AAT vs ARE: Correlation
Measured on weekly returns over the past three years, American Assets Trust, Inc. (AAT) and Alexandria Real Estate Equities (ARE) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAT and ARE?
Across a 3-year window, the weekly returns of AAT and ARE correlate at 0.61, strong. Recent behaviour matches the longer record: 0.52 over 1 year against 0.61 over 3. Stretching to 5 years gives 0.63, with an annualized covariance of 619.1 %².
Among the 24 assets we track against AAT, ARE ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AAT ahead by 48.3 points (+16.2% versus -32.1%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAT vs ARE: side by side
| AAT (American Assets Trust, Inc.) | ARE (Alexandria Real Estate Equities) | |
|---|---|---|
| 1-year return | +16.2% | -32.1% |
| 5-year return | -24.9% | -68.3% |
| Volatility (ann.) | 26.7% | 38.3% |
| Beta vs S&P 500 | 0.74 | 0.91 |
| Max drawdown (3Y) | -38.0% | -65.6% |
| Market cap | $1.7B | $9.0B |
| P/E (trailing) | 75.0 | – |
| Dividend yield | 5.98% | 6.57% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | AAT | ARE |
|---|---|---|
| 2022 | -26.4% | -32.6% |
| 2023 | -9.6% | -9.1% |
| 2024 | +23.3% | -19.4% |
| 2025 | -23.0% | -46.6% |
| 2026 | +22.7% | +9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAT and ARE good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AAT and ARE?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.52 over the last year and 0.63 over 5 years.
Is ARE a good diversifier for AAT?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aat-vs-are.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aat-vs-are/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAT correlations · ARE correlations
