Extra Space Correlations

EXR Stock

USD 168.14 1.26 0.76%

The current 90-days correlation between Extra Space Storage and Public Storage is 0.87 (i.e., Very 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

Good diversification

The correlation between Extra Space Storage and DJI is -0.05 (i.e., Good 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	FR	First Industrial Realty	Pair Corr
0.77	VICI	VICI Properties	Pair Corr
0.68	ELME	Elme Communities	Pair Corr
0.61	AHH	Armada Hflr Pr	Pair Corr
0.83	AIV	Apartment Investment and	Pair Corr
0.79	ALX	Alexanders	Pair Corr
0.74	AMH	American Homes 4	Pair Corr
0.81	AMT	American Tower Corp	Pair Corr
0.75	ARE	Alexandria Real Estate	Pair Corr
0.71	BNL	Broadstone Net Lease	Pair Corr
0.86	CCI	Crown Castle Fiscal Year End 22nd of January 2025	Pair Corr
0.8	CIO	City Office	Pair Corr
0.77	CPT	Camden Property Trust	Pair Corr

Moving against Extra Stock

0.76	AKR	Acadia Realty Trust	Pair Corr
0.7	UE	Urban Edge Properties	Pair Corr
0.64	WELL	Welltower	Pair Corr
0.5	EQIX	Equinix	Pair Corr
0.44	AAT	American Assets Trust	Pair Corr
0.4	AHR	American Healthcare REIT,	Pair Corr
0.77	FPI	Farmland Partners	Pair Corr
0.69	DLR	Digital Realty Trust	Pair Corr
0.65	CUZ	Cousins Properties	Pair Corr
0.59	CDP	COPT Defense Properties	Pair Corr
0.58	DEI	Douglas Emmett	Pair Corr
0.54	FSP	Franklin Street Prop	Pair Corr
0.48	FPH	Five Point Holdings	Pair Corr
0.47	CTO	CTO Realty Growth	Pair Corr

Related Correlations Analysis

	CUBE	NSA	PSA	EGP	PLD	LSI	STAG	COLD	REXR	PLYM
CUBE		0.97	0.92	0.86	0.88	0.15	0.74	0.75	0.89	0.72	CUBE
NSA	0.97		0.92	0.85	0.83	0.22	0.71	0.68	0.84	0.66	NSA
PSA	0.92	0.92		0.73	0.71	0.0	0.51	0.57	0.7	0.5	PSA
EGP	0.86	0.85	0.73		0.94	0.11	0.91	0.84	0.93	0.88	EGP
PLD	0.88	0.83	0.71	0.94		0.14	0.91	0.87	0.94	0.88	PLD
LSI	0.15	0.22	0.0	0.11	0.14		0.18	-0.14	0.1	0.0	LSI
STAG	0.74	0.71	0.51	0.91	0.91	0.18		0.86	0.89	0.94	STAG
COLD	0.75	0.68	0.57	0.84	0.87	-0.14	0.86		0.91	0.92	COLD
REXR	0.89	0.84	0.7	0.93	0.94	0.1	0.89	0.91		0.91	REXR
PLYM	0.72	0.66	0.5	0.88	0.88	0.0	0.94	0.92	0.91		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

NSA	+ 0.97	CUBE
PLD	+ 0.94	EGP
REXR	+ 0.94	PLD
PLYM	+ 0.94	STAG
REXR	+ 0.93	EGP
PSA	+ 0.92	CUBE

High negative correlations

COLD	- 0.14	LSI
PLYM	- 0.0	LSI
LSI	- 0.0	PSA

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
CUBE	0.95	(0.01)	0.00	0.16	0.00	0.00	2.23	(1.69)	7.82
NSA	1.10	0.00	(0.08)	0.11	1.48	(1.15)	2.03	(2.76)	6.48
PSA	1.07	0.05	(0.06)	(0.30)	1.50	(0.99)	2.31	(2.02)	7.24
EGP	0.86	(0.18)	0.00	(0.17)	0.00	0.00	1.43	(1.82)	5.66
PLD	1.09	(0.19)	0.00	(0.19)	0.00	0.00	2.29	(2.37)	8.46
LSI	1.06	0.00	0.00	0.11	0.00	0.00	2.09	(2.17)	8.35
STAG	0.90	(0.21)	0.00	(0.17)	0.00	0.00	1.87	(2.11)	6.06
COLD	1.04	(0.33)	0.00	(3.60)	0.00	0.00	1.65	(2.24)	10.83
REXR	1.28	(0.32)	0.00	(0.83)	0.00	0.00	2.08	(2.76)	12.54
PLYM	1.12	(0.50)	0.00	(0.30)	0.00	0.00	1.28	(3.15)	10.73

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