CPT vs ESS: Correlation
How closely do Camden Property Trust (CPT) and Essex Property Trust (ESS) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPT and ESS?
Over the past 3 years, CPT and ESS moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.77 over 1 year against 0.84 over 3. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 396.1 %².
Among the 33 assets we track against CPT, ESS ranks #4 by 3-year correlation. Over the last 12 months ESS came out ahead by 9.5 percentage points (-0.4% against +9.1%). Stability stands out here, with the rolling one-year correlation confined to 0.74 through 0.94.
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.
CPT vs ESS: side by side
| CPT (Camden Property Trust) | ESS (Essex Property Trust) | |
|---|---|---|
| 1-year return | -0.4% | +9.1% |
| 5-year return | -15.4% | +3.0% |
| Volatility (ann.) | 21.3% | 22.2% |
| Beta vs S&P 500 | 0.55 | 0.64 |
| Max drawdown (3Y) | -21.7% | -20.8% |
| Market cap | $12.2B | $19.4B |
| P/E (trailing) | 35.5 | 44.8 |
| Dividend yield | 3.92% | 3.58% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | CPT | ESS |
|---|---|---|
| 2022 | -35.6% | -37.8% |
| 2023 | -7.6% | +22.0% |
| 2024 | +21.3% | +18.4% |
| 2025 | -1.5% | -5.0% |
| 2026 | -2.0% | +10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPT and ESS good diversifiers for each other?
No. With a correlation of 0.84, CPT and ESS move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CPT and ESS?
The CPT/ESS correlation stands at 0.84 on a 3-year window (1 year: 0.77, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is ESS a good diversifier for CPT?
No. With a correlation of 0.84, CPT and ESS move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cpt-vs-ess.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpt-vs-ess/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPT correlations · ESS correlations
