ECO vs EDRY: Correlation
Okeanis Eco Tankers Corp. (ECO) and EuroDry Ltd. (EDRY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECO and EDRY?
On 3 years of weekly data the ECO/EDRY correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 934.1 %².
By 3-year correlation, EDRY places #8 of the 13 assets tracked against ECO. Their recent paths diverged sharply: over the last 12 months EDRY outperformed by 174.9 percentage points (+189.8% for ECO against +364.7% for EDRY).
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.
ECO vs EDRY: side by side
| ECO (Okeanis Eco Tankers Corp.) | EDRY (EuroDry Ltd.) | |
|---|---|---|
| 1-year return | +189.8% | +364.7% |
| 5-year return | n/a | +66.1% |
| Volatility (ann.) | 44.3% | 50.8% |
| Beta vs S&P 500 | 0.52 | 0.68 |
| Max drawdown (3Y) | -46.1% | -67.8% |
| Market cap | $2.6B | $0.1B |
| P/E (trailing) | 5.8 | 14.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECO | EDRY |
|---|---|---|
| 2022 | – | -9.7% |
| 2023 | – | +10.9% |
| 2024 | -11.7% | -41.2% |
| 2025 | +64.2% | +14.6% |
| 2026 | +128.8% | +284.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECO and EDRY good diversifiers for each other?
Reasonably. At 0.42, ECO and EDRY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ECO and EDRY?
As of 2026-08-27, the correlation of weekly returns between ECO and EDRY is 0.42 over 3 years, 0.49 over 1 year and n/a over 5 years.
Is EDRY a good diversifier for ECO?
Reasonably. At 0.42, ECO and EDRY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/eco-vs-edry.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eco-vs-edry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ECO correlations · EDRY correlations
