Co-movers

daily closes · 445dMethod

Moved together

AVBwithESS

×0.92co-movement · ESS on AVB · 445d

r 0.88scale to r 0.75

Shared co-movers8with AVBwith ESS

EQREquity Residentialr 0.92r 0.88

UDRUDR, Inc.r 0.87r 0.88

CPTCamden Property Trustr 0.86r 0.85

MAAMid America Apartment Communities Inc.r 0.86r 0.83

IRTIndependence Realty Trust, Inc.r 0.78r 0.78

NXRTNexPoint Residential Trust, Inc.r 0.72r 0.71

AVB, solidESS, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

AVB compared with ESS: revenue, margins and what each company keeps, and the suppliers and customers both name