Caravelle International Correlations

HTCO Stock

USD 1.21 0.13 9.70%

The current 90-days correlation between Caravelle International and EuroDry is 0.02 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Caravelle International moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Caravelle International Group moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Caravelle International Correlation With Market

Significant diversification

The correlation between Caravelle International Group and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Caravelle International Group and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Caravelle International Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Caravelle Stock

0.88	SB-PC	Safe Bulkers	Pair Corr
0.87	SB-PD	Safe Bulkers	Pair Corr
0.8	PXSAP	Pyxis Tankers	Pair Corr
0.76	ZIM	ZIM Integrated Shipping	Pair Corr
0.66	ULTRF	Ultrapetrol Bahamas	Pair Corr
0.63	DSX-PB	Diana Shipping	Pair Corr
0.68	MATX	Matson Inc	Pair Corr

Moving against Caravelle Stock

0.9	ASC	Ardmore Shpng	Pair Corr
0.86	EDRY	EuroDry	Pair Corr
0.79	SB	Safe Bulkers	Pair Corr
0.77	ECO	Okeanis Eco Tankers	Pair Corr
0.72	DSX	Diana Shipping	Pair Corr
0.72	SFL	SFL Corporation	Pair Corr
0.56	GASS	StealthGas	Pair Corr
0.54	ESEA	Euroseas Downward Rally	Pair Corr
0.39	GNK	Genco Shipping Trading	Pair Corr
0.31	GLBS	Globus Maritime	Pair Corr
0.91	HAFN	Hafnia Limited Earnings Call This Week	Pair Corr
0.86	KNOP	KNOT Offshore Partners	Pair Corr
0.85	SMHI	SEACOR Marine Holdings	Pair Corr
0.75	BWLP	BW LPG Limited	Pair Corr
0.72	SHIP	Seanergy Maritime	Pair Corr
0.6	SBLK	Star Bulk Carriers	Pair Corr
0.55	HSHP	Himalaya Shipping	Pair Corr
0.4	PANL	Pangaea Logistic	Pair Corr
0.39	GOGL	Golden Ocean Group Earnings Call This Week	Pair Corr

Related Correlations Analysis

	OP	SB	SB-PC	SB-PD	EDRY	ESEA	ASC	DAC	DSX	ECO
OP		0.13	-0.08	-0.14	0.44	0.16	0.4	0.23	0.39	0.39	OP
SB	0.13		-0.77	-0.69	0.74	0.8	0.83	0.2	0.84	0.71	SB
SB-PC	-0.08	-0.77		0.83	-0.75	-0.48	-0.82	0.24	-0.65	-0.62	SB-PC
SB-PD	-0.14	-0.69	0.83		-0.82	-0.48	-0.82	0.31	-0.69	-0.65	SB-PD
EDRY	0.44	0.74	-0.75	-0.82		0.6	0.97	-0.1	0.81	0.91	EDRY
ESEA	0.16	0.8	-0.48	-0.48	0.6		0.65	0.41	0.74	0.64	ESEA
ASC	0.4	0.83	-0.82	-0.82	0.97	0.65		-0.05	0.85	0.89	ASC
DAC	0.23	0.2	0.24	0.31	-0.1	0.41	-0.05		0.25	0.16	DAC
DSX	0.39	0.84	-0.65	-0.69	0.81	0.74	0.85	0.25		0.79	DSX
ECO	0.39	0.71	-0.62	-0.65	0.91	0.64	0.89	0.16	0.79		ECO
	OP	SB	SB-PC	SB-PD	EDRY	ESEA	ASC	DAC	DSX	ECO

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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

ASC	+ 0.97	EDRY
ECO	+ 0.91	EDRY
ECO	+ 0.89	ASC
DSX	+ 0.85	ASC
DSX	+ 0.84	SB
ASC	+ 0.83	SB

High negative correlations

ASC	- 0.82	SB-PD
EDRY	- 0.82	SB-PD
ASC	- 0.82	SB-PC
SB-PC	- 0.77	SB
EDRY	- 0.75	SB-PC
DSX	- 0.69	SB-PD

Risk-Adjusted Indicators

There is a big difference between Caravelle Stock performing well and Caravelle International 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 Caravelle International'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
OP	1.94	(0.25)	0.00	1.31	0.00	0.00	3.33	(5.71)	15.48
SB	1.51	(0.31)	0.00	(0.22)	0.00	0.00	3.13	(3.10)	9.36
SB-PC	0.31	0.01	(0.17)	(0.05)	0.40	(0.37)	0.67	(0.76)	2.33
SB-PD	0.34	0.02	(0.13)	3.12	0.45	(0.39)	0.90	(0.59)	2.50
EDRY	1.32	(0.53)	0.00	(2.61)	0.00	0.00	1.96	(2.87)	8.90
ESEA	2.05	(0.16)	0.00	(0.45)	0.00	0.00	3.85	(4.63)	16.76
ASC	1.50	(0.66)	0.00	(1.44)	0.00	0.00	2.41	(3.86)	10.54
DAC	1.07	0.02	(0.03)	0.13	1.36	(1.19)	2.46	(2.43)	7.45
DSX	1.64	(0.19)	0.00	(3.35)	0.00	0.00	3.33	(3.35)	11.03
ECO	2.00	(0.32)	0.00	(0.51)	0.00	0.00	3.34	(3.95)	14.39

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