Relative Intelligence · Self-Storage REITs
How Public Storage (PSA) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PSA alone. It places PSA (Public Storage) against 6 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where PSA stands in the market, and of the alternatives worth a closer look.
Period covered: PSA's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, PSA fell 1.4% while the S&P 500 rose 9.1%. At a glance ↓
- Stock or market?PSA's 3.4% fall over the past 3 months is part of a broader self-storage reits sell-off: the self-storage reits ETF VNQ (Vanguard Real Estate ETF) fell 6.4%, with EXR (Extra Space Storage, down 3.1%) and CUBE (CubeSmart, down 4.0%).
- Past 1 to 3 yearsPSA has lagged well behind the market, rising 0.8% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (35.6% against 89.3%). The last two calendar years both went the same way: PSA fell 9.7% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. By year ↓
- Long termPSA turned $10,000 into $20,700 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashPSA fell less than the S&P 500 in five of seven sell-offs, but the 2022 bear market broke the pattern: it fell 29.1%, more than the S&P 500's 24.5%. Crash tests ↓
- DiversificationAgainst the S&P 500, PSA has a correlation of 0.58 over 5 years, more closely than 87% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. PSA cushions stocks less than it used to: its correlation with the S&P 500 rose to 0.58 over the past 5 years, from 0.13 in the 5 years before. Market capture ↓
- Better options
- Nearby categories and themes
- GATX (equipment rental) earned more than PSA over the past 5 years with similar volatility: 12.4% a year at 25.1% volatility, against 3.2% a year at 24.1%.
- Whole market
- 708 of the 3,633 stocks and funds worth at least $500 million earned more than PSA with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in PSA have grown?
This chart tracks a hypothetical $10,000 investment in PSA over the past 21 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PSA over the same span and PSA's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 21 years rather than PSA's full 29 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in PSA at the end of September 2005 would have grown to $86,949 by September 2026, less than the $90,973 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of PSA, and EXR finished highest, at $197,164.
Choose a period
From the end of September 2005 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 458 of the 1,562 stocks and funds worth at least $500 million that traded the whole period ended ahead of PSA; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.
- EXR$197,164+1,872% total · +15.3% a year
- UHAL$115,047+1,050% total · +12.3% a year
- WMT$107,910+979% total · +12.0% a year
- EGP$98,627+886% total · +11.5% a year
- BRK-B$91,163+812% total · +11.1% a year
- SPY (S&P 500)$90,973+810% total · +11.1% a year
- PSA$86,949+769% total · +10.8% a year
- PLD$58,095+481% total · +8.7% a year
- CUBE$43,031+330% total · +7.2% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,159 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PSA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- WMT$23,813+138% total · +18.9% a year
- GATX$20,714+107% total · +15.7% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- JNJ$18,849+88.5% total · +13.5% a year
- BRK-B$18,244+82.4% total · +12.8% a year
- EGP$13,821+38.2% total · +6.7% a year
- PLD$11,993+19.9% total · +3.7% a year
- PSA$11,897+19.0% total · +3.5% a year
- EXR$9,607−3.9% total · −0.8% a year
- REXR$7,592−24.1% total · −5.4% a year
PSA at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- PSA's deepest decline since it began trading in 1986 was 55.8%, from February 2007 to March 2009. It took 18 months from the low to climb back to its old high.
- Over 29 full calendar years, PSA's best was 2021, when it returned 66.6%, and its worst was 2007, when it lost 22.9%. It lost money in eight of those years.
- PSA is 11.2% below its all-time high.
The company
- Market value
- $56B
- Industry
- REIT - Industrial
- Price history from
- October 1986
Returns
- Past 1 year
- +0.8%total return
- Past 3 years
- +35.6%+10.7% a year
- Past 5 years
- +17.0%+3.2% a year
- Past 10 years
- +107%+7.5% a year
- Best calendar year
- +66.6%2021
- Worst calendar year
- −22.9%2007
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 24.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.25return per unit of risk, 5 years
- Worst decline ever
- −55.8%Feb 2007 to Mar 2009
- From its all-time high
- −11.2%below the peak
PSA against the whole market
Where PSA ranks among every stock and fund, and what across the market has done better.
