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 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about PSA
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowOver the past 6 months, PSA rose 3.4% against 8.0% for the S&P 500 and 7.8% for the Nasdaq 100. At a glance ↓
- Stock or market?PSA rose 0.2% over the past 3 months, 5.8 points ahead of the self-storage reits ETF VNQ (Vanguard Real Estate ETF), which fell 5.6%. The S&P 500 rose 2.5%. Last month cut against the tape: PSA rose 6.7% while the S&P 500 fell 1.2%.
- Past 1 to 3 yearsPSA has trailed the market, rising 3.6% over the past year against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. The same gap shows up over 3 years (40.7% against 88.4%). The last two calendar years both went the same way: PSA fell 9.7% in 2025, against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. By year ↓
- Long termPSA turned $10,000 into $21,500 over the past decade, against $41,600 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
- TRTN-PC (Triton International, equipment rental) matched PSA's return over the past 5 years (3.0% a year against 3.4%) with 30% less volatility.
- Whole market
- 703 of the 3,641 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-A (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 COST finished highest, at $313,062.
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. 456 of the 1,565 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.
- COST$313,062+3,031% total · +17.8% a year
- 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
- BRK-A$91,105+811% 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 3,630 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
- MGRC$17,459+74.6% total · +11.8% a year
- PSTL$16,609+66.1% total · +10.7% a year
- TRTN-PC$12,207+22.1% total · +4.1% a year
- PLD$11,993+19.9% total · +3.7% a year
- PSA$11,897+19.0% total · +3.5% a year
- CUBE$9,651−3.5% total · −0.7% a year
- EXR$9,607−3.9% total · −0.8% 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 9.0% below its all-time high.
The company
- Market value
- $58B
- Industry
- REIT - Industrial
- Price history from
- October 1986
Returns
- Past 1 year
- +3.6%total return
- Past 3 years
- +40.7%+12.1% a year
- Past 5 years
- +18.4%+3.4% a year
- Past 10 years
- +115%+7.9% a year
- Best calendar year
- +66.6%2021
- Worst calendar year
- −22.9%2007
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 24.2%typical yearly swing, 5 years
- Sharpe ratio
- 0.26return per unit of risk, 5 years
- Worst decline ever
- −55.8%Feb 2007 to Mar 2009
- From its all-time high
- −9.0%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 2,184 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 | +3.6% | 1,871 of 3,282 | bottom 44% |
| 3-year return | +40.7% | 1,711 of 3,016 | bottom 44% |
| 5-year return | +18.4% | 1,495 of 2,897 | bottom 49% |
| 10-year return | +115% | 1,273 of 2,201 | bottom 43% |
| Volatility, 5 years | 24.2% | 274 of 2,897 | top 9% |
| Sharpe ratio, 5 years | 0.26 | 1,689 of 2,897 | bottom 43% |
| Worst decline, past 10 years | −37.9% | 102 of 2,184 | 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.
- 109 stocks and 594 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 3,641 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 24.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.26 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 703 in the green region (the strongest, one per fund family). 3,641 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, TRTN-PC (equipment rental) matched PSA's return over the past 5 years (3.0% a year against 3.4%) with 30% less volatility.
- Across the whole market, 703 of the 3,641 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-A.
