DSX vs ESEA: Correlation
How closely do Diana Shipping inc. (DSX) and Euroseas Ltd. (ESEA) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DSX and ESEA?
Across a 3-year window, the weekly returns of DSX and ESEA correlate at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 847.8 %².
Within DSX's tracked universe of 13 assets, ESEA comes in at #6 by 3-year correlation. The last year tells two different stories: DSX led by 37.3 percentage points, +66.0% for DSX against +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.
DSX vs ESEA: side by side
| DSX (Diana Shipping inc.) | ESEA (Euroseas Ltd.) | |
|---|---|---|
| 1-year return | +66.0% | +28.7% |
| 5-year return | -10.5% | +417.1% |
| Volatility (ann.) | 38.7% | 45.2% |
| Beta vs S&P 500 | 0.89 | 0.96 |
| Max drawdown (3Y) | -60.1% | -38.0% |
| Market cap | $0.3B | $0.5B |
| P/E (trailing) | 5.5 | 3.8 |
| Dividend yield | 1.50% | 4.10% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DSX | ESEA |
|---|---|---|
| 2022 | +18.2% | -21.0% |
| 2023 | -15.0% | +83.4% |
| 2024 | -28.1% | +23.6% |
| 2025 | -13.7% | +96.0% |
| 2026 | +64.0% | +43.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DSX and ESEA good diversifiers for each other?
Reasonably. At 0.49, DSX and ESEA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DSX and ESEA?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.58 over the last year and 0.46 over 5 years.
Is ESEA a good diversifier for DSX?
Reasonably. At 0.49, DSX and ESEA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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/dsx-vs-esea.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dsx-vs-esea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DSX correlations · ESEA correlations
