CMRE vs HSHP: Correlation
Costamare Inc. (CMRE) and Himalaya Shipping Ltd. (HSHP) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMRE and HSHP?
On 3 years of weekly data the CMRE/HSHP correlation comes out at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 885.0 %².
Among the 16 assets we track against CMRE, HSHP ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HSHP outperformed by 99.8 percentage points (+32.8% for CMRE against +132.6% for HSHP).
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 HSHP: side by side
| CMRE (Costamare Inc.) | HSHP (Himalaya Shipping Ltd.) | |
|---|---|---|
| 1-year return | +32.8% | +132.6% |
| 5-year return | +30.5% | n/a |
| Volatility (ann.) | 35.3% | 43.3% |
| Beta vs S&P 500 | 0.73 | 0.81 |
| Max drawdown (3Y) | -57.8% | -51.5% |
| Market cap | $1.9B | $0.8B |
| P/E (trailing) | 5.6 | 14.4 |
| Dividend yield | 3.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMRE | HSHP |
|---|---|---|
| 2022 | -22.8% | – |
| 2023 | +16.2% | – |
| 2024 | +26.9% | -23.5% |
| 2025 | +26.5% | +92.3% |
| 2026 | -1.3% | +94.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMRE and HSHP good diversifiers for each other?
Only partially. A correlation of 0.58 means CMRE and HSHP 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 HSHP?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.63 over the last year and n/a over 5 years.
Is HSHP a good diversifier for CMRE?
Only partially. A correlation of 0.58 means CMRE and HSHP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmre-vs-hshp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmre-vs-hshp/)
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Related comparisons
Hubs: CMRE correlations · HSHP correlations
