ESS vs. AAT

Last updated Apr 1, 2026

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

Performance

ESS vs. AAT - Performance Comparison

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

ESS vs. AAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Fundamentals

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

Returns By Period

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

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%

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%

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

Return for Risk

ESS vs. AAT — Risk / Return Rank

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

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

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

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.

ESS vs. AAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Essex Property Trust, Inc. (ESS) and American Assets Trust, Inc. (AAT). 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.

	ESS	AAT	Difference
Sharpe ratio Return per unit of total volatility	-0.73	-0.08	-0.65
Sortino ratio Return per unit of downside risk	-0.87	0.07	-0.94
Omega ratio Gain probability vs. loss probability	0.89	1.01	-0.12
Calmar ratio Return relative to maximum drawdown	-0.86	-0.11	-0.76
Martin ratio Return relative to average drawdown	-1.32	-0.23	-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.

ESS vs. AAT - Sharpe Ratio Comparison

The current ESS Sharpe Ratio is -0.73, which is lower than the AAT Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of ESS and AAT, 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

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

Correlation

The correlation between ESS and AAT 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

ESS vs. AAT - Dividend Comparison

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

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%

Drawdowns

ESS vs. AAT - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

ESS vs. AAT - Volatility Comparison

The current volatility for Essex Property Trust, Inc. (ESS) is 4.77%, while American Assets Trust, Inc. (AAT) has a volatility of 6.46%. This indicates that ESS experiences smaller price fluctuations and is considered to be less risky than AAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Financials

ESS vs. AAT - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.