How does PSA rank among all stocks?
This section ranks PSA on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how PSA stacks up against its peers, these rankings show where it stands in the market as a whole.
- PSA's worst decline of the past 10 years ranks in the top 5% of the 2,187 stocks worth at least $300 million, where the top fell the least.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | PSA | Rank | Standing |
|---|---|---|---|
| 1-year return | +0.8% | 1,953 of 3,287 | bottom 42% |
| 3-year return | +35.6% | 1,763 of 3,017 | bottom 43% |
| 5-year return | +17.0% | 1,498 of 2,893 | bottom 49% |
| 10-year return | +107% | 1,313 of 2,202 | bottom 41% |
| Volatility, 5 years | 24.1% | 272 of 2,893 | top 9% |
| Sharpe ratio, 5 years | 0.25 | 1,699 of 2,893 | bottom 42% |
| Worst decline, past 10 years | −37.9% | 103 of 2,187 | top 5% |
What has beaten PSA on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). PSA sits where the dashed lines cross. Anything in the green box above and to the left earned more than PSA with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 108 stocks and 600 ETFs worth at least $500 million sit in the green region: each earned more than PSA over the past 5 years with smaller price swings. That is 19% of the 3,633 screened.
- Among those with at least half PSA's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 21% less than PSA's 24.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.25 for PSA.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to PSA; faint dots are 93 more of the 708 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than PSA?
Investments that beat PSA over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Looking beyond its popular alternatives, GATX (equipment rental) earned more than PSA over the past 5 years with similar volatility: 12.4% a year at 25.1% volatility, against 3.2% a year at 24.1%.
- Across the whole market, 708 of the 3,633 stocks and funds worth at least $500 million earned more than PSA with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat PSA over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks PSA's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than PSA follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than PSA's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× PSA's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than PSA's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with PSA?lower diversifies more | Expenseper year | |||
| PSAPublic Storage · this page | +3.2% | 24.1% | 0.25 | −37.9% | +107% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.58 | 0.09% | ||
| Same and neighboring categories, and shared themesbest 2 shownEverything else in Self-Storage REITs and the categories next to it (Industrial REITs, Equipment Rental, Residential REITs), plus PSA's specific themes. 2 of 15 passed at least one test. | |||||||||
EGPEastGroup Properties, Inc. · Industrial REITs | Higher return in most periods | +4.4% | 23.3% | 0.30 | −38.1% | +285% | 0.75 | — | |
GATXGATX Corporation · Equipment Rental | Higher return, similar volatility | +12.4% | 25.1% | 0.59 | −38.3% | +329% | 0.54 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,388 of 3,612 passed at least one test. | |||||||||
 WMTWalmart Inc. · Discount Retail | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.48 | — | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.49 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.34 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.48 | 0.40% | |
 NVSNovartis AG · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.46 | — | |
 PGThe Procter & Gamble Company · Household & Personal Products | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.43 | — | |
 COSTCostco Wholesale Corporation · Discount Retail | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.64 | — | |
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +3.8% | 0.3% | 13.25 | −0.3% | — | -0.01 | 0.09% | |
What these numbers mean for PSA
- Annual return
- PSA returned 3.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $11,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- PSA's volatility over the past 5 years was 24.1%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PSA's return lands within 24.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- PSA's Sharpe ratio over the past 5 years was 0.25, against 0.79 for the S&P 500, so PSA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- PSA's worst fall from a peak to a low over the past 10 years was 37.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 37.9% fall takes a 61.1% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, PSA's monthly returns had a correlation of 0.58 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against PSA instead: the lower it is, the more that option would diversify a PSA holding. Guide: Correlation and diversification →
