CPT vs IRT: Correlation
Camden Property Trust (CPT) and Independence Realty Trust, Inc. (IRT) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPT and IRT?
On 3 years of weekly data the CPT/IRT correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. The 5-year figure is 0.82, and annualized covariance runs at 443.7 %².
Within CPT's tracked universe of 33 assets, IRT comes in at #5 by 3-year correlation. Their 12-month results are close: -0.4% for CPT against -3.5% for IRT.
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 IRT: side by side
| CPT (Camden Property Trust) | IRT (Independence Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | -0.4% | -3.5% |
| 5-year return | -15.4% | -4.5% |
| Volatility (ann.) | 21.3% | 24.8% |
| Beta vs S&P 500 | 0.55 | 0.74 |
| Max drawdown (3Y) | -21.7% | -29.0% |
| Market cap | $12.2B | $4.0B |
| P/E (trailing) | 35.5 | 91.1 |
| Dividend yield | 3.92% | 4.15% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | CPT | IRT |
|---|---|---|
| 2022 | -35.6% | -32.3% |
| 2023 | -7.6% | -5.6% |
| 2024 | +21.3% | +34.3% |
| 2025 | -1.5% | -8.5% |
| 2026 | -2.0% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPT and IRT good diversifiers for each other?
No: a correlation of 0.84 means CPT and IRT tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CPT and IRT?
As of 2026-08-27, the correlation of weekly returns between CPT and IRT is 0.84 over 3 years, 0.79 over 1 year and 0.82 over 5 years.
Is IRT a good diversifier for CPT?
No: a correlation of 0.84 means CPT and IRT tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/cpt-vs-irt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cpt-vs-irt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CPT correlations · IRT correlations
