PANL vs SB: Correlation
How closely do Pangaea Logistics Solutions Ltd. (PANL) and Safe Bulkers, Inc (SB) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PANL and SB?
Over the past 3 years, PANL and SB moved with a correlation of 0.54, which is moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 750.0 %².
By 3-year correlation, SB places #4 of the 11 assets tracked against PANL. The last year tells two different stories: SB led by 51.1 percentage points, +49.7% for PANL against +100.8% for SB.
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.
PANL vs SB: side by side
| PANL (Pangaea Logistics Solutions Ltd.) | SB (Safe Bulkers, Inc) | |
|---|---|---|
| 1-year return | +49.7% | +100.8% |
| 5-year return | +109.8% | +151.1% |
| Volatility (ann.) | 42.2% | 33.0% |
| Beta vs S&P 500 | 0.96 | 0.88 |
| Max drawdown (3Y) | -54.8% | -49.7% |
| Market cap | $0.5B | $0.9B |
| P/E (trailing) | 10.8 | 10.9 |
| Dividend yield | 2.53% | 1.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PANL | SB |
|---|---|---|
| 2022 | +44.2% | -18.7% |
| 2023 | +70.6% | +42.9% |
| 2024 | -31.1% | -5.1% |
| 2025 | +34.6% | +40.3% |
| 2026 | +16.2% | +79.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PANL and SB good diversifiers for each other?
Only partially. A correlation of 0.54 means PANL and SB 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 PANL and SB?
The PANL/SB correlation stands at 0.54 on a 3-year window (1 year: 0.57, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SB a good diversifier for PANL?
Only partially. A correlation of 0.54 means PANL and SB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 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/panl-vs-sb.json
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Related comparisons
Hubs: PANL correlations · SB correlations
