EXR vs PSA: Correlation
Extra Space Storage (EXR) and Public Storage (PSA) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXR and PSA?
Across a 3-year window, the weekly returns of EXR and PSA correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Stretching to 5 years gives 0.86, with an annualized covariance of 494.4 %².
PSA is one of the assets that tracks EXR most closely: it ranks #2 out of the 33 assets we track against EXR. On 12-month performance PSA holds a 5.7-point edge, +5.6% against +11.3%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.73 and 0.90.
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 PSA: side by side
| EXR (Extra Space Storage) | PSA (Public Storage) | |
|---|---|---|
| 1-year return | +5.6% | +11.3% |
| 5-year return | -6.1% | +20.9% |
| Volatility (ann.) | 26.0% | 23.0% |
| Beta vs S&P 500 | 0.68 | 0.59 |
| Max drawdown (3Y) | -29.4% | -25.6% |
| Market cap | $31.5B | $58.1B |
| P/E (trailing) | 31.6 | 30.3 |
| Dividend yield | 4.50% | 3.78% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | EXR | PSA |
|---|---|---|
| 2022 | -32.8% | -20.2% |
| 2023 | +13.9% | +13.6% |
| 2024 | -2.8% | +2.1% |
| 2025 | -8.9% | -9.7% |
| 2026 | +12.1% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXR and PSA good diversifiers for each other?
No. With a correlation of 0.83, EXR and PSA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between EXR and PSA?
The EXR/PSA correlation stands at 0.83 on a 3-year window (1 year: 0.89, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is PSA a good diversifier for EXR?
No. With a correlation of 0.83, EXR and PSA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 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/exr-vs-psa.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/exr-vs-psa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXR correlations · PSA correlations
