ESS vs INVH: Correlation
How closely do Essex Property Trust (ESS) and Invitation Homes (INVH) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESS and INVH?
On 3 years of weekly data the ESS/INVH correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 325.9 %².
Within ESS's tracked universe of 31 assets, INVH comes in at #10 by 3-year correlation. Over the last 12 months ESS came out ahead by 11.0 percentage points (+9.1% against -1.9%). Across three years, the rolling one-year figure varied moderately, from 0.52 to 0.90.
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 INVH: side by side
| ESS (Essex Property Trust) | INVH (Invitation Homes) | |
|---|---|---|
| 1-year return | +9.1% | -1.9% |
| 5-year return | +3.0% | -16.8% |
| Volatility (ann.) | 22.2% | 21.2% |
| Beta vs S&P 500 | 0.64 | 0.50 |
| Max drawdown (3Y) | -20.8% | -30.9% |
| Market cap | $19.4B | $17.4B |
| P/E (trailing) | 44.8 | 27.3 |
| Dividend yield | 3.58% | 3.98% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | ESS | INVH |
|---|---|---|
| 2022 | -37.8% | -33.0% |
| 2023 | +22.0% | +19.7% |
| 2024 | +18.4% | -3.1% |
| 2025 | -5.0% | -9.7% |
| 2026 | +10.5% | +7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESS and INVH good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ESS and INVH?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.64 over the last year and 0.72 over 5 years.
Is INVH a good diversifier for ESS?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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-invh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ess-vs-invh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESS correlations · INVH correlations
