Extra Space Correlations

EXR Stock

USD 150.60 1.00 0.66%

The current 90-days correlation between Extra Space Storage and Public Storage is 0.93 (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

Modest diversification

The correlation between Extra Space Storage and DJI is 0.25 (i.e., Modest 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.

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

0.83	O	Realty Income	Pair Corr
0.92	FR	First Industrial Realty	Pair Corr
0.69	HR	Healthcare Realty Trust	Pair Corr
0.69	UE	Urban Edge Properties	Pair Corr
0.95	WY	Weyerhaeuser Earnings Call This Week	Pair Corr
0.97	VICI	VICI Properties	Pair Corr
0.86	ELME	Elme Communities	Pair Corr
0.84	EPRT	Essential Properties	Pair Corr
0.76	WELL	Welltower	Pair Corr
0.72	ESBA	Empire State Realty	Pair Corr
0.81	ESRT	Empire State Realty	Pair Corr
0.72	WHLR	Wheeler Real Estate	Pair Corr
0.81	FCPT	Four Corners Property	Pair Corr
0.75	FISK	Empire State Realty	Pair Corr
0.79	AAT	American Assets Trust	Pair Corr
0.9	ADC	Agree Realty	Pair Corr
0.89	AHH	Armada Hflr Pr	Pair Corr
0.65	AKR	Acadia Realty Trust	Pair Corr
0.91	ALX	Alexanders	Pair Corr
0.88	AMT	American Tower Corp	Pair Corr
0.86	ARE	Alexandria Real Estate	Pair Corr
0.71	AVB	AvalonBay Communities	Pair Corr
0.8	BFS	Saul Centers	Pair Corr
0.9	BNL	Broadstone Net Lease	Pair Corr
0.61	BRX	Brixmor Property	Pair Corr
0.87	BXP	Boston Properties	Pair Corr
0.94	CCI	Crown Castle Earnings Call This Week	Pair Corr
0.62	CDP	COPT Defense Properties	Pair Corr

Moving against Extra Stock

0.35

AHR

American Healthcare REIT,

Pair Corr

Related Correlations Analysis

	CUBE	NSA	PSA	EGP	PLD	LSI	STAG	COLD	REXR	PLYM
CUBE		0.98	0.99	0.9	0.89	-0.2	0.94	0.73	0.85	0.77	CUBE
NSA	0.98		0.98	0.86	0.85	-0.29	0.9	0.66	0.79	0.71	NSA
PSA	0.99	0.98		0.88	0.9	-0.2	0.92	0.71	0.83	0.74	PSA
EGP	0.9	0.86	0.88		0.95	0.05	0.97	0.83	0.94	0.91	EGP
PLD	0.89	0.85	0.9	0.95		0.05	0.92	0.82	0.94	0.81	PLD
LSI	-0.2	-0.29	-0.2	0.05	0.05		-0.03	0.19	0.19	0.22	LSI
STAG	0.94	0.9	0.92	0.97	0.92	-0.03		0.83	0.9	0.9	STAG
COLD	0.73	0.66	0.71	0.83	0.82	0.19	0.83		0.89	0.9	COLD
REXR	0.85	0.79	0.83	0.94	0.94	0.19	0.9	0.89		0.89	REXR
PLYM	0.77	0.71	0.74	0.91	0.81	0.22	0.9	0.9	0.89		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

PSA	+ 0.99	CUBE
NSA	+ 0.98	CUBE
PSA	+ 0.98	NSA
STAG	+ 0.97	EGP
PLD	+ 0.95	EGP
STAG	+ 0.94	CUBE

High negative correlations

LSI	- 0.29	NSA
LSI	- 0.2	PSA
LSI	- 0.2	CUBE
STAG	- 0.03	LSI

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CUBE	1.17	(0.27)	(0.67)	2.21	(3.12)	7.29
NSA	1.18	(0.28)	(0.64)	2.01	(2.75)	9.31
PSA	1.24	(0.22)	(0.51)	2.48	(3.52)	7.34
EGP	1.06	(0.14)	(0.45)	1.87	(1.94)	7.44
PLD	1.34	(0.13)	(0.49)	2.86	(2.53)	9.15
LSI	1.06	(0.04)	(0.27)	2.09	(2.17)	8.35
STAG	1.14	(0.14)	(0.39)	2.22	(2.42)	7.34
COLD	1.31	(0.32)	(1.34)	2.16	(3.07)	9.91
REXR	1.42	(0.27)	(0.81)	2.50	(2.90)	12.58
PLYM	1.36	(0.35)	(6.63)	2.87	(3.37)	11.37

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