ESTA vs PGZ: Correlation
Establishment Labs Holdings Inc. (ESTA) and Principal Real Estate Income Fund (PGZ) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and PGZ?
Over the past 3 years, ESTA and PGZ moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 392.0 %².
Among the 12 assets we track against ESTA, PGZ ranks #5 by 3-year correlation. The last year tells two different stories: ESTA led by 61.6 percentage points, +69.2% for ESTA against +7.6% for PGZ. Risk is not evenly split, since ESTA carries 5.3 times the volatility of the other side.
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.
ESTA vs PGZ: side by side
| ESTA (Establishment Labs Holdings Inc.) | PGZ (Principal Real Estate Income Fund) | |
|---|---|---|
| 1-year return | +69.2% | +7.6% |
| 5-year return | -0.0% | +14.2% |
| Volatility (ann.) | 70.5% | 13.2% |
| Beta vs S&P 500 | 1.02 | 0.42 |
| Max drawdown (3Y) | -64.1% | -10.6% |
| Market cap | $2.1B | $0.1B |
| P/E (trailing) | – | 10.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTA | PGZ |
|---|---|---|
| 2022 | -2.9% | -28.0% |
| 2023 | -60.6% | +4.0% |
| 2024 | +77.9% | +18.0% |
| 2025 | +58.2% | +14.5% |
| 2026 | -1.5% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and PGZ good diversifiers for each other?
Reasonably. At 0.42, ESTA and PGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ESTA and PGZ?
As of 2026-08-27, the correlation of weekly returns between ESTA and PGZ is 0.42 over 3 years, 0.41 over 1 year and 0.41 over 5 years.
Is PGZ a good diversifier for ESTA?
Reasonably. At 0.42, ESTA and PGZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/esta-vs-pgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esta-vs-pgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ESTA correlations · PGZ correlations
