Extra Space Correlations

Stocks . USA . 
Stock . Extra Space Storage
EXR Stock  USD 148.11  0.84  0.57%   
The current 90-days correlation between Extra Space Storage and Public Storage is 0.91 (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

Very weak diversification

The correlation between Extra Space Storage and DJI is 0.48 (i.e., Very weak 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.
  
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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

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  0.8FR First Industrial RealtyPairCorr
  0.66PK Park Hotels ResortsPairCorr
  0.61UE Urban Edge PropertiesPairCorr
  0.85ELME Elme CommunitiesPairCorr
  0.66WELL WelltowerPairCorr
  0.65ESBA Empire State RealtyPairCorr
  0.71ESRT Empire State Realty Earnings Call This WeekPairCorr
  0.74AAT American Assets TrustPairCorr
  0.66AHH Armada Hflr PrPairCorr
  0.83AHR American Healthcare REIT,PairCorr
  0.75AIV Apartment Investment andPairCorr
  0.82ALX AlexandersPairCorr
  0.83BDN Brandywine Realty Trust Earnings Call TomorrowPairCorr
  0.74BFS Saul CentersPairCorr
  0.68BHR Braemar Hotel ResortsPairCorr
  0.67BXP Boston Properties Sell-off TrendPairCorr
  0.74CDP COPT Defense PropertiesPairCorr

Moving against Extra Stock

  0.65WHLR Wheeler Real EstatePairCorr
  0.59ADC Agree Realty Earnings Call TomorrowPairCorr
  0.41FCPT Four Corners PropertyPairCorr

Related Correlations Analysis

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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   
MAA
+ 0.9
NSA
PLD
+ 0.88
CUBE
ESS
+ 0.75
CUBE
ESS
+ 0.69
PLD
CUBE
+ 0.57
PSA
PLD
+ 0.44
PSA
  
High negative correlations   
ARE
- 0.61
PSA
PLD
- 0.44
NSA
NSA
- 0.37
CUBE
ESS
- 0.29
NSA
ARE
- 0.28
CUBE
MAA
- 0.25
PLD

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.

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