ADC vs ELS: Correlation
Measured on weekly returns over the past three years, Agree Realty Corporation (ADC) and Equity Lifestyle Properties, Inc. (ELS) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADC and ELS?
Over the past 3 years, ADC and ELS moved with a correlation of 0.60, which is strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.60 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 174.1 %².
Within ADC's tracked universe of 22 assets, ELS comes in at #11 by 3-year correlation. On 12-month performance ELS holds a 5.3-point edge, +4.9% against +10.2%.
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.
ADC vs ELS: side by side
| ADC (Agree Realty Corporation) | ELS (Equity Lifestyle Properties, Inc.) | |
|---|---|---|
| 1-year return | +4.9% | +10.2% |
| 5-year return | +21.4% | -12.6% |
| Volatility (ann.) | 16.6% | 17.5% |
| Beta vs S&P 500 | 0.09 | 0.07 |
| Max drawdown (3Y) | -13.0% | -21.0% |
| Market cap | $9.1B | $12.8B |
| P/E (trailing) | 39.8 | 31.2 |
| Dividend yield | 4.26% | 3.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ADC | ELS |
|---|---|---|
| 2022 | +3.5% | -24.5% |
| 2023 | -7.1% | +12.2% |
| 2024 | +17.2% | -2.8% |
| 2025 | +6.6% | -5.9% |
| 2026 | +4.1% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADC and ELS good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ADC and ELS?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.65 over the last year and 0.62 over 5 years.
Is ELS a good diversifier for ADC?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/adc-vs-els.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/adc-vs-els/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ADC correlations · ELS correlations