Show all 708 stocks and funds worth at least $500 million that earned more than PSA with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with PSA | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.48 | — |
| 2 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.49 | — |
| 3 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.34 | — |
| 4 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.48 | 0.40% |
| 5 | NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.46 | — |
| 6 | PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.43 | — |
| 7 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.49 | — |
| 8 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.67 | 0.04% |
| 9 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.35 | — |
| 10 |  IWFiShares Russell 1000 Growth ETF · US Large-Cap Growth | Whole market | +11.7% | 21.8% | 0.62 | −32.7% | +416% | 0.46 | 0.18% |
| 11 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.62 | 0.21% |
| 12 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.53 | 0.79% |
| 13 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.47 | — |
| 14 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.51 | 0.85% |
| 15 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.45 | — |
| 16 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.47 | — |
| 17 |  JEPIJPMorgan Equity Premium Income ETF · Equity Income | Whole market | +7.5% | 11.0% | 0.71 | −13.7% | — | 0.66 | 0.35% |
| 18 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.34 | — |
| 19 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.55 | 0.08% |
| 20 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.39 | — |
| 21 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.47 | 0.13% |
| 22 | IUSGiShares Core S&P U.S. Growth ETF · US Growth Equity | Whole market | +12.9% | 21.2% | 0.68 | −32.4% | +405% | 0.48 | 0.04% |
| 23 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.49 | 0.27% |
| 24 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.60 | 0.15% |
| 25 |  WCNWaste Connections, Inc. · Environmental Services | Whole market | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.60 | — |
| 26 | OEFiShares S&P 100 ETF · US Large-Cap Equity | Whole market | +14.3% | 17.8% | 0.84 | −31.4% | +367% | 0.51 | 0.20% |
| 27 | DFATDimensional - US Targeted Value ETF · US Small-Cap Equity | Whole market | +9.6% | 21.0% | 0.54 | −26.1% | — | 0.60 | 0.33% |
| 28 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.61 | 0.20% |
| 29 | DFAIDimensional - International Core Equity Market ETF · Developed International Equity | Whole market | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.59 | 0.18% |
| 30 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.55 | 0.10% |
| 31 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.56 | — |
| 32 | BBJPJPMorgan BetaBuilders Japan ETF · International Equity | Whole market | +9.3% | 18.6% | 0.57 | −32.7% | — | 0.48 | 0.19% |
| 33 | CHDChurch & Dwight Co., Inc. · Household & Personal Products | Whole market | +6.1% | 21.1% | 0.39 | −31.7% | +154% | 0.46 | — |
| 34 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.54 | 0.35% |
| 35 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.50 | 0.40% |
| 36 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.63 | 0.12% |
| 37 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.62 | 0.56% |
| 38 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.69 | 0.08% |
| 39 | IQLTiShares MSCI Intl Quality Factor ETF · International Equity | Whole market | +7.8% | 16.5% | 0.54 | −32.2% | +155% | 0.62 | 0.30% |
| 40 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.5% | 14.5% | 0.82 | −16.5% | — | — | 0.44% |
| 41 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.43 | 0.60% |
| 42 | DFAEDimensional - Emerging Core Equity Market ETF · Emerging Markets Equity | Whole market | +8.3% | 18.8% | 0.52 | −32.2% | — | 0.42 | 0.29% |
| 43 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +188% | 0.68 | 0.53% |
| 44 | VIGIVanguard International Dividend Appreciation ETF · International Equity | Whole market | +4.9% | 14.5% | 0.40 | −31.0% | +122% | 0.65 | 0.07% |
| 45 | TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market | Whole market | +13.1% | 17.1% | 0.81 | −24.7% | — | 0.58 | 0.34% |
| 46 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.44 | 0.50% |
| 47 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.35 | — |
| 48 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Whole market | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.56 | 0.25% |
| 49 | GARPiShares MSCI USA Quality GARP ETF · Broad Market | Whole market | +17.5% | 22.5% | 0.83 | −31.4% | — | 0.48 | 0.15% |
| 50 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.48 | 0.95% |
| 51 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.49 | 0.60% |
| 52 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.50 | 0.45% |
| 53 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.59 | 0.09% |
