Extra Space Correlations

EXR Stock

USD 137.97 0.90 0.65%

The current 90-days correlation between Extra Space Storage and AvalonBay Communities is 0.59 (i.e., Very weak 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 0.6 (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 housing.

Moving together with Extra Stock

0.85	NSA	National Storage Aff Sell-off Trend	Pair Corr
0.78	PSA	Public Storage	Pair Corr
0.67	PKX	POSCO Holdings	Pair Corr
0.63	GRVY	Gravity	Pair Corr
0.78	ADM	Archer Daniels Midland	Pair Corr
0.81	RIOCF	Riocan REIT	Pair Corr
0.73	AOS	Smith AO	Pair Corr
0.72	TM	Toyota Motor Earnings Call This Week	Pair Corr
0.63	WBTNF	Weebit Nano Limited Downward Rally	Pair Corr

Moving against Extra Stock

0.46

CNF

CNFinance Holdings

Pair Corr

Related Correlations Analysis

	AVB	EQR	VICI	IRM	PSA	SBAC	CUBE	REXR	CSGP	INVH
AVB		0.62	-0.15	-0.32	-0.08	-0.07	0.03	-0.18	0.05	0.22	AVB
EQR	0.62		-0.42	-0.29	0.09	-0.53	0.21	-0.31	-0.14	-0.23	EQR
VICI	-0.15	-0.42		0.81	0.42	0.61	0.4	0.53	0.53	0.72	VICI
IRM	-0.32	-0.29	0.81		0.71	0.21	0.71	0.49	0.38	0.4	IRM
PSA	-0.08	0.09	0.42	0.71		-0.16	0.96	0.51	0.2	0.08	PSA
SBAC	-0.07	-0.53	0.61	0.21	-0.16		-0.22	0.33	0.52	0.61	SBAC
CUBE	0.03	0.21	0.4	0.71	0.96	-0.22		0.44	0.24	0.13	CUBE
REXR	-0.18	-0.31	0.53	0.49	0.51	0.33	0.44		0.43	0.31	REXR
CSGP	0.05	-0.14	0.53	0.38	0.2	0.52	0.24	0.43		0.58	CSGP
INVH	0.22	-0.23	0.72	0.4	0.08	0.61	0.13	0.31	0.58		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	+ 0.96	PSA
IRM	+ 0.81	VICI
INVH	+ 0.72	VICI
PSA	+ 0.71	IRM
CUBE	+ 0.71	IRM
EQR	+ 0.62	AVB

High negative correlations

SBAC	- 0.53	EQR
VICI	- 0.42	EQR
IRM	- 0.32	AVB
REXR	- 0.31	EQR
IRM	- 0.29	EQR
INVH	- 0.23	EQR

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
AVB	0.92	(0.09)	(0.18)	1.92	(2.28)	5.11
EQR	0.98	(0.03)	(0.23)	2.06	(2.24)	6.31
VICI	0.78	(0.14)	(0.72)	1.88	(1.85)	4.11
IRM	1.51	(0.16)	(1.53)	2.94	(4.07)	10.09
PSA	1.15	(0.11)	16.85	2.27	(2.17)	6.57
SBAC	0.97	(0.12)	(0.17)	1.91	(2.93)	6.38
CUBE	1.10	(0.15)	(1.50)	1.79	(2.43)	4.49
REXR	1.05	(0.07)	(0.14)	2.30	(1.96)	6.35
CSGP	1.67	(0.37)	(0.38)	2.64	(5.02)	10.88
INVH	1.21	(0.12)	(0.15)	2.16	(2.24)	9.44

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