AIV vs ESS: Correlation
Measured on weekly returns over the past three years, Apartment Investment and Management Company (AIV) and Essex Property Trust (ESS) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIV and ESS?
Across a 3-year window, the weekly returns of AIV and ESS correlate at 0.62, strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.62). Stretching to 5 years gives 0.61, with an annualized covariance of 327.7 %².
By 3-year correlation, ESS places #5 of the 10 assets tracked against AIV. Correlation aside, the last 12 months split them widely, with ESS ahead by 24.0 points (-14.9% versus +9.1%).
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.
AIV vs ESS: side by side
| AIV (Apartment Investment and Management Company) | ESS (Essex Property Trust) | |
|---|---|---|
| 1-year return | -14.9% | +9.1% |
| 5-year return | +1.3% | +3.0% |
| Volatility (ann.) | 23.7% | 22.2% |
| Beta vs S&P 500 | 0.73 | 0.64 |
| Max drawdown (3Y) | -27.9% | -20.8% |
| Market cap | $0.4B | $19.4B |
| P/E (trailing) | 22.8 | 44.8 |
| Dividend yield | 0.00% | 3.58% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | AIV | ESS |
|---|---|---|
| 2022 | -7.6% | -37.8% |
| 2023 | +10.0% | +22.0% |
| 2024 | +16.1% | +18.4% |
| 2025 | -2.2% | -5.0% |
| 2026 | -19.1% | +10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIV and ESS good diversifiers for each other?
Only partially. A correlation of 0.62 means AIV and ESS 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 AIV and ESS?
The AIV/ESS correlation stands at 0.62 on a 3-year window (1 year: 0.49, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is ESS a good diversifier for AIV?
Only partially. A correlation of 0.62 means AIV and ESS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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/aiv-vs-ess.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aiv-vs-ess/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIV correlations · ESS correlations