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 | +3.4% | 24.2% | 0.26 | −37.9% | +115% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.58 | 0.09% | ||
| Same and neighboring categories, and shared themesbest 5 shownEverything else in Self-Storage REITs and the categories next to it (Industrial REITs, Equipment Rental, Residential REITs), plus PSA's specific themes. 5 of 32 passed at least one test. | |||||||||
PSTLPostal Realty Trust, Inc. · Industrial REITs | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +9.3% | 23.1% | 0.50 | −29.9% | — | 0.57 | — | |
GATXGATX Corporation · Equipment Rental | Higher return, similar volatility | +14.3% | 25.1% | 0.66 | −38.3% | +345% | 0.54 | — | |
MGRCMcGrath RentCorp · Equipment Rental | Higher return, similar volatility | +11.0% | 26.2% | 0.53 | −44.0% | +365% | 0.33 | — | |
TRTN-PCTriton International Limited · Equipment Rental | Similar return, lower volatility | +3.0% | 16.8% | 0.26 | −58.5% | — | 0.37 | — | |
REZiShares Residential and Multisector Real Estate ETF · Residential REITs | Similar return, lower volatility | +2.8% | 19.1% | 0.24 | −44.1% | +97.6% | 0.86 | 0.48% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,327 of 3,607 passed at least one test. | |||||||||
 WMTWalmart Inc. · Discount Retail | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.48 | — | |
 BRK-ABerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.49 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.34 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.48 | 0.40% | |
 COSTCostco Wholesale Corporation · Discount Retail | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.64 | — | |
 NVSNovartis AG · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.46 | — | |
 AMGNAmgen Inc. · Biotechnology | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +20.1% | 24.9% | 0.86 | −24.9% | +280% | 0.28 | — | |
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills | 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 3.4% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $11,800. 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 24.2%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PSA's return lands within 24.2% 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 0.26, against 0.78 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 703 stocks and funds worth at least $500 million that earned more than PSA with less volatility
Out of 3,641 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 | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.48 | — |
| 2 | BRK-ABerkshire Hathaway Inc. · Insurance | Whole market | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.49 | — |
| 3 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.34 | — |
| 4 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.48 | 0.40% |
| 5 | COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.64 | — |
| 6 | NVSNovartis AG · Pharmaceuticals | Whole market | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.46 | — |
| 7 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.8% | 18.4% | 0.40 | −23.8% | +156% | 0.43 | — |
| 8 |  VIGVanguard Dividend Appreciation ETF · Dividend Growth | Whole market | +10.4% | 14.1% | 0.77 | −31.7% | +258% | 0.67 | 0.04% |
| 9 |  CORCencora, Inc. · Health Care Distribution | Whole market | +23.6% | 22.8% | 1.05 | −32.4% | +403% | 0.35 | — |
| 10 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.3% | 17.0% | 0.72 | −23.1% | — | 0.62 | 0.21% |
| 11 | PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer | Whole market | +10.4% | 8.6% | 1.20 | −18.2% | — | 0.53 | 0.79% |
| 12 |  WMWaste Management, Inc. · Waste Management | Whole market | +9.5% | 19.3% | 0.57 | −30.1% | +357% | 0.47 | — |
| 13 |  IVWiShares S&P 500 Growth ETF · US Large-Cap Growth | Whole market | +12.6% | 21.6% | 0.66 | −32.7% | +398% | 0.47 | 0.18% |
