CMRE vs ESEA: Correlation
How closely do Costamare Inc. (CMRE) and Euroseas Ltd. (ESEA) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMRE and ESEA?
Over the past 3 years, CMRE and ESEA moved with a correlation of 0.48, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.71 versus 0.48 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 765.5 %².
Within CMRE's tracked universe of 16 assets, ESEA comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +32.8% for CMRE and +28.7% for ESEA.
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 ESEA: side by side
| CMRE (Costamare Inc.) | ESEA (Euroseas Ltd.) | |
|---|---|---|
| 1-year return | +32.8% | +28.7% |
| 5-year return | +30.5% | +417.1% |
| Volatility (ann.) | 35.3% | 45.2% |
| Beta vs S&P 500 | 0.73 | 0.96 |
| Max drawdown (3Y) | -57.8% | -38.0% |
| Market cap | $1.9B | $0.5B |
| P/E (trailing) | 5.6 | 3.8 |
| Dividend yield | 3.17% | 4.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMRE | ESEA |
|---|---|---|
| 2022 | -22.8% | -21.0% |
| 2023 | +16.2% | +83.4% |
| 2024 | +26.9% | +23.6% |
| 2025 | +26.5% | +96.0% |
| 2026 | -1.3% | +43.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMRE and ESEA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CMRE and ESEA?
The CMRE/ESEA correlation stands at 0.48 on a 3-year window (1 year: 0.71, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is ESEA a good diversifier for CMRE?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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-esea.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmre-vs-esea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMRE correlations · ESEA correlations
