Independence Realty Correlations

IRT Stock

USD 19.44 0.22 1.14%

The correlation of Independence Realty 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.

Independence Realty Correlation With Market

Poor diversification

The correlation between Independence Realty Trust and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Independence Realty Trust and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Independence Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Independence Realty 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 metropolitan statistical area.

Moving together with Independence Stock

0.68	Z	Zillow Group Class	Pair Corr
0.89	FR	First Industrial Realty	Pair Corr
0.89	HR	Healthcare Realty Trust	Pair Corr
0.69	PK	Park Hotels Resorts	Pair Corr
0.72	UE	Urban Edge Properties	Pair Corr
0.89	WY	Weyerhaeuser	Pair Corr
0.89	ELME	Elme Communities	Pair Corr
0.72	WELL	Welltower	Pair Corr
0.7	ESBA	Empire State Realty	Pair Corr
0.72	ESRT	Empire State Realty	Pair Corr
0.8	AAT	American Assets Trust	Pair Corr
0.68	AHH	Armada Hflr Pr	Pair Corr
0.74	AHT	Ashford Hospitality Trust	Pair Corr
0.91	AIV	Apartment Investment and	Pair Corr
0.75	AKR	Acadia Realty Trust	Pair Corr
0.87	ARE	Alexandria Real Estate	Pair Corr
0.87	AVB	AvalonBay Communities	Pair Corr
0.79	BDN	Brandywine Realty Trust	Pair Corr
0.9	BFS	Saul Centers	Pair Corr
0.81	BHR	Braemar Hotel Resorts	Pair Corr
0.78	BNL	Broadstone Net Lease	Pair Corr
0.86	BRT	BRT Realty Trust	Pair Corr
0.74	BRX	Brixmor Property	Pair Corr
0.73	BXP	Boston Properties	Pair Corr

Related Correlations Analysis

	AIV	CLPR	BRT	UDR	NXRT	AIRC	CSR	ELME	ELS
AIV		0.71	0.9	0.8	0.9	0.0	0.88	0.83	0.77	AIV
CLPR	0.71		0.59	0.53	0.61	0.0	0.69	0.66	0.46	CLPR
BRT	0.9	0.59		0.65	0.76	0.0	0.78	0.78	0.8	BRT
UDR	0.8	0.53	0.65		0.92	0.0	0.89	0.82	0.73	UDR
NXRT	0.9	0.61	0.76	0.92		0.0	0.88	0.76	0.76	NXRT
AIRC	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AIRC
CSR	0.88	0.69	0.78	0.89	0.88	0.0		0.91	0.74	CSR
ELME	0.83	0.66	0.78	0.82	0.76	0.0	0.91		0.74	ELME
ELS	0.77	0.46	0.8	0.73	0.76	0.0	0.74	0.74		ELS
	AIV	CLPR	BRT	UDR	NXRT	AIRC	CSR	ELME	ELS

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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

NXRT	+ 0.92	UDR
ELME	+ 0.91	CSR
BRT	+ 0.9	AIV
NXRT	+ 0.9	AIV
CSR	+ 0.89	UDR
CSR	+ 0.88	AIV

High negative correlations

ELS	- 0.0	AIRC
ELME	- 0.0	AIRC
CSR	- 0.0	AIRC
AIRC	- 0.0	NXRT
AIRC	- 0.0	UDR
AIRC	- 0.0	BRT

Risk-Adjusted Indicators

There is a big difference between Independence Stock performing well and Independence Realty 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 Independence Realty'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
AIV	1.30	(0.06)	0.00	(0.15)	0.00	0.00	2.29	(2.68)	10.00
CLPR	2.82	0.13	0.05	(2.51)	3.85	(2.96)	6.49	(6.13)	25.82
BRT	1.34	(0.11)	0.00	(0.27)	0.00	0.00	4.20	(3.54)	9.41
UDR	1.36	0.06	0.03	(0.01)	1.96	(1.41)	2.19	(3.03)	10.85
NXRT	1.57	(0.05)	0.00	(0.13)	0.00	0.00	2.88	(3.49)	11.36
AIRC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CSR	1.21	0.10	0.08	0.10	1.56	(1.36)	2.47	(2.63)	6.72
ELME	1.33	0.14	0.10	0.16	1.58	(1.48)	2.98	(3.20)	15.52
ELS	1.15	(0.03)	0.00	(0.17)	0.00	0.00	2.04	(2.24)	6.43

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