| 14 | FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer | Whole market | +11.0% | 10.5% | 1.04 | −13.6% | — | 0.51 | 0.85% |
| 15 | POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer | Whole market | +9.9% | 8.0% | 1.22 | −18.8% | — | 0.51 | 0.79% |
| 16 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.8% | 19.3% | 0.48 | −29.0% | +73.7% | 0.47 | — |
| 17 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.7% | 18.9% | 0.73 | −30.9% | +123% | 0.34 | — |
| 18 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.55 | 0.08% |
| 19 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.39 | — |
| 20 | DFIVDimensional - International Value ETF · International Large-Cap Value | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.49 | 0.27% |
| 21 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.1% | 20.9% | 0.91 | −30.9% | +485% | 0.47 | 0.13% |
| 22 |  WCNWaste Connections, Inc. · Waste Management | Whole market | +7.4% | 20.4% | 0.45 | −31.6% | +299% | 0.60 | — |
| 23 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +13.9% | 16.9% | 0.86 | −19.5% | — | 0.60 | 0.15% |
| 24 | OEFiShares S&P 100 ETF · US Large-Cap Equity | Whole market | +14.1% | 17.8% | 0.83 | −31.4% | +360% | 0.51 | 0.20% |
| 25 | DFATDimensional - US Targeted Value ETF · US Small-Cap Value | Whole market | +9.7% | 21.0% | 0.55 | −26.1% | — | 0.60 | 0.33% |
| 26 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.7% | 14.0% | 0.87 | −32.0% | +271% | 0.65 | 0.28% |
| 27 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +11.7% | 16.7% | 0.75 | −31.6% | +295% | 0.61 | 0.20% |
| 28 |  RYRoyal Bank of Canada · Banks | Whole market | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.56 | — |
| 29 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.8% | 10.5% | 0.95 | −13.7% | — | 0.55 | 0.10% |
| 30 | CHDChurch & Dwight Co., Inc. · Household & Personal Products | Whole market | +6.4% | 21.1% | 0.40 | −31.7% | +162% | 0.46 | — |
| 31 | BBJPJPMorgan BetaBuilders Japan ETF · Japan Equity | Whole market | +9.3% | 18.6% | 0.57 | −32.7% | — | 0.48 | 0.19% |
| 32 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +12.9% | 13.8% | 0.95 | −32.5% | +204% | 0.54 | 0.35% |
| 33 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.6% | 17.2% | 0.94 | −31.4% | +357% | 0.50 | 0.40% |
| 34 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.5% | 15.7% | 0.89 | −32.9% | — | 0.63 | 0.12% |
| 35 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.6% | 13.8% | 0.60 | −24.5% | +124% | 0.69 | 0.08% |
| 36 | DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income | Whole market | +10.9% | 11.9% | 0.94 | −30.0% | — | 0.62 | 0.56% |
| 37 | IQLTiShares MSCI Intl Quality Factor ETF · International Equity | Whole market | +7.6% | 16.5% | 0.53 | −32.2% | +157% | 0.62 | 0.30% |
| 38 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.4% | 14.5% | 0.82 | −16.5% | — | — | 0.44% |
| 39 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Covered Call Income | Whole market | +8.2% | 15.0% | 0.60 | −24.7% | +151% | 0.43 | 0.60% |
| 40 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.5% | 13.3% | 0.54 | −31.9% | +191% | 0.68 | 0.53% |
| 41 | VIGIVanguard International Dividend Appreciation ETF · International Dividend Equity | Whole market | +5.1% | 14.5% | 0.42 | −31.0% | +127% | 0.65 | 0.07% |
| 42 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +24.0% | 18.8% | 1.25 | −75.2% | +337% | 0.35 | — |
| 43 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.5% | 21.3% | 0.83 | −32.0% | +384% | 0.44 | 0.50% |
| 44 | FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity | Whole market | +10.1% | 10.5% | 0.97 | −20.6% | +155% | 0.48 | 0.95% |
| 45 | PTLCPacer Trendpilot US Large Cap ETF · Tactical Equity | Whole market | +9.3% | 11.9% | 0.81 | −26.6% | +185% | 0.49 | 0.60% |
