Empire State Correlations

ESRT Stock

USD 11.01 0.26 2.31%

The current 90-days correlation between Empire State Realty and Paramount Group is 0.76 (i.e., Poor diversification). The correlation of Empire State 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.

Empire State Correlation With Market

Very weak diversification

The correlation between Empire State Realty and DJI is 0.51 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Empire State Realty 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 Empire State Realty. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Empire Stock

0.84	FR	First Industrial Realty	Pair Corr
0.67	EQIX	Equinix	Pair Corr
0.8	BDN	Brandywine Realty Trust	Pair Corr
0.74	BHR	Braemar Hotel Resorts	Pair Corr
0.87	BNL	Broadstone Net Lease	Pair Corr
0.81	BXP	Boston Properties	Pair Corr
0.95	EGP	EastGroup Properties	Pair Corr
0.78	FSP	Franklin Street Prop	Pair Corr
0.89	GTY	Getty Realty	Pair Corr
0.63	INN	Summit Hotel Properties	Pair Corr
0.64	IRT	Independence Realty Trust	Pair Corr
0.78	KRG	Kite Realty Group	Pair Corr
0.92	LXP	LXP Industrial Trust	Pair Corr
0.85	OLP	One Liberty Properties	Pair Corr
0.74	RHP	Ryman Hospitality	Pair Corr
0.86	SLG	SL Green Realty Fiscal Year End 22nd of January 2025	Pair Corr
0.64	SPG	Simon Property Group	Pair Corr
0.81	HASI	Hannon Armstrong Sus	Pair Corr
0.81	JBGS	JBG SMITH Properties	Pair Corr
0.74	SBRA	Sabra Healthcare REIT	Pair Corr
0.72	O	Realty Income	Pair Corr
0.81	DX	Dynex Capital	Pair Corr
0.8	HR	Healthcare Realty Trust	Pair Corr
0.83	KW	Kennedy Wilson Holdings	Pair Corr
0.76	OZ	Belpointe PREP LLC	Pair Corr
0.83	UE	Urban Edge Properties	Pair Corr

Moving against Empire Stock

0.67	WHLR	Wheeler Real Estate	Pair Corr
0.54	VINO	Gaucho Group Holdings	Pair Corr
0.51	ECRO	Ecc Cap Corp	Pair Corr
0.45	UK	Ucommune International	Pair Corr
0.34	VTMX	Corporacin Inmobiliaria	Pair Corr

Related Correlations Analysis

	PGRE	HPP	EQC	DEI	UE
PGRE		0.7	0.09	0.63	0.55	PGRE
HPP	0.7		-0.01	0.35	0.26	HPP
EQC	0.09	-0.01		0.73	0.77	EQC
DEI	0.63	0.35	0.73		0.97	DEI
UE	0.55	0.26	0.77	0.97		UE
	PGRE	HPP	EQC	DEI	UE

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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

UE	+ 0.97	DEI
UE	+ 0.77	EQC
DEI	+ 0.73	EQC
HPP	+ 0.7	PGRE
DEI	+ 0.63	PGRE
UE	+ 0.55	PGRE

High negative correlations

EQC

- 0.01

HPP

Risk-Adjusted Indicators

There is a big difference between Empire Stock performing well and Empire State 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 Empire State'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
PGRE	1.67	(0.05)	0.02	0.09	2.15	(1.69)	3.96	(3.38)	9.82
HPP	2.94	(0.03)	0.01	0.10	3.79	(3.01)	6.61	(5.04)	24.03
EQC	0.42	(0.01)	(0.10)	0.10	0.72	(0.43)	1.04	(1.08)	3.19
DEI	1.49	0.24	0.17	0.27	1.39	(1.69)	3.64	(2.68)	8.68
UE	0.94	0.15	0.13	0.28	0.81	(1.14)	2.00	(1.76)	7.97

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