ESS vs OLP: Correlation
Measured on weekly returns over the past three years, Essex Property Trust (ESS) and One Liberty Properties, Inc. (OLP) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESS and OLP?
Across a 3-year window, the weekly returns of ESS and OLP correlate at 0.65, strong. Recent behaviour matches the longer record: 0.59 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 313.2 %².
By 3-year correlation, OLP places #12 of the 31 assets tracked against ESS. Twelve-month performance is nearly a tie, at +9.1% for ESS and +13.0% for OLP.
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 OLP: side by side
| ESS (Essex Property Trust) | OLP (One Liberty Properties, Inc.) | |
|---|---|---|
| 1-year return | +9.1% | +13.0% |
| 5-year return | +3.0% | +11.9% |
| Volatility (ann.) | 22.2% | 21.5% |
| Beta vs S&P 500 | 0.64 | 0.49 |
| Max drawdown (3Y) | -20.8% | -28.8% |
| Market cap | $19.4B | $0.5B |
| P/E (trailing) | 44.8 | 15.3 |
| Dividend yield | 3.58% | 7.44% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ESS | OLP |
|---|---|---|
| 2022 | -37.8% | -32.3% |
| 2023 | +22.0% | +7.6% |
| 2024 | +18.4% | +33.5% |
| 2025 | -5.0% | -19.6% |
| 2026 | +10.5% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESS and OLP good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ESS and OLP?
The ESS/OLP correlation stands at 0.65 on a 3-year window (1 year: 0.59, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is OLP a good diversifier for ESS?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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/ess-vs-olp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ess-vs-olp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESS correlations · OLP correlations
