ESRT vs. AHT

Last updated Jun 3, 2026

ESRT (Empire State Realty Trust, Inc.) and AHT (Ashford Hospitality Trust, Inc.) are both stocks. Both are in the Real Estate sector — ESRT in REIT - Diversified, AHT in REIT - Hotel & Motel. Over the past 10 years, ESRT returned -9.63%/yr vs -50.95%/yr for AHT. At a 0.39 correlation, their price movements are largely independent.

Performance

ESRT vs. AHT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Empire State Realty Trust, Inc. (ESRT) and Ashford Hospitality Trust, Inc. (AHT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESRT achieves a -11.99% return, which is significantly higher than AHT's -28.40% return. Over the past 10 years, ESRT has outperformed AHT with an annualized return of -9.63%, while AHT has yielded a comparatively lower -50.95% annualized return.

ESRT

• 1D: -0.52%
• 1M: 1.42%
• YTD: -11.99%
• 6M: -16.54%
• 1Y: -24.76%
• 3Y*: -1.36%
• 5Y*: -12.60%
• 10Y*: -9.63%

AHT

• 1D: -0.65%
• 1M: 2.69%
• YTD: -28.40%
• 6M: 3.04%
• 1Y: -47.50%
• 3Y*: -59.41%
• 5Y*: -64.11%
• 10Y*: -50.95%

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

ESRT vs. AHT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESRT Empire State Realty Trust, Inc.	-11.99%	-35.68%	7.97%	46.32%	-22.82%	-3.53%	-31.48%	0.90%	-28.91%	3.77%
AHT Ashford Hospitality Trust, Inc.	-28.40%	-40.75%	-62.94%	-56.60%	-53.44%	-62.93%	-90.72%	-22.08%	-35.34%	-6.44%

Correlation

The correlation between ESRT and AHT is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.39

The correlation between ESRT and AHT shifts across timeframes, from 0.23 (1 year) to 0.39 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ESRT : $1.54B AHT : $19.65M
EPS ESRT : $0.14 AHT : -$36.63
PS Ratio ESRT : 1.98 AHT : 0.02
Total Revenue (TTM) ESRT : $778.07M AHT : $1.09B
Gross Profit (TTM) ESRT : $77.93M AHT : -$67.55M
EBITDA (TTM) ESRT : $306.57M AHT : $55.94M

Return for Risk

ESRT vs. AHT — Risk / Return Rank

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

ESRT

ESRT Risk / Return Rank: 15
ESRT Sharpe Ratio Rank: 9
ESRT Sortino Ratio Rank: 11
ESRT Omega Ratio Rank: 13
ESRT Calmar Ratio Rank: 20
ESRT Martin Ratio Rank: 20

AHT

AHT Risk / Return Rank: 12
AHT Sharpe Ratio Rank: 11
AHT Sortino Ratio Rank: 8
AHT Omega Ratio Rank: 10
AHT Calmar Ratio Rank: 14
AHT Martin Ratio Rank: 17

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.

ESRT vs. AHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Empire State Realty Trust, Inc. (ESRT) and Ashford Hospitality Trust, Inc. (AHT). 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.

	ESRT	AHT	Difference
Sharpe ratio Return per unit of total volatility	-0.77	-0.71	-0.06
Sortino ratio Return per unit of downside risk	-0.95	-1.19	+0.24
Omega ratio Gain probability vs. loss probability	0.89	0.87	+0.02
Calmar ratio Return relative to maximum drawdown	-0.57	-0.71	+0.14
Martin ratio Return relative to average drawdown	-1.01	-1.09	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESRT vs. AHT - Sharpe Ratio Comparison

The current ESRT Sharpe Ratio is -0.77, which is comparable to the AHT Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of ESRT and AHT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ESRT	AHT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	-0.71	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	-0.81	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.27	-0.42	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.28	+0.14

Drawdowns

ESRT vs. AHT - Drawdown Comparison

The maximum ESRT drawdown since its inception was -72.91%, smaller than the maximum AHT drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for ESRT and AHT.

Drawdown Indicators

	ESRT	AHT	Difference
Max Drawdown Largest peak-to-trough decline	-72.91%	-99.96%	+27.05%
Max Drawdown (1Y) Largest decline over 1 year	-41.89%	-64.81%	+22.92%
Max Drawdown (3Y) Largest decline over 3 years	-55.39%	-94.66%	+39.27%
Max Drawdown (5Y) Largest decline over 5 years	-57.84%	-99.61%	+41.77%
Max Drawdown (10Y) Largest decline over 10 years	-72.91%	-99.96%	+27.05%
Current Drawdown Current decline from peak	-68.75%	-99.96%	+31.21%
Average Drawdown Average peak-to-trough decline	-33.55%	-45.95%	+12.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.86%	42.36%	-18.50%

Volatility

ESRT vs. AHT - Volatility Comparison

Empire State Realty Trust, Inc. (ESRT) has a higher volatility of 9.74% compared to Ashford Hospitality Trust, Inc. (AHT) at 8.86%. This indicates that ESRT's price experiences larger fluctuations and is considered to be riskier than AHT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESRT	AHT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.74%	8.86%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	21.27%	55.49%	-34.22%
Volatility (1Y) Calculated over the trailing 1-year period	32.25%	67.56%	-35.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.51%	79.76%	-45.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.85%	121.69%	-85.84%

Dividends

ESRT vs. AHT - Dividend Comparison

ESRT's dividend yield for the trailing twelve months is around 2.46%, while AHT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AHT Ashford Hospitality Trust, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.94%	12.00%	7.13%	6.19%	17.40%
ESRT Empire State Realty Trust, Inc.	2.46%	2.15%	1.36%	1.44%	2.08%	1.18%	2.25%	3.01%	2.95%	2.05%	1.98%	1.88%

Financials

ESRT vs. AHT - Profitability Comparison

The chart below illustrates the profitability comparison between Empire State Realty Trust, Inc. and Ashford Hospitality Trust, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ESRT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported a gross profit of 155.71M and revenue of 190.33M. Therefore, the gross margin over that period was 81.8%.

AHT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Ashford Hospitality Trust, Inc. reported a gross profit of 0.00 and revenue of 267.73M. Therefore, the gross margin over that period was 0.0%.

ESRT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported an operating income of 29.46M and revenue of 190.33M, resulting in an operating margin of 15.5%.

AHT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Ashford Hospitality Trust, Inc. reported an operating income of 13.25M and revenue of 267.73M, resulting in an operating margin of 5.0%.

ESRT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported a net income of 1.24M and revenue of 190.33M, resulting in a net margin of 0.7%.

AHT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Ashford Hospitality Trust, Inc. reported a net income of -63.95M and revenue of 267.73M, resulting in a net margin of -23.9%.

Frequently Asked Questions

Can I hold both ESRT and AHT in my portfolio?

ESRT and AHT have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESRT or AHT?

ESRT has higher volatility (9.74%) compared to AHT (8.86%). In terms of maximum drawdown, ESRT dropped -72.91% vs AHT's -99.96%.

Which has better risk-adjusted returns?

AHT currently has the higher Sharpe Ratio (-0.71 vs -0.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.