| 46 | BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Broad Commodities | Whole market | +10.1% | 16.7% | 0.66 | −32.7% | — | 0.05 | 0.26% |
| 47 | SPYXState Street SPDR S&P 500 Fossil Fuel Reserves Free ETF · US ESG Equity | Whole market | +12.2% | 17.2% | 0.76 | −32.8% | +318% | 0.58 | 0.20% |
| 48 | JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.13 | 0.20% |
| 49 | FTHIFirst Trust BuyWrite Income ETF · Covered Call Income | Whole market | +10.0% | 13.3% | 0.79 | −32.6% | +124% | 0.51 | 0.75% |
| 50 | ACIOAptus Collared Income Opportunity ETF · Hedged Equity | Whole market | +9.1% | 11.2% | 0.84 | −14.2% | — | 0.61 | 0.79% |
| 51 | SCHYSchwab International Dividend Equity ETF · International Dividend Equity | Whole market | +9.5% | 13.3% | 0.76 | −24.0% | — | 0.59 | 0.08% |
| 52 | FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer | Whole market | +10.4% | 10.6% | 0.99 | −13.3% | — | 0.57 | 0.85% |
| 53 | CHCOCity Holding Company · Regional Banks | Whole market | +15.1% | 22.8% | 0.73 | −32.3% | +272% | 0.41 | — |
| 54 | IHDGWisdomTree International Hedged Quality Dividend Growth Fund · International Dividend Equity | Whole market | +7.4% | 14.9% | 0.56 | −29.2% | +163% | 0.57 | 0.58% |
| 55 | IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals | Whole market | +12.9% | 16.8% | 0.81 | −29.6% | +157% | 0.50 | 0.37% |
| 56 | USXFiShares ESG Advanced MSCI USA ETF · Large-Cap ESG | Whole market | +12.7% | 20.2% | 0.69 | −29.6% | — | 0.55 | 0.10% |
| 57 | DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity | Whole market | +20.9% | 19.3% | 1.09 | −31.3% | +339% | 0.28 | 0.45% |
| 58 | BBMCJPMorgan BetaBuilders U.S. Mid Cap Equity ETF · US Mid-Cap Equity | Whole market | +7.0% | 20.5% | 0.43 | −30.1% | — | 0.65 | 0.07% |
| 59 | PPHVanEck Pharmaceutical ETF · Pharmaceuticals | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +158% | 0.52 | 0.36% |
| 60 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals | Whole market | +12.3% | 16.9% | 0.77 | −32.1% | +155% | 0.49 | 0.60% |
| 61 | PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation | Whole market | +9.4% | 14.2% | 0.70 | −28.1% | +292% | 0.27 | 0.65% |
| 62 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Nasdaq Options Income | Whole market | +11.4% | 14.8% | 0.81 | −19.5% | +118% | 0.47 | 0.75% |
| 63 | QQEWFirst Trust Nasdaq-100 Select Equal Weight ETF · US Large-Cap Equity | Whole market | +6.4% | 21.3% | 0.40 | −32.1% | +258% | 0.51 | 0.55% |
| 64 | NTSXWisdomTree U.S. Efficient Core Fund · Balanced Allocation | Whole market | +8.1% | 17.2% | 0.54 | −31.4% | — | 0.60 | 0.20% |
| 65 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity | Whole market | +10.3% | 10.3% | 1.01 | −11.7% | — | 0.44 | 0.31% |
| 66 | SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · US Dividend Equity | Whole market | +6.5% | 16.0% | 0.48 | −19.7% | — | 0.68 | 0.60% |
| 67 | PMAYInnovator U.S. Equity Power Buffer ETF - May · S&P 500 Buffer | Whole market | +7.0% | 8.6% | 0.83 | −13.0% | — | 0.49 | 0.79% |
| 68 |  VVisa Inc. · Payment Processing | Whole market | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.39 | — |
| 69 | EWJViShares MSCI Japan Value ETF · Japan Equity | Whole market | +15.1% | 18.2% | 0.87 | −30.1% | — | 0.37 | 0.15% |
| 70 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Whole market | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.63 | 0.31% |
| 71 | XLSRState Street US Sector Rotation ETF · Tactical Equity | Whole market | +9.1% | 17.2% | 0.59 | −32.9% | — | 0.54 | 0.70% |
| 72 | QEFAState Street SPDR MSCI EAFE StrategicFactors ETF · International Multifactor Equity | Whole market | +8.5% | 14.8% | 0.63 | −30.8% | +143% | 0.59 | 0.30% |
| 73 | QSPTFT Vest Nasdaq-100 Buffer ETF - September · Nasdaq-100 Buffer | Whole market | +11.9% | 14.9% | 0.83 | −22.6% | — | 0.47 | 0.90% |
