EXR vs SPY: Correlation
Extra Space Storage (EXR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXR and SPY?
Across a 3-year window, the weekly returns of EXR and SPY correlate at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.38). Stretching to 5 years gives 0.51, with an annualized covariance of 142.7 %².
By 3-year correlation, SPY places #19 of the 33 assets tracked against EXR. The last year tells two different stories: SPY led by 15.0 percentage points, +5.6% for EXR against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.24 to 0.66. Risk is not evenly split, since EXR carries 1.8 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.
EXR vs SPY: side by side
| EXR (Extra Space Storage) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.6% | +20.6% |
| 5-year return | -6.1% | +82.4% |
| Volatility (ann.) | 26.0% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -29.4% | -18.8% |
| Market cap | $31.5B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 4.50% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | EXR | SPY |
|---|---|---|
| 2022 | -32.8% | -18.2% |
| 2023 | +13.9% | +26.2% |
| 2024 | -2.8% | +24.9% |
| 2025 | -8.9% | +17.7% |
| 2026 | +12.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EXR and SPY?
As of 2026-08-27, the correlation of weekly returns between EXR and SPY is 0.38 over 3 years, 0.25 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for EXR?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: EXR correlations · SPY correlations
