Comparison of coefficient of determination between models [x-post from r/AskStatistics]

Project background: I am looking to analyze how a continuous variable (baseflow as BFI) impacts different return period flows (also continuous) across the flood frequency curve.

So the setup is that I have 367 sites. I have estimated flows for 8 return periods at each site and I want to regress BFI measured at each site on each of the return period flows (denoted Qp where p is return period flow id). So essentially I have 8 identical models except for the dependent variable (Qp). Each model has 1 dependent variable (m=1), 1 independent (k=1) and the same number of sites (n=367).

In one part of my paper I want to compare how variance explained (R2) changes with each model (Qp). Considering I have the same number of sites and the same independent variable in each model, can I do a direct comparison of R2 across each of the 8 models? Or do I need to something a bit more sophisticated?

Thanks!

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Nevin Manimala

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