FR vs LXP: Correlation
Measured on weekly returns over the past three years, First Industrial Realty Trust, Inc. (FR) and LXP Industrial Trust (LXP) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FR and LXP?
On 3 years of weekly data the FR/LXP correlation comes out at 0.73, strong. Recent behaviour matches the longer record: 0.68 over 1 year against 0.73 over 3. The 5-year figure is 0.71, and annualized covariance runs at 364.6 %².
Within FR's tracked universe of 14 assets, LXP comes in at #7 by 3-year correlation. The last year tells two different stories: LXP led by 19.2 percentage points, +23.0% for FR against +42.2% for LXP.
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.
FR vs LXP: side by side
| FR (First Industrial Realty Trust, Inc.) | LXP (LXP Industrial Trust) | |
|---|---|---|
| 1-year return | +23.0% | +42.2% |
| 5-year return | +26.5% | +17.3% |
| Volatility (ann.) | 22.2% | 22.4% |
| Beta vs S&P 500 | 0.70 | 0.62 |
| Max drawdown (3Y) | -25.1% | -27.8% |
| Market cap | $8.5B | $3.6B |
| P/E (trailing) | 22.7 | 61.7 |
| Dividend yield | 3.01% | 4.55% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FR | LXP |
|---|---|---|
| 2022 | -25.4% | -33.0% |
| 2023 | +11.9% | +4.3% |
| 2024 | -2.0% | -13.2% |
| 2025 | +18.2% | +29.8% |
| 2026 | +10.8% | +26.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FR and LXP good diversifiers for each other?
To a limited degree. At 0.73 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 FR and LXP?
The FR/LXP correlation stands at 0.73 on a 3-year window (1 year: 0.68, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is LXP a good diversifier for FR?
To a limited degree. At 0.73 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 0.73 mean?
On the −1 to +1 scale, 0.73 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fr-vs-lxp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fr-vs-lxp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FR correlations · LXP correlations
