O vs PSA: Correlation
Realty Income (O) and Public Storage (PSA) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are O and PSA?
Across a 3-year window, the weekly returns of O and PSA correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 251.1 %².
Within O's tracked universe of 44 assets, PSA comes in at #17 by 3-year correlation. Twelve-month performance is nearly a tie, at +11.3% for O and +11.3% for PSA. The link looks structural: the rolling one-year correlation barely moved, holding between 0.51 and 0.75.
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.
O vs PSA: side by side
| O (Realty Income) | PSA (Public Storage) | |
|---|---|---|
| 1-year return | +11.3% | +11.3% |
| 5-year return | +14.5% | +20.9% |
| Volatility (ann.) | 17.3% | 23.0% |
| Beta vs S&P 500 | 0.21 | 0.59 |
| Max drawdown (3Y) | -19.3% | -25.6% |
| Market cap | $58.5B | $58.1B |
| P/E (trailing) | 45.4 | 30.3 |
| Dividend yield | 5.20% | 3.78% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | O | PSA |
|---|---|---|
| 2022 | -7.4% | -20.2% |
| 2023 | -4.5% | +13.6% |
| 2024 | -2.1% | +2.1% |
| 2025 | +12.2% | -9.7% |
| 2026 | +13.0% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are O and PSA good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between O and PSA?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.63 over the last year and 0.62 over 5 years.
Is PSA a good diversifier for O?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 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/o-vs-psa.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/o-vs-psa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: O correlations · PSA correlations
