.71	0.83	0.79	0.46	0.89	-0.82	0.86	GSL
DAC	0.86	0.21	0.71		0.79	0.75	0.63	0.7	-0.62	0.58	DAC
ESEA	0.88	0.38	0.83	0.79		0.93	0.79	0.94	-0.89	0.89	ESEA
HSHP	0.92	0.29	0.79	0.75	0.93		0.84	0.88	-0.87	0.87	HSHP
KEX	0.8	0.23	0.46	0.63	0.79	0.84		0.65	-0.67	0.64	KEX
NMM	0.78	0.33	0.89	0.7	0.94	0.88	0.65		-0.93	0.96	NMM
PXSAP	-0.74	-0.33	-0.82	-0.62	-0.89	-0.87	-0.67	-0.93		-0.92	PXSAP
USEA	0.75	0.29	0.86	0.58	0.89	0.87	0.64	0.96	-0.92		USEA
	CMRE	CPLP	GSL	DAC	ESEA	HSHP	KEX	NMM	PXSAP	USEA

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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

USEA	+ 0.96	NMM
NMM	+ 0.94	ESEA
HSHP	+ 0.93	ESEA
HSHP	+ 0.92	CMRE
NMM	+ 0.89	GSL
USEA	+ 0.89	ESEA

High negative correlations

PXSAP	- 0.93	NMM
USEA	- 0.92	PXSAP
PXSAP	- 0.89	ESEA
PXSAP	- 0.87	HSHP
PXSAP	- 0.82	GSL
PXSAP	- 0.74	CMRE

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
CMRE	1.50	(0.24)	0.00	(0.78)	0.00	0.00	3.03	(3.99)	10.28
CPLP	1.52	0.07	0.03	0.76	2.13	(1.60)	3.59	(3.04)	14.99
GSL	1.17	(0.18)	0.00	(1.39)	0.00	0.00	2.59	(2.46)	7.98
DAC	1.26	(0.14)	0.00	(0.41)	0.00	0.00	2.46	(3.26)	8.98
ESEA	1.80	(0.34)	0.00	(1.64)	0.00	0.00	3.65	(3.68)	10.77
HSHP	2.11	(0.64)	0.00	(1.15)	0.00	0.00	4.44	(4.06)	15.33
KEX	1.28	(0.16)	0.00	(0.22)	0.00	0.00	2.41	(2.75)	13.14
NMM	1.67	(0.50)	0.00	(4.07)	0.00	0.00	2.93	(3.55)	12.25
PXSAP	0.24	0.03	0.07	0.67	0.23	(0.32)	0.70	(0.60)	1.91
USEA	1.85	(0.40)	0.00	4.37	0.00	0.00	3.17	(4.46)	13.14

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