AIV vs JRS: Correlation
How closely do Apartment Investment and Management Company (AIV) and Nuveen Real Estate Income Fund (JRS) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIV and JRS?
Over the past 3 years, AIV and JRS moved with a correlation of 0.63, which is strong. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.63). Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 313.0 %².
In AIV's tracked universe of 10 assets, JRS sits right near the top at #2. Correlation aside, the last 12 months split them widely, with JRS ahead by 29.3 points (-14.9% versus +14.4%).
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.
AIV vs JRS: side by side
| AIV (Apartment Investment and Management Company) | JRS (Nuveen Real Estate Income Fund) | |
|---|---|---|
| 1-year return | -14.9% | +14.4% |
| 5-year return | +1.3% | +13.5% |
| Volatility (ann.) | 23.7% | 21.1% |
| Beta vs S&P 500 | 0.73 | 0.79 |
| Max drawdown (3Y) | -27.9% | -25.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 22.8 | – |
| Dividend yield | 0.00% | 8.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIV | JRS |
|---|---|---|
| 2022 | -7.6% | -35.6% |
| 2023 | +10.0% | +13.4% |
| 2024 | +16.1% | +19.7% |
| 2025 | -2.2% | -3.4% |
| 2026 | -19.1% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIV and JRS good diversifiers for each other?
To a limited degree. At 0.63 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 AIV and JRS?
As of 2026-08-27, the correlation of weekly returns between AIV and JRS is 0.63 over 3 years, 0.36 over 1 year and 0.64 over 5 years.
Is JRS a good diversifier for AIV?
To a limited degree. At 0.63 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 0.63 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/aiv-vs-jrs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aiv-vs-jrs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIV correlations · JRS correlations
