BXP vs ESRT: Correlation
How closely do BXP, Inc. (BXP) and Empire State Realty Trust, Inc. (ESRT) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and ESRT?
Across a 3-year window, the weekly returns of BXP and ESRT correlate at 0.73, strong. The link has loosened recently: the 1-year correlation (0.61) runs below the 3-year figure (0.73). Stretching to 5 years gives 0.73, with an annualized covariance of 746.8 %².
By 3-year correlation, ESRT places #10 of the 45 assets tracked against BXP. Correlation aside, the last 12 months split them widely, with BXP ahead by 40.5 points (+2.9% versus -37.6%).
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.
BXP vs ESRT: side by side
| BXP (BXP, Inc.) | ESRT (Empire State Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | +2.9% | -37.6% |
| 5-year return | -18.9% | -50.4% |
| Volatility (ann.) | 33.1% | 31.0% |
| Beta vs S&P 500 | 1.02 | 0.87 |
| Max drawdown (3Y) | -39.0% | -58.1% |
| Market cap | $12.7B | $1.4B |
| P/E (trailing) | 37.8 | 232.0 |
| Dividend yield | 3.98% | 2.97% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | BXP | ESRT |
|---|---|---|
| 2022 | -38.6% | -22.8% |
| 2023 | +11.0% | +46.3% |
| 2024 | +12.3% | +8.0% |
| 2025 | -4.7% | -35.7% |
| 2026 | +6.2% | -27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXP and ESRT good diversifiers for each other?
Only partially. A correlation of 0.73 means BXP and ESRT 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 BXP and ESRT?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.61 over the last year and 0.73 over 5 years.
Is ESRT a good diversifier for BXP?
Only partially. A correlation of 0.73 means BXP and ESRT 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/bxp-vs-esrt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bxp-vs-esrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BXP correlations · ESRT correlations
