ELS vs NNN: Correlation
How closely do Equity Lifestyle Properties, Inc. (ELS) and NNN REIT, Inc. (NNN) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELS and NNN?
Across a 3-year window, the weekly returns of ELS and NNN correlate at 0.62, strong. Lately the two have moved closer together, with the 1-year correlation at 0.74 versus 0.62 over 3 years. Stretching to 5 years gives 0.64, with an annualized covariance of 203.5 %².
In ELS's tracked universe of 11 assets, NNN sits right near the top at #2. Neither side won the trailing year by much: +10.2% against +13.1%.
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.
ELS vs NNN: side by side
| ELS (Equity Lifestyle Properties, Inc.) | NNN (NNN REIT, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +13.1% |
| 5-year return | -12.6% | +25.1% |
| Volatility (ann.) | 17.5% | 18.8% |
| Beta vs S&P 500 | 0.07 | 0.31 |
| Max drawdown (3Y) | -21.0% | -22.0% |
| Market cap | $12.8B | $8.6B |
| P/E (trailing) | 31.2 | 22.3 |
| Dividend yield | 3.27% | 5.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELS | NNN |
|---|---|---|
| 2022 | -24.5% | -0.0% |
| 2023 | +12.2% | -0.6% |
| 2024 | -2.8% | -0.1% |
| 2025 | -5.9% | +2.8% |
| 2026 | +7.3% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELS and NNN good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ELS and NNN?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.74 over the last year and 0.64 over 5 years.
Is NNN a good diversifier for ELS?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/els-vs-nnn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/els-vs-nnn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELS correlations · NNN correlations