| 74 | DXJWisdomTree Japan Hedged Equity Fund · Japan Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.21 | 0.48% |
| 75 |  KOThe Coca-Cola Company · Nonalcoholic Beverages | Whole market | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.53 | — |
| 76 | SSUSStrategy Shares Day Hagan Smart Sector ETF · US Large-Cap Equity | Whole market | +10.3% | 15.4% | 0.71 | −23.8% | — | 0.57 | 0.77% |
| 77 | WTPIWisdomTree Equity Premium Income Fund · Equity Income | Whole market | +8.9% | 12.2% | 0.77 | −28.4% | +119% | 0.56 | 0.44% |
| 78 | RSPHInvesco S&P 500 Equal Weight Health Care ETF · Health Care Equity | Whole market | +6.1% | 16.8% | 0.44 | −30.4% | +181% | 0.63 | 0.40% |
| 79 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · US Dividend Equity | Whole market | +6.5% | 12.6% | 0.56 | −21.4% | +174% | 0.63 | 0.38% |
| 80 | LGHHCM Defender 500 Index ETF · Tactical Asset Allocation | Whole market | +9.2% | 16.7% | 0.61 | −29.6% | — | 0.51 | 1.00% |
| 81 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +16.5% | 20.0% | 0.87 | −42.0% | +319% | 0.45 | — |
| 82 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +19.4% | 22.0% | 0.92 | −56.1% | +110% | 0.21 | — |
| 83 |  MOAltria Group, Inc. · Tobacco | Whole market | +18.3% | 21.4% | 0.90 | −53.7% | +133% | 0.45 | — |
| 84 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.8% | 20.4% | 0.82 | −42.6% | +256% | 0.40 | — |
| 85 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.5% | 21.6% | 0.94 | −47.3% | +409% | 0.64 | — |
| 86 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.43 | — |
| 87 | VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds | Whole market | +4.7% | 1.3% | 3.52 | −13.1% | +40.7% | 0.11 | 0.30% |
| 88 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.62 | 0.06% |
| 89 |  BMOBank of Montreal · Banks | Whole market | +14.0% | 21.4% | 0.72 | −51.0% | +304% | 0.58 | — |
| 90 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +13.2% | 20.0% | 0.73 | −46.9% | +191% | 0.64 | — |
| 91 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +20.1% | 22.3% | 0.94 | −55.1% | +159% | 0.32 | — |
| 92 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.0% | 22.9% | 0.41 | −38.7% | +313% | 0.60 | — |
| 93 |  CMECME Group Inc. · Capital Markets | Whole market | +11.6% | 20.8% | 0.63 | −37.4% | +334% | 0.28 | — |
| 94 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.1% | 16.2% | 0.68 | −34.2% | +220% | 0.61 | 0.06% |
| 95 |  AFLAflac Incorporated · Life Insurance | Whole market | +19.5% | 20.8% | 0.97 | −54.9% | +344% | 0.49 | — |
| 96 |  GDGeneral Dynamics Corporation · Aerospace & Defense | Whole market | +13.2% | 20.8% | 0.70 | −51.6% | +188% | 0.36 | — |
| 97 |  RSGRepublic Services, Inc. · Waste Management | Whole market | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.47 | — |
| 98 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.4% | 16.1% | 0.58 | −39.0% | +214% | 0.69 | 0.20% |
| 99 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans | Whole market | +6.0% | 2.3% | 2.55 | −20.9% | +58.7% | 0.32 | 0.60% |
| 100 |  TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals | Whole market | +12.3% | 19.4% | 0.70 | −54.4% | +33.3% | 0.14 | — |
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 3.4% a year, less than the S&P 500's 12.5%, with higher volatility (24.2% against 17.2%).
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 | +12.5% | 17.2% |
| PSA This pagePublic Storage | +3.4% | 24.2% |
| PLD Prologis, Inc. | +0.4% | 27.2% |
| CUBE CubeSmart | −0.9% | 25.6% |
| EXR Extra Space Storage Inc. | −1.1% | 28.3% |
| AMH American Homes 4 Rent | −1.8% | 22.4% |
| UHAL U-Haul Holding Company | −4.7% | 30.3% |
| REXR Rexford Industrial Realty, Inc. | −8.0% | 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 EXR.
