Independence Realty Correlations

IRT Stock

USD 21.75 0.27 1.26%

The current 90-days correlation between Independence Realty Trust and Nexpoint Residential Trust is 0.76 (i.e., Poor diversification). 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

Weak diversification

The correlation between Independence Realty Trust and DJI is 0.37 (i.e., Weak 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.

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

0.64	AHT	Ashford Hospitality Trust	Pair Corr
0.67	BRX	Brixmor Property	Pair Corr
0.73	KRG	Kite Realty Group	Pair Corr
0.7	REG	Regency Centers	Pair Corr
0.66	DX	Dynex Capital	Pair Corr
0.67	OZ	Belpointe PREP LLC	Pair Corr

Moving against Independence Stock

0.46	O	Realty Income	Pair Corr
0.38	BNL	Broadstone Net Lease	Pair Corr
0.38	OPI	Office Properties Income	Pair Corr
0.33	NNN	National Retail Prop Sell-off Trend	Pair Corr
0.48	ADC-PA	Agree Realty	Pair Corr
0.45	VINO	Gaucho Group Holdings	Pair Corr
0.36	JBGS	JBG SMITH Properties	Pair Corr
0.34	PW	Power REIT	Pair Corr
0.33	VNO-PO	Vornado Realty Trust	Pair Corr
0.32	SITC	Site Centers Corp	Pair Corr

Related Correlations Analysis

	AIV	CLPR	BRT	UDR	NXRT	AIRC	CSR	ELME	ELS
AIV		-0.52	0.46	0.5	0.48	-0.36	0.47	0.59	0.47	AIV
CLPR	-0.52		-0.55	-0.11	-0.49	0.56	-0.59	-0.14	-0.48	CLPR
BRT	0.46	-0.55		0.54	0.82	-0.14	0.78	-0.04	0.5	BRT
UDR	0.5	-0.11	0.54		0.55	0.29	0.46	0.47	0.64	UDR
NXRT	0.48	-0.49	0.82	0.55		-0.35	0.9	0.21	0.63	NXRT
AIRC	-0.36	0.56	-0.14	0.29	-0.35		-0.42	-0.15	-0.04	AIRC
CSR	0.47	-0.59	0.78	0.46	0.9	-0.42		0.29	0.65	CSR
ELME	0.59	-0.14	-0.04	0.47	0.21	-0.15	0.29		0.51	ELME
ELS	0.47	-0.48	0.5	0.64	0.63	-0.04	0.65	0.51		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

CSR	+ 0.9	NXRT
NXRT	+ 0.82	BRT
CSR	+ 0.78	BRT
ELS	+ 0.65	CSR
ELS	+ 0.64	UDR
ELS	+ 0.63	NXRT

High negative correlations

CSR	- 0.59	CLPR
BRT	- 0.55	CLPR
CLPR	- 0.52	AIV
NXRT	- 0.49	CLPR
ELS	- 0.48	CLPR
CSR	- 0.42	AIRC

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	0.99	(0.02)	(0.09)	0.01	1.27	(1.01)	2.08	(1.74)	6.69
CLPR	2.37	0.08	0.04	0.18	3.06	(2.56)	6.43	(5.08)	20.26
BRT	1.41	0.14	0.02	1.09	1.33	(1.66)	2.70	(2.14)	10.29
UDR	0.94	0.05	(0.02)	0.24	1.01	(1.04)	2.08	(1.44)	5.53
NXRT	1.21	(0.01)	(0.02)	0.11	1.30	(1.39)	3.22	(2.22)	6.37
AIRC	0.76	0.40	0.41	(0.86)	0.00	(0.82)	0.31	(0.39)	22.81
CSR	1.10	(0.03)	(0.06)	0.06	1.45	(1.10)	2.56	(2.21)	6.91
ELME	0.94	(0.14)	0.00	(0.12)	0.00	0.00	2.31	(2.15)	5.49
ELS	0.97	0.02	(0.07)	8.76	1.28	(0.89)	1.84	(1.95)	4.92

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