| 54 | AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +118% | 0.61 | 0.20% |
| 55 | BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Alternatives | Whole market | +10.1% | 16.7% | 0.66 | −32.7% | — | 0.05 | 0.26% |
| 56 | ACWViShares MSCI Global Min Vol Factor ETF · International | Whole market | +6.3% | 10.3% | 0.65 | −28.8% | +116% | 0.69 | 0.20% |
| 57 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | — | 0.61 | 0.79% |
| 58 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +126% | 0.52 | 0.75% |
| 59 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.13 | 0.20% |
| 60 | SCHYSchwab International Dividend Equity ETF · International | Whole market | +9.5% | 13.3% | 0.75 | −24.0% | — | 0.59 | 0.08% |
| 61 | PWBInvesco Large Cap Growth ETF · Broad Market | Whole market | +14.8% | 22.2% | 0.74 | −32.4% | +409% | 0.50 | 0.55% |
| 62 | FHLCFidelity MSCI Health Care Index ETF · Healthcare | Whole market | +7.3% | 15.4% | 0.53 | −28.8% | +199% | 0.57 | 0.08% |
| 63 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.57 | 0.19% |
| 64 | CHCOCity Holding Company · Banks - Regional | Whole market | +15.9% | 22.8% | 0.77 | −32.3% | +286% | 0.41 | — |
| 65 | NFRANorthern Trust STOXX Global Broad Infrastructure ETF · International | Whole market | +5.3% | 12.9% | 0.46 | −32.5% | +95.1% | 0.68 | 0.48% |
| 66 | IHDGWisdomTree International Hedged Quality Dividend Growth Fund · International | Whole market | +7.6% | 14.9% | 0.57 | −29.2% | +163% | 0.57 | 0.58% |
| 67 | PULSPGIM Ultra Short Bond ETF · Short-Term Bonds | Whole market | +4.4% | 0.7% | 6.07 | −5.8% | — | 0.12 | 0.15% |
| 68 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.55 | 0.85% |
| 69 | QGROAmerican Century U.S. Quality Growth ETF · Broad Market | Whole market | +9.9% | 21.2% | 0.55 | −32.6% | — | 0.55 | 0.29% |
| 70 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.69 | 0.50% |
| 71 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.28 | 0.45% |
| 72 | BBMCJPMorgan BetaBuilders U.S. Mid Cap Equity ETF · Broad Market | Whole market | +7.2% | 20.5% | 0.44 | −30.1% | — | 0.65 | 0.07% |
| 73 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.52 | 0.36% |
| 74 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.27 | 0.65% |
| 75 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.49 | 0.60% |
| 76 | QQEWFirst Trust Nasdaq-100 Select Equal Weight ETF · Technology | Whole market | +6.8% | 21.3% | 0.42 | −32.1% | +267% | 0.51 | 0.55% |
| 77 | NTSXWisdomTree U.S. Efficient Core Fund · Alternatives | Whole market | +8.2% | 17.2% | 0.55 | −31.4% | — | 0.60 | 0.20% |
| 78 | SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · Dividend & Income | Whole market | +6.5% | 16.0% | 0.48 | −19.7% | — | 0.68 | 0.60% |
| 79 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | — | 0.44 | 0.31% |
| 80 | QQQEDirexion NASDAQ-100 Equal Weighted Index ETF · Broad Market | Whole market | +8.1% | 20.7% | 0.48 | −32.1% | +294% | 0.57 | 0.35% |
| 81 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.39 | — |
| 82 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.21 | 0.48% |
| 83 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.53 | — |
| 84 | RSPHInvesco S&P 500 Equal Weight Health Care ETF · Healthcare | Whole market | +6.1% | 16.8% | 0.44 | −30.4% | +177% | 0.63 | 0.40% |
| 85 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income | Whole market | +6.0% | 12.5% | 0.53 | −21.4% | +168% | 0.63 | 0.38% |
| 86 | LGHHCM Defender 500 Index ETF · Broad Market | Whole market | +9.4% | 16.7% | 0.63 | −29.6% | — | 0.51 | 1.00% |
| 87 | EMHYiShares J.P. Morgan EM High Yield Bond ETF · Bonds | Whole market | +4.2% | 9.1% | 0.50 | −30.1% | +43.8% | 0.46 | 0.50% |
| 88 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.45 | — |
| 89 | IDUBAptus International Enhanced Yield ETF · International | Whole market | +5.9% | 14.9% | 0.46 | −29.2% | — | 0.56 | 0.44% |
| 90 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +18.7% | 22.0% | 0.90 | −56.1% | +98.2% | 0.21 | — |
| 91 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.40 | — |
| 92 |  MOAltria Group, Inc. · Tobacco | Whole market | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.45 | — |
| 93 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.64 | — |
| 94 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.43 | — |
| 95 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.11 | 0.30% |
| 96 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.40 | — |
| 97 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.62 | 0.06% |
| 98 |  BMOBank of Montreal · Banks | Whole market | +13.6% | 21.4% | 0.71 | −51.0% | +295% | 0.58 | — |
| 99 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.64 | — |
| 100 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.43 | 0.69% |
PSA against its popular alternatives
The investments people most often weigh against PSA, compared period by period and year by year.
