EXR vs OLP: Correlation
How closely do Extra Space Storage (EXR) and One Liberty Properties, Inc. (OLP) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXR and OLP?
Across a 3-year window, the weekly returns of EXR and OLP correlate at 0.60, strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.60 over 3. Stretching to 5 years gives 0.53, with an annualized covariance of 335.0 %².
Among the 33 assets we track against EXR, OLP ranks #13 by 3-year correlation. The trailing year gives OLP the advantage: +5.6% versus +13.0%, a 7.4-point spread.
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 OLP: side by side
| EXR (Extra Space Storage) | OLP (One Liberty Properties, Inc.) | |
|---|---|---|
| 1-year return | +5.6% | +13.0% |
| 5-year return | -6.1% | +11.9% |
| Volatility (ann.) | 26.0% | 21.5% |
| Beta vs S&P 500 | 0.68 | 0.49 |
| Max drawdown (3Y) | -29.4% | -28.8% |
| Market cap | $31.5B | $0.5B |
| P/E (trailing) | 31.6 | 15.3 |
| Dividend yield | 4.50% | 7.44% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | EXR | OLP |
|---|---|---|
| 2022 | -32.8% | -32.3% |
| 2023 | +13.9% | +7.6% |
| 2024 | -2.8% | +33.5% |
| 2025 | -8.9% | -19.6% |
| 2026 | +12.1% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXR and OLP good diversifiers for each other?
Only partially. A correlation of 0.60 means EXR and OLP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EXR and OLP?
The EXR/OLP correlation stands at 0.60 on a 3-year window (1 year: 0.62, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is OLP a good diversifier for EXR?
Only partially. A correlation of 0.60 means EXR and OLP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 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-olp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exr-vs-olp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EXR correlations · OLP correlations
