Extra Space Correlations

EXR Stock

USD 146.07 2.82 1.89%

The current 90-days correlation between Extra Space Storage and Public Storage is 0.9 (i.e., Almost no diversification). The correlation of Extra Space 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.

Extra Space Correlation With Market

Poor diversification

The correlation between Extra Space Storage and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Extra Space Storage and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Extra Stock

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

Moving together with Extra Stock

0.82	Z	Zillow Group Class	Pair Corr
0.84	FR	First Industrial Realty	Pair Corr
0.86	PK	Park Hotels Resorts	Pair Corr
0.91	UE	Urban Edge Properties	Pair Corr
0.72	WY	Weyerhaeuser	Pair Corr
0.88	EQIX	Equinix	Pair Corr
0.79	ESBA	Empire State Realty	Pair Corr
0.78	ESRT	Empire State Realty	Pair Corr
0.67	WHLR	Wheeler Real Estate	Pair Corr
0.64	FISK	Empire State Realty	Pair Corr
0.87	AAT	American Assets Trust	Pair Corr
0.82	AHH	Armada Hflr Pr	Pair Corr
0.72	AHT	Ashford Hospitality Trust Earnings Call Tomorrow	Pair Corr
0.83	AIV	Apartment Investment and	Pair Corr
0.83	AKR	Acadia Realty Trust	Pair Corr
0.62	ARE	Alexandria Real Estate	Pair Corr
0.88	AVB	AvalonBay Communities	Pair Corr
0.87	BDN	Brandywine Realty Trust	Pair Corr
0.68	BFS	Saul Centers	Pair Corr
0.62	BRT	BRT Realty Trust	Pair Corr
0.84	BRX	Brixmor Property	Pair Corr
0.83	BXP	Boston Properties	Pair Corr

Moving against Extra Stock

0.5	AMT	American Tower Corp Downward Rally	Pair Corr
0.48	CCI	Crown Castle	Pair Corr

Related Correlations Analysis

	CUBE	NSA	PSA	EGP	PLD	LSI	STAG	COLD	REXR	PLYM
CUBE		0.72	0.87	0.78	0.72	0.0	0.82	0.4	0.63	0.77	CUBE
NSA	0.72		0.6	0.72	0.62	0.0	0.77	0.59	0.66	0.73	NSA
PSA	0.87	0.6		0.76	0.74	0.0	0.8	0.47	0.55	0.67	PSA
EGP	0.78	0.72	0.76		0.94	0.0	0.96	0.78	0.93	0.95	EGP
PLD	0.72	0.62	0.74	0.94		0.0	0.86	0.78	0.92	0.86	PLD
LSI	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	LSI
STAG	0.82	0.77	0.8	0.96	0.86	0.0		0.71	0.86	0.92	STAG
COLD	0.4	0.59	0.47	0.78	0.78	0.0	0.71		0.85	0.75	COLD
REXR	0.63	0.66	0.55	0.93	0.92	0.0	0.86	0.85		0.93	REXR
PLYM	0.77	0.73	0.67	0.95	0.86	0.0	0.92	0.75	0.93		PLYM
	CUBE	NSA	PSA	EGP	PLD	LSI	STAG	COLD	REXR	PLYM

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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

STAG	+ 0.96	EGP
PLYM	+ 0.95	EGP
PLD	+ 0.94	EGP
REXR	+ 0.93	EGP
PLYM	+ 0.93	REXR
REXR	+ 0.92	PLD

High negative correlations

PLYM	- 0.0	LSI
REXR	- 0.0	LSI
COLD	- 0.0	LSI
STAG	- 0.0	LSI
LSI	- 0.0	PLD
LSI	- 0.0	EGP

Risk-Adjusted Indicators

There is a big difference between Extra Stock performing well and Extra Space 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 Extra Space'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
CUBE	1.39	0.10	0.06	0.07	1.88	(1.41)	3.35	(2.96)	9.20
NSA	1.53	(0.01)	0.03	(0.02)	2.58	(1.31)	2.65	(4.52)	11.41
PSA	1.19	0.08	0.07	0.05	1.59	(1.16)	2.54	(2.85)	8.86
EGP	1.28	0.08	0.04	0.01	2.08	(1.19)	1.89	(3.24)	10.22
PLD	1.62	0.01	0.00	(0.07)	0.00	0.00	2.26	(3.78)	12.82
LSI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
STAG	1.34	0.12	0.05	0.06	2.18	(1.25)	2.36	(3.73)	10.78
COLD	2.06	(0.19)	0.00	(0.25)	0.00	0.00	4.00	(4.96)	17.24
REXR	1.70	(0.06)	0.00	(0.13)	0.00	0.00	3.08	(3.60)	13.52
PLYM	1.42	0.04	0.00	(0.02)	0.00	0.00	2.77	(4.13)	10.30

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