How do PSA's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at PSA, which divides the map into what did better or worse on each measure.
- None of the six popular alternatives earned more than PSA over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Five of the six popular alternatives earned less than PSA over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, PSA returned 3.2% a year, less than the S&P 500's 12.7%, with higher volatility (24.1% against 17.1%).
Green points earned more than PSA with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| PSA This pagePublic Storage | +3.2% | 24.1% |
| PLD Prologis, Inc. | +0.6% | 27.2% |
| CUBE CubeSmart | −1.2% | 25.5% |
| EXR Extra Space Storage Inc. | −1.3% | 28.3% |
| AMH American Homes 4 Rent | −1.9% | 22.3% |
| UHAL U-Haul Holding Company | −5.0% | 30.3% |
| REXR Rexford Industrial Realty, Inc. | −7.1% | 27.7% |
Has PSA consistently beaten its popular alternatives?
This section compares PSA with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than PSA helps separate lasting outperformance from a single strong stretch.
- None of the six popular alternatives outperformed PSA in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was PLD.
A green cell means the alternative earned more than PSA over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| PSA Public Storage (this page) | — | +1.7% | −3.4% | −1.4% | +20.3% | +0.8% | +35.6% | +17.0% | +107% | 24.1% | 0.25 | −37.9% | — | $56B | — |
| PLD REIT - IndustrialPrologis, Inc. | 1/5 short2/3 long | −6.1% | −12.9% | −10.8% | +1.1% | +3.4% | +37.1% | +3.0% | +221% | 27.2% | 0.16 | −43.3% | — | $121B | — |
| EXR REIT - IndustrialExtra Space Storage Inc. | 1/5 short2/3 long | +2.6% | −3.1% | −1.8% | +11.5% | −2.4% | +46.8% | −6.4% | +168% | 28.3% | 0.10 | −51.4% | — | $30B | — |
| REXR REIT - IndustrialRexford Industrial Realty, Inc. | 2/5 short1/3 long | −3.0% | +1.7% | +1.6% | −1.2% | −11.9% | −4.4% | −30.9% | +120% | 27.7% | -0.13 | −58.7% | — | $8.5B | — |
| CUBE REIT - IndustrialCubeSmart | 1/5 short1/3 long | +0.5% | −4.0% | +0.5% | +15.9% | −1.5% | +28.6% | −5.8% | +136% | 25.5% | 0.08 | −41.4% | — | $8.9B | — |
| UHAL Rental & Leasing ServicesU-Haul Holding Company | 2/5 short0/3 long | −11.1% | −20.5% | +5.6% | +11.5% | +1.3% | +9.3% | −22.5% | +75.7% | 30.3% | -0.02 | −46.2% | — | $9.9B | — |
| AMH REIT - ResidentialAmerican Homes 4 Rent | 1/5 short0/3 long | −0.3% | −6.6% | +2.3% | +0.8% | −1.2% | +2.3% | −9.1% | +77.3% | 22.3% | 0.03 | −38.4% | — | $11B | — |
How did PSA do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where PSA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PSA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- PSA finished ahead of the S&P 500 in 14 of its 29 full calendar years, and behind it in each of the last four.
- Among its popular alternatives, EXR came out ahead of PSA most often, in 14 of the 21 years both traded.
- Ranked against its popular alternatives each year, PSA finished in the top quarter in five of 21 years and in the bottom quarter in five. In 2025, it ranked 4 of 7.
