Extra Space Correlations

EXR Stock

USD 130.97 0.75 0.58%

The current 90-days correlation between Extra Space Storage and AvalonBay Communities is 0.62 (i.e., Poor 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

Weak diversification

The correlation between Extra Space Storage and DJI is 0.36 (i.e., 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.

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 discontinued.

Moving together with Extra Stock

0.95	PSA	Public Storage	Pair Corr
0.85	SMA	SmartStop Self Storage	Pair Corr
0.78	OPINL	Office Properties Income	Pair Corr
0.64	GOOD	Gladstone Commercial	Pair Corr
0.79	HD	Home Depot	Pair Corr
0.7	MSFT	Microsoft	Pair Corr
0.65	PG	Procter Gamble	Pair Corr

Moving against Extra Stock

0.85	MRLWF	Marlowe Plc	Pair Corr
0.71	TUXS	Tuxis	Pair Corr
0.68	FTV	Fortive Corp	Pair Corr
0.66	MMSI	Merit Medical Systems	Pair Corr
0.63	AMPH	Amphastar P	Pair Corr
0.56	AXP	American Express	Pair Corr
0.54	JNJ	Johnson Johnson	Pair Corr
0.36	PFE	Pfizer Inc	Pair Corr
0.81	DD	Dupont De Nemours	Pair Corr
0.7	TRV	The Travelers Companies	Pair Corr
0.69	CAT	Caterpillar	Pair Corr
0.67	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.64	IBM	International Business	Pair Corr
0.6	MRK	Merck Company	Pair Corr
0.57	BAC	Bank of America	Pair Corr
0.5	JPM	JPMorgan Chase	Pair Corr
0.41	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	AVB	EQR	VICI	IRM	PSA	SBAC	CUBE	REXR	CSGP	INVH
AVB		0.88	0.65	0.42	0.63	-0.08	0.7	0.32	0.81	0.59	AVB
EQR	0.88		0.31	0.1	0.36	-0.21	0.45	0.11	0.56	0.34	EQR
VICI	0.65	0.31		0.88	0.77	0.13	0.79	0.52	0.87	0.77	VICI
IRM	0.42	0.1	0.88		0.83	0.14	0.84	0.61	0.77	0.68	IRM
PSA	0.63	0.36	0.77	0.83		0.04	0.98	0.75	0.79	0.58	PSA
SBAC	-0.08	-0.21	0.13	0.14	0.04		0.03	0.29	-0.16	0.37	SBAC
CUBE	0.7	0.45	0.79	0.84	0.98	0.03		0.72	0.85	0.64	CUBE
REXR	0.32	0.11	0.52	0.61	0.75	0.29	0.72		0.47	0.45	REXR
CSGP	0.81	0.56	0.87	0.77	0.79	-0.16	0.85	0.47		0.63	CSGP
INVH	0.59	0.34	0.77	0.68	0.58	0.37	0.64	0.45	0.63		INVH
	AVB	EQR	VICI	IRM	PSA	SBAC	CUBE	REXR	CSGP	INVH

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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

CUBE	+ 0.98	PSA
EQR	+ 0.88	AVB
IRM	+ 0.88	VICI
CSGP	+ 0.87	VICI
CSGP	+ 0.85	CUBE
CUBE	+ 0.84	IRM

High negative correlations

SBAC	- 0.21	EQR
CSGP	- 0.16	SBAC
SBAC	- 0.08	AVB

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
AVB	0.71	(0.11)	0.00	(0.30)	0.00	0.00	1.38	(1.41)	5.64
EQR	0.82	(0.07)	0.00	(0.14)	0.00	0.00	1.71	(1.69)	5.61
VICI	0.75	(0.22)	0.00	(0.65)	0.00	0.00	1.58	(1.79)	3.73
IRM	1.41	(0.35)	0.00	(0.22)	0.00	0.00	2.32	(4.07)	10.09
PSA	0.98	(0.19)	0.00	(0.26)	0.00	0.00	1.86	(1.97)	4.88
SBAC	0.80	(0.02)	(0.05)	(0.01)	1.05	(0.92)	1.68	(1.79)	5.04
CUBE	1.02	(0.21)	0.00	(0.26)	0.00	0.00	1.76	(2.43)	5.91
REXR	1.12	(0.12)	0.00	(0.06)	0.00	0.00	2.30	(1.96)	6.35
CSGP	1.35	(0.42)	0.00	(0.40)	0.00	0.00	2.41	(4.30)	12.39
INVH	0.92	(0.10)	0.00	(0.16)	0.00	0.00	1.92	(2.16)	5.66

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