ESRT vs SLG: Correlation
Empire State Realty Trust, Inc. (ESRT) and SL Green Realty Corp (SLG) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESRT and SLG?
Across a 3-year window, the weekly returns of ESRT and SLG correlate at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.67 over 3 years. Stretching to 5 years gives 0.72, with an annualized covariance of 853.4 %².
By 3-year correlation, SLG places #5 of the 11 assets tracked against ESRT. Their recent paths diverged sharply: over the last 12 months SLG outperformed by 44.3 percentage points (-37.6% for ESRT against +6.7% for SLG).
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 SLG: side by side
| ESRT (Empire State Realty Trust, Inc.) | SLG (SL Green Realty Corp) | |
|---|---|---|
| 1-year return | -37.6% | +6.7% |
| 5-year return | -50.4% | +15.1% |
| Volatility (ann.) | 31.0% | 41.1% |
| Beta vs S&P 500 | 0.87 | 1.33 |
| Max drawdown (3Y) | -58.1% | -53.9% |
| Market cap | $1.4B | $4.4B |
| P/E (trailing) | 232.0 | – |
| Dividend yield | 2.97% | 5.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESRT | SLG |
|---|---|---|
| 2022 | -22.8% | -50.9% |
| 2023 | +46.3% | +48.8% |
| 2024 | +8.0% | +58.3% |
| 2025 | -35.7% | -29.0% |
| 2026 | -27.9% | +29.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESRT and SLG good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ESRT and SLG?
The ESRT/SLG correlation stands at 0.67 on a 3-year window (1 year: 0.50, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is SLG a good diversifier for ESRT?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 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-slg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esrt-vs-slg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESRT correlations · SLG correlations
