AAT vs BFS: Correlation
American Assets Trust, Inc. (AAT) and Saul Centers, Inc. (BFS) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAT and BFS?
On 3 years of weekly data the AAT/BFS correlation comes out at 0.73, strong. Little has changed lately, as the 1-year reading of 0.70 lands near the 3-year figure. The 5-year figure is 0.68, and annualized covariance runs at 408.7 %².
Within AAT's tracked universe of 24 assets, BFS comes in at #8 by 3-year correlation. Over the last 12 months AAT came out ahead by 10.5 percentage points (+16.2% against +5.7%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAT vs BFS: side by side
| AAT (American Assets Trust, Inc.) | BFS (Saul Centers, Inc.) | |
|---|---|---|
| 1-year return | +16.2% | +5.7% |
| 5-year return | -24.9% | -2.0% |
| Volatility (ann.) | 26.7% | 20.9% |
| Beta vs S&P 500 | 0.74 | 0.41 |
| Max drawdown (3Y) | -38.0% | -24.1% |
| Market cap | $1.7B | $1.2B |
| P/E (trailing) | 75.0 | 34.8 |
| Dividend yield | 5.98% | 7.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAT | BFS |
|---|---|---|
| 2022 | -26.4% | -19.4% |
| 2023 | -9.6% | +2.6% |
| 2024 | +23.3% | +5.0% |
| 2025 | -23.0% | -12.8% |
| 2026 | +22.7% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAT and BFS good diversifiers for each other?
Only partially. A correlation of 0.73 means AAT and BFS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AAT and BFS?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.70 over the last year and 0.68 over 5 years.
Is BFS a good diversifier for AAT?
Only partially. A correlation of 0.73 means AAT and BFS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
A reading of 0.73 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aat-vs-bfs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aat-vs-bfs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAT correlations · BFS correlations
