Essex Property Correlations

ESS Stock

USD 300.06 2.02 0.67%

The current 90-days correlation between Essex Property Trust and Equity Residential is 0.92 (i.e., Almost no diversification). The correlation of Essex Property 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Essex Property Correlation With Market

Good diversification

The correlation between Essex Property Trust and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Essex Property Trust 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 Essex Property Trust. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Essex Stock

0.68	O	Realty Income	Pair Corr
0.67	FR	First Industrial Realty	Pair Corr
0.73	VICI	VICI Properties	Pair Corr
0.8	ELME	Elme Communities	Pair Corr
0.7	WELL	Welltower	Pair Corr
0.66	FCPT	Four Corners Property	Pair Corr
0.61	ADC	Agree Realty	Pair Corr
0.78	ALX	Alexanders	Pair Corr
0.7	AMT	American Tower Corp	Pair Corr
0.63	BNL	Broadstone Net Lease	Pair Corr

Moving against Essex Stock

0.65	PW	Power REIT Earnings Call This Week	Pair Corr
0.6	PK	Park Hotels Resorts	Pair Corr
0.48	WHLR	Wheeler Real Estate	Pair Corr
0.47	ESBA	Empire State Realty	Pair Corr
0.44	ESRT	Empire State Realty	Pair Corr
0.34	EQIX	Equinix	Pair Corr
0.53	BDN	Brandywine Realty Trust	Pair Corr
0.51	AAT	American Assets Trust	Pair Corr
0.49	AHH	Armada Hflr Pr	Pair Corr
0.44	FISK	Empire State Realty	Pair Corr
0.73	DRH	Diamondrock Hospitality	Pair Corr
0.59	DLR	Digital Realty Trust	Pair Corr
0.57	CDP	COPT Defense Properties	Pair Corr
0.32	BXP	Boston Properties	Pair Corr

Related Correlations Analysis

	EQR	MAA	CPT	UDR	AVB	NXRT
EQR		0.68	0.65	0.8	0.64	0.69	EQR
MAA	0.68		0.86	0.92	0.23	0.33	MAA
CPT	0.65	0.86		0.86	0.35	0.39	CPT
UDR	0.8	0.92	0.86		0.36	0.61	UDR
AVB	0.64	0.23	0.35	0.36		0.47	AVB
NXRT	0.69	0.33	0.39	0.61	0.47		NXRT
	EQR	MAA	CPT	UDR	AVB	NXRT

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Risk-Adjusted Indicators

There is a big difference between Essex Stock performing well and Essex Property 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 Essex Property's 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
EQR	0.97	(0.03)	0.00	0.31	0.00	0.00	1.84	(2.11)	5.82
MAA	0.96	0.09	0.13	(1.43)	1.13	(1.08)	1.67	(1.92)	5.47
CPT	1.08	0.03	0.05	0.00	1.46	(1.02)	2.12	(2.09)	5.21
UDR	0.97	0.01	0.06	(0.15)	1.19	(1.08)	1.89	(1.96)	4.97
AVB	0.95	(0.07)	0.00	(0.21)	0.00	0.00	2.29	(2.23)	5.27
NXRT	1.29	(0.16)	0.00	1.01	0.00	0.00	2.09	(2.26)	6.00

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