Newest year first. Green marks a year in which the fund came out ahead of PSA; gray means the two finished within a fraction of a point. The rank row places PSA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of PSA | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PSA This pagePublic Storage | — | −9.7% | +2.1% | +13.6% | −20.2% | +66.6% | +12.7% | +9.0% | +0.6% | −4.7% | −6.9% | +38.4% | +26.8% | +7.4% | +11.3% | +36.7% | +28.6% | +5.9% | +12.1% | −22.9% | +47.4% | +25.1% | +33.2% | +41.0% | +1.9% | +45.1% | +14.0% | −10.9% | −4.9% | −2.3% |
| Rank among alternatives | Top quarter in 5 of 21 | 4 of 7 | 2 of 7 | 6 of 7 | 2 of 7 | 5 of 7 | 5 of 7 | 7 of 7 | 4 of 7 | 7 of 7 | 5 of 7 | 4 of 7 | 3 of 7 | 4 of 5 | 5 of 5 | 2 of 5 | 5 of 5 | 5 of 5 | 1 of 5 | 3 of 5 | 1 of 5 | 4 of 5 | — | — | — | — | — | — | — | — |
| SPY S&P 500State Street SPDR S&P 500 ETF | 15 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| PLD Prologis, Inc. | 14 of 28 | +25.1% | −18.1% | +21.6% | −31.3% | +72.3% | +14.7% | +55.9% | −6.2% | +25.9% | +27.4% | +3.6% | +20.3% | +4.3% | +31.9% | −6.4% | +29.4% | +15.6% | −58.0% | +1.6% | +23.3% | +26.8% | +28.6% | +27.0% | +11.5% | +7.4% | +37.8% | −3.1% | −7.0% | — |
| EXR Extra Space Storage Inc. | 14 of 21 | −8.9% | −2.8% | +13.9% | −32.8% | +101% | +13.6% | +20.7% | +7.3% | +16.6% | −9.2% | +55.3% | +44.0% | +19.8% | +54.3% | +43.0% | +54.7% | +18.9% | −22.3% | −17.3% | +25.4% | +22.8% | — | — | — | — | — | — | — | — |
| REXR Rexford Industrial Realty, Inc. | 5 of 12 | +4.7% | −28.5% | +5.6% | −31.2% | +67.8% | +9.7% | +57.8% | +3.2% | +28.6% | +45.6% | +7.7% | +23.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CUBE CubeSmart | 12 of 21 | −11.6% | −4.5% | +20.5% | −26.3% | +74.6% | +11.7% | +14.1% | +3.4% | +12.7% | −9.8% | +42.5% | +42.6% | +12.5% | +42.9% | +15.1% | +31.9% | +69.0% | −48.1% | −52.3% | +3.3% | +28.5% | — | — | — | — | — | — | — | — |
| UHAL U-Haul Holding Company | 14 of 29 | −27.0% | −3.8% | +19.3% | −17.0% | +60.4% | +21.5% | +15.0% | −12.7% | +2.9% | −4.6% | +39.0% | +20.0% | +87.6% | +49.7% | −6.8% | +93.3% | +43.7% | −47.4% | −24.5% | +20.8% | +58.4% | +114% | +386% | −76.5% | −4.0% | −21.6% | −10.5% | +8.8% | −26.7% |
| AMH American Homes 4 Rent | 6 of 12 | −11.1% | +7.0% | +22.4% | −29.4% | +46.9% | +15.3% | +33.1% | −8.2% | +5.1% | +27.3% | −1.0% | +6.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How PSA has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were PSA's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents PSA's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all three of PSA's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: PSA fell 37.9% from April 2022 to October 2023, while the S&P 500 slipped only 3.8%.
- The slowest recovery came after PSA fell 51.7% from May 1989 to October 1990; it did not regain that peak until February 1993, two years later.
