EDRY vs HSHP: Correlation
Measured on weekly returns over the past three years, EuroDry Ltd. (EDRY) and Himalaya Shipping Ltd. (HSHP) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDRY and HSHP?
Over the past 3 years, EDRY and HSHP moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.42 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 928.2 %².
Within EDRY's tracked universe of 11 assets, HSHP comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EDRY outperformed by 232.1 percentage points (+364.7% for EDRY 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.
EDRY vs HSHP: side by side
| EDRY (EuroDry Ltd.) | HSHP (Himalaya Shipping Ltd.) | |
|---|---|---|
| 1-year return | +364.7% | +132.6% |
| 5-year return | +66.1% | n/a |
| Volatility (ann.) | 50.8% | 43.3% |
| Beta vs S&P 500 | 0.68 | 0.81 |
| Max drawdown (3Y) | -67.8% | -51.5% |
| Market cap | $0.1B | $0.8B |
| P/E (trailing) | 14.6 | 14.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDRY | HSHP |
|---|---|---|
| 2022 | -9.7% | – |
| 2023 | +10.9% | – |
| 2024 | -41.2% | -23.5% |
| 2025 | +14.6% | +92.3% |
| 2026 | +284.5% | +94.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDRY and HSHP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EDRY and HSHP?
The EDRY/HSHP correlation stands at 0.42 on a 3-year window (1 year: 0.41, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is HSHP a good diversifier for EDRY?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/edry-vs-hshp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/edry-vs-hshp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EDRY correlations · HSHP correlations
