Danaos Correlations

DAC Stock

USD 80.01 0.41 0.52%

The current 90-days correlation between Danaos and Costamare is 0.63 (i.e., Poor diversification). The correlation of Danaos is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Danaos Correlation With Market

Modest diversification

The correlation between Danaos and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Danaos and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Danaos. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade Danaos Stock refer to our How to Trade Danaos Stock guide.

Moving together with Danaos Stock

0.61

SBLK

Star Bulk Carriers Sell-off Trend

Pair Corr

Moving against Danaos Stock

0.42	TORO	Toro	Pair Corr
0.35	ICON	Icon Energy Corp	Pair Corr
0.44	CW	Curtiss Wright	Pair Corr
0.41	J	Jacobs Solutions	Pair Corr
0.38	CMRE	Costamare	Pair Corr
0.37	BV	BrightView Holdings	Pair Corr

Related Correlations Analysis

	GNK	CMRE	EGLE	ASC	GSL	CPLP	ESEA	NMM	NM	SBLK
GNK		0.18	0.0	0.16	0.02	0.0	0.31	0.54	0.0	0.46	GNK
CMRE	0.18		0.0	0.78	-0.52	0.0	0.48	0.62	0.0	-0.48	CMRE
EGLE	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	EGLE
ASC	0.16	0.78	0.0		-0.47	0.0	0.24	0.62	0.0	-0.47	ASC
GSL	0.02	-0.52	0.0	-0.47		0.0	0.16	-0.19	0.0	0.7	GSL
CPLP	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	CPLP
ESEA	0.31	0.48	0.0	0.24	0.16	0.0		0.68	0.0	0.15	ESEA
NMM	0.54	0.62	0.0	0.62	-0.19	0.0	0.68		0.0	-0.06	NMM
NM	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	NM
SBLK	0.46	-0.48	0.0	-0.47	0.7	0.0	0.15	-0.06	0.0		SBLK
	GNK	CMRE	EGLE	ASC	GSL	CPLP	ESEA	NMM	NM	SBLK

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ASC	+ 0.78	CMRE
SBLK	+ 0.7	GSL
NMM	+ 0.68	ESEA
NMM	+ 0.62	CMRE
NMM	+ 0.62	ASC
NMM	+ 0.54	GNK

High negative correlations

GSL	- 0.52	CMRE
SBLK	- 0.48	CMRE
SBLK	- 0.47	ASC
GSL	- 0.47	ASC
NMM	- 0.19	GSL
SBLK	- 0.06	NMM

Risk-Adjusted Indicators

There is a big difference between Danaos Stock performing well and Danaos Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Danaos' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GNK	1.42	(0.03)	0.00	(0.16)	0.00	0.00	3.13	(2.66)	8.37
CMRE	1.45	(0.32)	0.00	(1.23)	0.00	0.00	2.50	(3.25)	11.48
EGLE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ASC	2.05	(0.21)	0.00	0.43	0.00	0.00	5.08	(5.08)	13.83
GSL	1.21	0.18	0.15	0.20	1.36	(1.23)	2.59	(2.40)	10.89
CPLP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ESEA	1.79	(0.16)	0.00	(0.45)	0.00	0.00	3.57	(3.65)	10.88
NMM	1.58	(0.22)	0.00	(0.52)	0.00	0.00	2.95	(3.55)	11.57
NM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SBLK	1.67	0.10	0.08	0.42	2.22	(1.87)	3.51	(3.56)	12.42

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