Green means PSA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | PSA fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −55.8% | −50.5% | Feb 2007 | Mar 2009 | 2.1 years | Sep 2010 | 18 months |
| No named crash | −51.7% | — | May 1989 | Oct 1990 | 17 months | Feb 1993 | 2.3 years |
| 2022 bear market | −37.9% | −3.8% | Apr 2022 | Oct 2023 | 18 months | Not yet | — |
| Covid crash | −37.6% | −22.6% | Aug 2019 | Mar 2020 | 7 months | Apr 2021 | 13 months |
| No named crash | −34.6% | — | Nov 1986 | Oct 1987 | 11 months | Mar 1989 | 17 months |
How did PSA do in stock market crashes?
This section measures how far PSA, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- PSA fell less than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the dot-com bust, when PSA fell 23.9% and the S&P 500 fell 47.5%.
- None of its popular alternatives fell less than PSA in most of the crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than PSA.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSA This pagePublic Storage | — | −6.5% | −29.1% | −29.4% | −8.2% | −5.2% | −10.3% | −17.2% | −1.4% | −51.6% | −23.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 2 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| PLD Prologis, Inc. | 1 of 10 | −6.5% | −42.1% | −36.2% | −17.9% | −8.6% | −18.4% | −36.2% | −4.2% | −84.7% | −17.1% |
| EXR Extra Space Storage Inc. | 1 of 9 | −6.2% | −27.5% | −31.9% | −10.5% | −5.2% | −14.0% | −19.6% | −2.1% | −70.0% | — |
| REXR Rexford Industrial Realty, Inc. | 0 of 6 | −7.1% | −38.9% | −36.4% | −14.4% | −8.5% | −10.5% | — | — | — | — |
| CUBE CubeSmart | 2 of 9 | −3.8% | −28.9% | −36.5% | −12.2% | −4.6% | −12.7% | −27.8% | −1.4% | −89.5% | — |
| UHAL U-Haul Holding Company | 1 of 10 | −7.8% | −37.7% | −30.0% | −10.6% | −2.3% | −28.8% | −35.6% | −7.5% | −72.0% | −74.5% |
| AMH American Homes 4 Rent | 2 of 6 | −5.4% | −27.6% | −37.7% | −16.2% | −7.5% | −22.1% | — | — | — | — |
How closely does PSA move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares PSA with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- None of the six popular alternatives with the same record had a higher capture ratio (upside capture divided by downside capture) than PSA's 0.89.
- Over the past 10 years, PSA captured 49% of the S&P 500's gains in rising months and 55% of its losses in falling months, with a beta of 0.56. Its share of the market's losses was slightly larger than its share of the gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than PSA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| PSA This pagePublic Storage | 49% | 55% | 0.89 | 0.56 |
| EXR Extra Space Storage Inc. | 71% | 80% | 0.88 | 0.72 |
| PLD Prologis, Inc. | 103% | 122% | 0.84 | 1.04 |
| CUBE CubeSmart | 67% | 81% | 0.82 | 0.70 |
| AMH American Homes 4 Rent | 56% | 76% | 0.74 | 0.66 |
| REXR Rexford Industrial Realty, Inc. | 90% | 127% | 0.71 | 0.93 |
| UHAL U-Haul Holding Company | 85% | 124% | 0.69 | 0.99 |
What diversifies PSA?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with PSA's. Because such investments tend not to fall at the same time, pairing PSA with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in PSA into DXJ would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+3.5% for PSA alone, +8.4% for the mix).
- MCK made money in six of the eight calendar years in which PSA lost money.
