CMRE vs DAC: Correlation
Measured on weekly returns over the past three years, Costamare Inc. (CMRE) and Danaos Corporation (DAC) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMRE and DAC?
On 3 years of weekly data the CMRE/DAC correlation comes out at 0.68, strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 603.3 %².
In CMRE's tracked universe of 16 assets, DAC sits right near the top at #2. Correlation aside, the last 12 months split them widely, with DAC ahead by 35.2 points (+32.8% versus +68.0%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CMRE vs DAC: side by side
| CMRE (Costamare Inc.) | DAC (Danaos Corporation) | |
|---|---|---|
| 1-year return | +32.8% | +68.0% |
| 5-year return | +30.5% | +112.7% |
| Volatility (ann.) | 35.3% | 25.3% |
| Beta vs S&P 500 | 0.73 | 0.58 |
| Max drawdown (3Y) | -57.8% | -28.9% |
| Market cap | $1.9B | – |
| P/E (trailing) | 5.6 | 5.0 |
| Dividend yield | 3.17% | 2.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMRE | DAC |
|---|---|---|
| 2022 | -22.8% | -26.6% |
| 2023 | +16.2% | +47.5% |
| 2024 | +26.9% | +12.4% |
| 2025 | +26.5% | +20.0% |
| 2026 | -1.3% | +64.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMRE and DAC good diversifiers for each other?
Only partially. A correlation of 0.68 means CMRE and DAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CMRE and DAC?
As of 2026-08-27, the correlation of weekly returns between CMRE and DAC is 0.68 over 3 years, 0.76 over 1 year and 0.66 over 5 years.
Is DAC a good diversifier for CMRE?
Only partially. A correlation of 0.68 means CMRE and DAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmre-vs-dac.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmre-vs-dac/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMRE correlations · DAC correlations
