ESS vs FRT: Correlation
Essex Property Trust (ESS) and Federal Realty Investment Trust (FRT) 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 ESS and FRT?
Over the past 3 years, ESS and FRT moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 290.7 %².
Among the 31 assets we track against ESS, FRT ranks #11 by 3-year correlation. Over the last 12 months FRT came out ahead by 12.5 percentage points (+9.1% against +21.6%). Stability stands out here, with the rolling one-year correlation confined to 0.60 through 0.81.
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.
ESS vs FRT: side by side
| ESS (Essex Property Trust) | FRT (Federal Realty Investment Trust) | |
|---|---|---|
| 1-year return | +9.1% | +21.6% |
| 5-year return | +3.0% | +18.8% |
| Volatility (ann.) | 22.2% | 19.5% |
| Beta vs S&P 500 | 0.64 | 0.53 |
| Max drawdown (3Y) | -20.8% | -27.4% |
| Market cap | $19.4B | $10.2B |
| P/E (trailing) | 44.8 | 23.6 |
| Dividend yield | 3.58% | 3.84% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | ESS | FRT |
|---|---|---|
| 2022 | -37.8% | -22.7% |
| 2023 | +22.0% | +6.6% |
| 2024 | +18.4% | +12.1% |
| 2025 | -5.0% | -5.9% |
| 2026 | +10.5% | +19.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESS and FRT 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 ESS and FRT?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.65 over the last year and 0.65 over 5 years.
Is FRT a good diversifier for ESS?
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?
On the −1 to +1 scale, 0.67 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/ess-vs-frt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ess-vs-frt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESS correlations · FRT correlations
