Kirby Correlations

KEX Stock

USD 112.12 5.56 5.22%

The current 90-days correlation between Kirby and Costamare is 0.06 (i.e., Significant diversification). The correlation of Kirby 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.

Kirby Correlation With Market

Weak diversification

The correlation between Kirby and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kirby and DJI in the same portfolio, assuming nothing else is changed.

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

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

Moving together with Kirby Stock

0.75	OP	Oceanpal	Pair Corr
0.86	SB	Safe Bulkers	Pair Corr
0.71	EDRY	EuroDry	Pair Corr
0.86	PXSAW	Pyxis Tankers	Pair Corr
0.79	ESEA	Euroseas	Pair Corr
0.65	DAC	Danaos	Pair Corr
0.92	GNK	Genco Shipping Trading	Pair Corr
0.72	NMM	Navios Maritime Partners	Pair Corr
0.62	GLBS	Globus Maritime	Pair Corr
0.84	GOGL	Golden Ocean Group	Pair Corr
0.87	HSHP	Himalaya Shipping	Pair Corr
0.71	MATX	Matson Inc	Pair Corr
0.7	PANL	Pangaea Logistic	Pair Corr
0.83	SBLK	Star Bulk Carriers	Pair Corr
0.71	SHIP	Seanergy Maritime	Pair Corr

Moving against Kirby Stock

0.79	HTCO	Caravelle International Symbol Change	Pair Corr
0.43	HAFN	Hafnia Limited	Pair Corr
0.9	BA	Boeing	Pair Corr
0.88	B	Barnes Group	Pair Corr
0.61	AP	Ampco Pittsburgh	Pair Corr
0.44	GSL-PB	Global Ship Lease	Pair Corr
0.36	AZ	A2Z Smart Technologies Tech Boost	Pair Corr
0.31	BE	Bloom Energy Corp	Pair Corr

Related Correlations Analysis

	DAC	CMRE	CLCO	GRIN	GSL	CPLP	ESEA	NMM	HSHP	GASS
DAC		0.86	0.58	0.12	0.71	0.25	0.8	0.7	0.75	0.45	DAC
CMRE	0.86		0.63	0.26	0.81	0.44	0.92	0.83	0.91	0.36	CMRE
CLCO	0.58	0.63		-0.02	0.8	0.15	0.64	0.75	0.78	0.77	CLCO
GRIN	0.12	0.26	-0.02		0.14	0.97	0.26	0.19	0.14	0.02	GRIN
GSL	0.71	0.81	0.8	0.14		0.3	0.82	0.86	0.78	0.54	GSL
CPLP	0.25	0.44	0.15	0.97	0.3		0.45	0.38	0.36	0.09	CPLP
ESEA	0.8	0.92	0.64	0.26	0.82	0.45		0.94	0.91	0.37	ESEA
NMM	0.7	0.83	0.75	0.19	0.86	0.38	0.94		0.89	0.48	NMM
HSHP	0.75	0.91	0.78	0.14	0.78	0.36	0.91	0.89		0.51	HSHP
GASS	0.45	0.36	0.77	0.02	0.54	0.09	0.37	0.48	0.51		GASS
	DAC	CMRE	CLCO	GRIN	GSL	CPLP	ESEA	NMM	HSHP	GASS

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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

CPLP	+ 0.97	GRIN
NMM	+ 0.94	ESEA
ESEA	+ 0.92	CMRE
HSHP	+ 0.91	CMRE
HSHP	+ 0.91	ESEA
HSHP	+ 0.89	NMM

High negative correlations

GRIN

- 0.02

CLCO

Risk-Adjusted Indicators

There is a big difference between Kirby Stock performing well and Kirby 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 Kirby'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
DAC	1.13	(0.07)	0.00	(0.11)	0.00	0.00	2.46	(2.53)	8.98
CMRE	1.37	(0.20)	0.00	(0.77)	0.00	0.00	2.24	(3.22)	10.28
CLCO	1.95	(0.23)	0.00	0.89	0.00	0.00	4.02	(4.68)	16.55
GRIN	0.33	0.06	(0.04)	(0.67)	0.24	(0.49)	1.17	(0.51)	2.86
GSL	1.16	(0.14)	0.00	(0.84)	0.00	0.00	2.75	(2.42)	7.98
CPLP	1.52	0.07	0.00	5.40	2.13	(1.60)	3.59	(3.04)	14.99
ESEA	1.70	(0.41)	0.00	(1.39)	0.00	0.00	3.41	(3.67)	10.77
NMM	1.64	(0.48)	0.00	(8.71)	0.00	0.00	2.93	(3.55)	12.25
HSHP	2.13	(0.54)	0.00	(0.92)	0.00	0.00	4.44	(3.87)	15.33
GASS	1.70	(0.09)	0.00	0.32	0.00	0.00	3.82	(3.66)	14.33

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