AAT vs. ESS

Last updated Apr 1, 2026

Compare and contrast key facts about American Assets Trust, Inc. (AAT) and Essex Property Trust, Inc. (ESS).

Performance

AAT vs. ESS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Assets Trust, Inc. (AAT) and Essex Property Trust, Inc. (ESS). The values are adjusted to include any dividend payments, if applicable.

AAT vs. ESS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAT American Assets Trust, Inc.	-1.06%	-22.96%	23.32%	-9.58%	-26.36%	34.03%	-35.04%	17.11%	8.14%	-8.89%
ESS Essex Property Trust, Inc.	-5.60%	-4.98%	18.36%	21.97%	-37.76%	52.40%	-18.09%	25.92%	4.83%	6.82%

Fundamentals

EPS AAT : $0.73 ESS : $13.60
PE Ratio AAT : 25.39 ESS : 17.79
PEG Ratio AAT : 1.17 ESS : 1.25
PS Ratio AAT : 3.24 ESS : 5.51
Total Revenue (TTM) AAT : $436.20M ESS : $1.89B
Gross Profit (TTM) AAT : $266.61M ESS : $1.39B
EBITDA (TTM) AAT : $228.28M ESS : $1.65B

Returns By Period

In the year-to-date period, AAT achieves a -1.06% return, which is significantly higher than ESS's -5.60% return. Over the past 10 years, AAT has underperformed ESS with an annualized return of -3.54%, while ESS has yielded a comparatively higher 3.77% annualized return.

AAT

• 1D: 0.22%
• 1M: -4.05%
• YTD: -1.06%
• 6M: -6.19%
• 1Y: -2.14%
• 3Y*: 6.11%
• 5Y*: -6.15%
• 10Y*: -3.54%

ESS

• 1D: 0.82%
• 1M: -4.12%
• YTD: -5.60%
• 6M: -7.70%
• 1Y: -17.89%
• 3Y*: 9.07%
• 5Y*: 0.92%
• 10Y*: 3.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

AAT vs. ESS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAT

AAT Risk / Return Rank: 35
AAT Sharpe Ratio Rank: 38
AAT Sortino Ratio Rank: 32
AAT Omega Ratio Rank: 32
AAT Calmar Ratio Rank: 38
AAT Martin Ratio Rank: 38

ESS

ESS Risk / Return Rank: 13
ESS Sharpe Ratio Rank: 11
ESS Sortino Ratio Rank: 13
ESS Omega Ratio Rank: 14
ESS Calmar Ratio Rank: 10
ESS Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAT vs. ESS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Assets Trust, Inc. (AAT) and Essex Property Trust, Inc. (ESS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AAT	ESS	Difference
Sharpe ratio Return per unit of total volatility	-0.08	-0.73	+0.65
Sortino ratio Return per unit of downside risk	0.07	-0.87	+0.94
Omega ratio Gain probability vs. loss probability	1.01	0.89	+0.12
Calmar ratio Return relative to maximum drawdown	-0.11	-0.86	+0.76
Martin ratio Return relative to average drawdown	-0.23	-1.32	+1.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAT vs. ESS - Sharpe Ratio Comparison

The current AAT Sharpe Ratio is -0.08, which is higher than the ESS Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of AAT and ESS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAT	ESS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	-0.73	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	0.04	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.11	0.15	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.49	-0.39

Correlation

The correlation between AAT and ESS is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AAT vs. ESS - Dividend Comparison

AAT's dividend yield for the trailing twelve months is around 7.39%, more than ESS's 4.26% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAT American Assets Trust, Inc.	7.39%	7.18%	5.10%	5.86%	4.83%	3.09%	3.46%	2.48%	2.71%	2.75%	2.34%	2.47%
ESS Essex Property Trust, Inc.	4.26%	3.88%	2.57%	3.73%	4.15%	2.37%	3.50%	2.59%	3.03%	2.90%	2.75%	2.41%

Drawdowns

AAT vs. ESS - Drawdown Comparison

The maximum AAT drawdown since its inception was -61.85%, roughly equal to the maximum ESS drawdown of -62.67%. Use the drawdown chart below to compare losses from any high point for AAT and ESS.

Drawdown Indicators

	AAT	ESS	Difference
Max Drawdown Largest peak-to-trough decline	-61.85%	-62.67%	+0.82%
Max Drawdown (1Y) Largest decline over 1 year	-15.25%	-19.74%	+4.49%
Max Drawdown (5Y) Largest decline over 5 years	-56.18%	-43.87%	-12.31%
Max Drawdown (10Y) Largest decline over 10 years	-61.85%	-44.84%	-17.01%
Current Drawdown Current decline from peak	-48.58%	-21.48%	-27.10%
Average Drawdown Average peak-to-trough decline	-19.91%	-10.84%	-9.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	12.88%	-5.57%

Volatility

AAT vs. ESS - Volatility Comparison

American Assets Trust, Inc. (AAT) has a higher volatility of 6.46% compared to Essex Property Trust, Inc. (ESS) at 4.77%. This indicates that AAT's price experiences larger fluctuations and is considered to be riskier than ESS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAT	ESS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	4.77%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	16.19%	13.74%	+2.45%
Volatility (1Y) Calculated over the trailing 1-year period	26.22%	24.52%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.03%	23.78%	+4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.03%	25.83%	+5.20%

Financials

AAT vs. ESS - Profitability Comparison

The chart below illustrates the profitability comparison between American Assets Trust, Inc. and Essex Property Trust, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AAT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, American Assets Trust, Inc. reported a gross profit of 65.42M and revenue of 110.09M. Therefore, the gross margin over that period was 59.4%.

ESS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Essex Property Trust, Inc. reported a gross profit of 338.13M and revenue of 479.63M. Therefore, the gross margin over that period was 70.5%.

AAT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, American Assets Trust, Inc. reported an operating income of 23.22M and revenue of 110.09M, resulting in an operating margin of 21.1%.

ESS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Essex Property Trust, Inc. reported an operating income of 210.82M and revenue of 479.63M, resulting in an operating margin of 44.0%.

AAT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, American Assets Trust, Inc. reported a net income of 3.15M and revenue of 110.09M, resulting in a net margin of 2.9%.

ESS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Essex Property Trust, Inc. reported a net income of -5.17M and revenue of 479.63M, resulting in a net margin of -1.1%.