ESS vs PAPL: Correlation
Measured on weekly returns over the past three years, Essex Property Trust (ESS) and Pineapple Financial Inc. (PAPL) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESS and PAPL?
Over the past 3 years, ESS and PAPL moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.08) than the 3-year average (-0.23). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -909.2 %².
Out of 31 assets tracked against ESS, PAPL lands near the bottom at #29. Their recent paths diverged sharply: over the last 12 months ESS outperformed by 79.8 percentage points (+9.1% for ESS against -70.7% for PAPL). Note the risk asymmetry: PAPL runs 8.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PAPL: side by side
| ESS (Essex Property Trust) | PAPL (Pineapple Financial Inc.) | |
|---|---|---|
| 1-year return | +9.1% | -70.7% |
| 5-year return | +3.0% | n/a |
| Volatility (ann.) | 22.2% | 181.2% |
| Beta vs S&P 500 | 0.64 | -0.73 |
| Max drawdown (3Y) | -20.8% | -99.4% |
| Market cap | $19.4B | – |
| P/E (trailing) | 44.8 | – |
| Dividend yield | 3.58% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ESS | PAPL |
|---|---|---|
| 2022 | -37.8% | – |
| 2023 | +22.0% | – |
| 2024 | +18.4% | -74.7% |
| 2025 | -5.0% | -84.4% |
| 2026 | +10.5% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESS and PAPL good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESS and PAPL?
The ESS/PAPL correlation stands at -0.23 on a 3-year window (1 year: -0.08, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PAPL a good diversifier for ESS?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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-papl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ess-vs-papl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESS correlations · PAPL correlations