- Among large ETFs, LVHI, DXJ and PJAN have moved largely independently of PSA over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which PSA lost money. The last two columns show a portfolio that is 80% PSA and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2017 | 2016 | 2007 | 1999 | 1998 | 1997 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PSA Public Storage (this page) | 1.00 | +17.0% | 0.25 | −9.7% | −20.2% | −4.7% | −6.9% | −22.9% | −10.9% | −4.9% | −2.3% | 25.4% | +3.5% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 1.48 | +27.1% | +3.8% | +10.0% | — | — | — | — | — | 21.3% | +6.5% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.21 | +225% | 1.34 | +32.8% | +6.0% | +22.8% | +1.1% | −7.4% | — | — | — | 21.0% | +8.4% |
| PJAN Broad MarketInnovator U.S. Equity Power Buffer ETF | 0.47 | +54.6% | 1.02 | +11.3% | −5.3% | — | — | — | — | — | — | 21.1% | +5.1% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.48 | +62.9% | 0.99 | +9.1% | −5.6% | +14.4% | +6.5% | — | — | — | — | 21.2% | +5.4% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.42 | +135% | 0.97 | +4.9% | +21.5% | −4.5% | +36.3% | — | — | — | — | 22.2% | +7.2% |
| SMH TechnologyVanEck Semiconductor ETF | 0.32 | +323% | 0.97 | +49.2% | −33.5% | +38.5% | +35.6% | +6.0% | — | — | — | 23.5% | +10.7% |
| GLD CommoditiesSPDR Gold Shares | 0.17 | +126% | 0.96 | +63.7% | −0.8% | +12.8% | +8.0% | +30.4% | — | — | — | 21.1% | +7.0% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.47 | +136% | 0.93 | +26.6% | −10.4% | +27.8% | +7.4% | — | — | — | — | 22.5% | +7.4% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2017 | 2016 | 2007 | 1999 | 1998 | 1997 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PSA Public Storage (this page) | 1.00 | +17.0% | 0.25 | −9.7% | −20.2% | −4.7% | −6.9% | −22.9% | −10.9% | −4.9% | −2.3% | 25.4% | +3.5% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.30 | +479% | 1.55 | +76.3% | +54.1% | −12.7% | −17.5% | −9.8% | −36.8% | +51.7% | +29.1% | 22.4% | +10.4% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.07 | +3,143% | 1.47 | +220% | +1.3% | −11.6% | +7.4% | −25.7% | +350% | — | — | 24.1% | +22.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.36 | +1,636% | 1.46 | +121% | +17.0% | +32.1% | +18.3% | +2.1% | −58.7% | −9.5% | — | 24.9% | +18.5% |
| MCK Medical - DistributionMcKesson Corporation | 0.26 | +413% | 1.44 | +44.5% | +51.8% | +12.0% | −28.3% | +29.7% | −71.3% | +46.9% | +96.3% | 22.1% | +9.9% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.16 | +690% | 1.41 | +19.2% | +86.6% | +34.8% | +0.7% | — | — | — | — | 22.3% | +12.6% |
Common questions
What was PSA's worst drawdown?
PSA's deepest decline since it began trading in 1986 was 55.8%, from February 2007 to March 2009. It took 18 months from the low to climb back to its old high.
What were PSA's best and worst years?
Over 29 full calendar years, PSA's best year was 2021, when it returned 66.6%. Its worst was 2007, with a return of -22.9%.
Is there a better investment than PSA?
Looking beyond its popular alternatives, GATX (equipment rental) earned more than PSA over the past 5 years with similar volatility: 12.4% a year at 25.1% volatility, against 3.2% a year at 24.1%. Across the whole market, 708 of the 3,633 stocks and funds worth at least $500 million earned more than PSA with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
Is PSA more volatile than the S&P 500?
Yes. PSA's volatility over the past 5 years was 24.1%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PSA's return lands within 24.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is PSA's Sharpe ratio?
PSA's Sharpe ratio over the past 5 years was 0.25, against 0.79 for the S&P 500, so PSA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is PSA with the S&P 500?
Over the past 5 years, PSA's monthly returns had a correlation of 0.58 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against PSA instead: the lower it is, the more that option would diversify a PSA holding.
What are the best alternatives to PSA?
None of the six popular alternatives we compared outperformed PSA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about PSA's strength than about its alternatives.
Did PSA outperform the S&P 500?
PSA finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned -9.7%, against +17.7% for the index.
How did PSA do in stock market crashes?
PSA fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in two. The clearest case was the dot-com bust, when PSA fell 23.9% and the S&P 500 fell 47.5%.
What diversifies PSA?
These had a low correlation with PSA over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.21) and PJAN (correlation 0.47); among large stocks, CAH (correlation 0.30), CLS (correlation 0.07) and FIX (correlation 0.36). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than PSA's. Returns within 0.5 points or 3% of PSA's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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