EXR vs FR: Correlation
Extra Space Storage (EXR) and First Industrial Realty Trust, Inc. (FR) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXR and FR?
On 3 years of weekly data the EXR/FR correlation comes out at 0.64, strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.64 over 3. The 5-year figure is 0.68, and annualized covariance runs at 365.9 %².
Among the 33 assets we track against EXR, FR ranks #6 by 3-year correlation. The last year tells two different stories: FR led by 17.4 percentage points, +5.6% for EXR against +23.0% for FR.
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.
EXR vs FR: side by side
| EXR (Extra Space Storage) | FR (First Industrial Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | +5.6% | +23.0% |
| 5-year return | -6.1% | +26.5% |
| Volatility (ann.) | 26.0% | 22.2% |
| Beta vs S&P 500 | 0.68 | 0.70 |
| Max drawdown (3Y) | -29.4% | -25.1% |
| Market cap | $31.5B | $8.5B |
| P/E (trailing) | 31.6 | 22.7 |
| Dividend yield | 4.50% | 3.01% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | EXR | FR |
|---|---|---|
| 2022 | -32.8% | -25.4% |
| 2023 | +13.9% | +11.9% |
| 2024 | -2.8% | -2.0% |
| 2025 | -8.9% | +18.2% |
| 2026 | +12.1% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXR and FR good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EXR and FR?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.60 over the last year and 0.68 over 5 years.
Is FR a good diversifier for EXR?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 mean?
A reading of 0.64 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/exr-vs-fr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/exr-vs-fr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EXR correlations · FR correlations