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) | — | +6.7% | +0.2% | +3.4% | +23.2% | +3.6% | +40.7% | +18.4% | +115% | 24.2% | 0.26 | −37.9% | — | $58B | — |
| EXR REIT - IndustrialExtra Space Storage Inc. | 0/5 short2/3 long | +6.1% | −0.1% | +3.6% | +13.1% | −1.4% | +51.0% | −5.5% | +176% | 28.3% | 0.10 | −51.4% | — | $30B | — |
| CUBE REIT - IndustrialCubeSmart | 1/5 short1/3 long | +5.6% | −1.0% | +5.6% | +18.3% | +0.4% | +33.2% | −4.7% | +141% | 25.6% | 0.09 | −41.4% | — | $9.1B | — |
| PLD REIT - IndustrialPrologis, Inc. | 0/5 short1/3 long | −6.8% | −11.8% | −9.1% | +0.5% | +3.7% | +38.4% | +1.9% | +218% | 27.2% | 0.15 | −43.3% | — | $120B | — |
| AMH REIT - ResidentialAmerican Homes 4 Rent | 1/5 short0/3 long | +2.0% | −2.8% | +7.9% | +3.2% | −0.1% | +7.2% | −8.8% | +80.4% | 22.4% | 0.03 | −38.4% | — | $11B | — |
| UHAL Rental & Leasing ServicesU-Haul Holding Company | 1/5 short0/3 long | −8.5% | −20.4% | +6.7% | +12.4% | +2.0% | +10.7% | −21.5% | +74.4% | 30.3% | -0.01 | −46.2% | — | $9.9B | — |
| REXR REIT - IndustrialRexford Industrial Realty, Inc. | 0/5 short0/3 long | −4.0% | −0.2% | +2.5% | −3.4% | −11.3% | −3.7% | −34.2% | +117% | 27.7% | -0.17 | −58.7% | — | $8.3B | — |
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% |
| 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% | — | — | — | — | — | — | — | — |
| 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% | — | — | — | — | — | — | — | — |
| 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% | — |
| 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% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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% |
| 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% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
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% |
| 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% | — |
| CUBE CubeSmart | 2 of 9 | −3.8% | −28.9% | −36.5% | −12.2% | −4.6% | −12.7% | −27.8% | −1.4% | −89.5% | — |
| 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% |
| AMH American Homes 4 Rent | 2 of 6 | −5.4% | −27.6% | −37.7% | −16.2% | −7.5% | −22.1% | — | — | — | — |
| 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% |
| REXR Rexford Industrial Realty, Inc. | 0 of 6 | −7.1% | −38.9% | −36.4% | −14.4% | −8.5% | −10.5% | — | — | — | — |
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 | +18.4% | 0.26 | −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 | +54.2% | 1.01 | +11.3% | −5.3% | — | — | — | — | — | — | 21.1% | +5.1% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.42 | +138% | 0.98 | +4.9% | +21.5% | −4.5% | +36.3% | — | — | — | — | 22.2% | +7.2% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.48 | +61.5% | 0.97 | +9.1% | −5.6% | +14.4% | +6.5% | — | — | — | — | 21.2% | +5.4% |
| SMH TechnologyVanEck Semiconductor ETF | 0.32 | +304% | 0.94 | +49.2% | −33.5% | +38.5% | +35.6% | +6.0% | — | — | — | 23.5% | +10.7% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.21 | +178% | 0.94 | +7.9% | +64.4% | −0.9% | +28.0% | +36.8% | +18.1% | — | — | 22.0% | +8.0% |
| GLD CommoditiesSPDR Gold Shares | 0.17 | +120% | 0.93 | +63.7% | −0.8% | +12.8% | +8.0% | +30.4% | — | — | — | 21.1% | +7.0% |
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 | +18.4% | 0.26 | −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 | +471% | 1.54 | +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 | +2,780% | 1.43 | +220% | +1.3% | −11.6% | +7.4% | −25.7% | +350% | — | — | 24.1% | +22.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.26 | +397% | 1.41 | +44.5% | +51.8% | +12.0% | −28.3% | +29.7% | −71.3% | +46.9% | +96.3% | 22.1% | +9.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.36 | +1,452% | 1.41 | +121% | +17.0% | +32.1% | +18.3% | +2.1% | −58.7% | −9.5% | — | 24.9% | +18.5% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.16 | +660% | 1.39 | +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, TRTN-PC (equipment rental) matched PSA's return over the past 5 years (3.0% a year against 3.4%) with 30% less volatility. Across the whole market, 703 of the 3,641 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-A.
Is PSA more volatile than the S&P 500?
Yes. PSA's volatility over the past 5 years was 24.2%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PSA's return lands within 24.2% 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 0.26, against 0.78 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 MCK (correlation 0.26). 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.
PLD
NVDA
AAPL
GOOG
MSFT
AMZN