Correlation Between Okeanis Eco and Costamare

Can any of the company-specific risk be diversified away by investing in both Okeanis Eco and Costamare at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Okeanis Eco and Costamare into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Okeanis Eco Tankers and Costamare, you can compare the effects of market volatilities on Okeanis Eco and Costamare and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Okeanis Eco with a short position of Costamare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Okeanis Eco and Costamare.

Diversification Opportunities for Okeanis Eco and Costamare

0.79

Correlation Coefficient

Okeanis Eco  Costamare

Poor diversification

The 3 months correlation between Okeanis and Costamare is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Okeanis Eco Tankers and Costamare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Costamare and Okeanis Eco is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Okeanis Eco Tankers are associated (or correlated) with Costamare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Costamare has no effect on the direction of Okeanis Eco i.e., Okeanis Eco and Costamare go up and down completely randomly.

Pair Corralation between Okeanis Eco and Costamare

Considering the 90-day investment horizon Okeanis Eco is expected to generate 2.39 times less return on investment than Costamare. In addition to that, Okeanis Eco is 1.35 times more volatile than Costamare. It trades about 0.09 of its total potential returns per unit of risk. Costamare is currently generating about 0.28 per unit of volatility. If you would invest  1,164  in Costamare on October 6, 2025 and sell it today you would earn a total of  404.00  from holding Costamare or generate 34.71% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

Okeanis Eco Tankers  vs.  Costamare

Okeanis Eco Tankers

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in Okeanis Eco Tankers are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of very conflicting fundamental indicators, Okeanis Eco displayed solid returns over the last few months and may actually be approaching a breakup point.

Costamare

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Costamare are ranked lower than 21 (%) of all global equities and portfolios over the last 90 days. In spite of rather unfluctuating basic indicators, Costamare exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Okeanis Eco and Costamare

The main advantage of trading using opposite Okeanis Eco and Costamare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Okeanis Eco position performs unexpectedly, Costamare can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Costamare will offset losses from the drop in Costamare's long position.

The idea behind Okeanis Eco Tankers and Costamare pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Commodity Directory module to find actively traded commodities issued by global exchanges.