ESRT vs PDM: Correlation
Measured on weekly returns over the past three years, Empire State Realty Trust, Inc. (ESRT) and Piedmont Realty Trust, Inc. (PDM) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESRT and PDM?
Across a 3-year window, the weekly returns of ESRT and PDM correlate at 0.71, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 772.5 %².
Few assets follow ESRT as closely as PDM, which ranks #2 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with PDM ahead by 53.6 points (-37.6% versus +16.0%).
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.
ESRT vs PDM: side by side
| ESRT (Empire State Realty Trust, Inc.) | PDM (Piedmont Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | -37.6% | +16.0% |
| 5-year return | -50.4% | -29.9% |
| Volatility (ann.) | 31.0% | 35.3% |
| Beta vs S&P 500 | 0.87 | 0.95 |
| Max drawdown (3Y) | -58.1% | -46.4% |
| Market cap | $1.4B | $1.2B |
| P/E (trailing) | 232.0 | – |
| Dividend yield | 2.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESRT | PDM |
|---|---|---|
| 2022 | -22.8% | -46.8% |
| 2023 | +46.3% | -14.8% |
| 2024 | +8.0% | +37.2% |
| 2025 | -35.7% | -7.3% |
| 2026 | -27.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESRT and PDM good diversifiers for each other?
Only partially. A correlation of 0.71 means ESRT and PDM 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 ESRT and PDM?
The ESRT/PDM correlation stands at 0.71 on a 3-year window (1 year: 0.64, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is PDM a good diversifier for ESRT?
Only partially. A correlation of 0.71 means ESRT and PDM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 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/esrt-vs-pdm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/esrt-vs-pdm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESRT correlations · PDM correlations
