AAT vs ESRT: Correlation
How closely do American Assets Trust, Inc. (AAT) and Empire State Realty Trust, Inc. (ESRT) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAT and ESRT?
Across a 3-year window, the weekly returns of AAT and ESRT correlate at 0.70, strong. The link has loosened recently: the 1-year correlation (0.53) runs below the 3-year figure (0.70). Stretching to 5 years gives 0.66, with an annualized covariance of 579.0 %².
By 3-year correlation, ESRT places #9 of the 24 assets tracked against AAT. Their recent paths diverged sharply: over the last 12 months AAT outperformed by 53.8 percentage points (+16.2% for AAT against -37.6% for ESRT).
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 ESRT: side by side
| AAT (American Assets Trust, Inc.) | ESRT (Empire State Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | +16.2% | -37.6% |
| 5-year return | -24.9% | -50.4% |
| Volatility (ann.) | 26.7% | 31.0% |
| Beta vs S&P 500 | 0.74 | 0.87 |
| Max drawdown (3Y) | -38.0% | -58.1% |
| Market cap | $1.7B | $1.4B |
| P/E (trailing) | 75.0 | 232.0 |
| Dividend yield | 5.98% | 2.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAT | ESRT |
|---|---|---|
| 2022 | -26.4% | -22.8% |
| 2023 | -9.6% | +46.3% |
| 2024 | +23.3% | +8.0% |
| 2025 | -23.0% | -35.7% |
| 2026 | +22.7% | -27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAT and ESRT good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AAT and ESRT?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.53 over the last year and 0.66 over 5 years.
Is ESRT a good diversifier for AAT?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
A reading of 0.70 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-esrt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aat-vs-esrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAT correlations · ESRT correlations
