ESS vs MAA: Correlation
Essex Property Trust (ESS) and Mid-America Apartment Communities (MAA) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESS and MAA?
Across a 3-year window, the weekly returns of ESS and MAA correlate at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.75 over 1 year against 0.83 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 374.1 %².
By 3-year correlation, MAA places #4 of the 31 assets tracked against ESS. The last year tells two different stories: ESS led by 15.7 percentage points, +9.1% for ESS against -6.6% for MAA. The link looks structural: the rolling one-year correlation barely moved, holding between 0.75 and 0.92.
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 MAA: side by side
| ESS (Essex Property Trust) | MAA (Mid-America Apartment Communities) | |
|---|---|---|
| 1-year return | +9.1% | -6.6% |
| 5-year return | +3.0% | -19.3% |
| Volatility (ann.) | 22.2% | 20.3% |
| Beta vs S&P 500 | 0.64 | 0.49 |
| Max drawdown (3Y) | -20.8% | -26.4% |
| Market cap | $19.4B | $15.3B |
| P/E (trailing) | 44.8 | 37.7 |
| Dividend yield | 3.58% | 4.63% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | ESS | MAA |
|---|---|---|
| 2022 | -37.8% | -29.7% |
| 2023 | +22.0% | -11.1% |
| 2024 | +18.4% | +19.9% |
| 2025 | -5.0% | -6.4% |
| 2026 | +10.5% | -4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESS and MAA good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ESS and MAA?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.75 over the last year and 0.81 over 5 years.
Is MAA a good diversifier for ESS?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 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.
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Related comparisons
Hubs: ESS correlations · MAA correlations
