ARE vs CALY: Correlation
How closely do Alexandria Real Estate Equities (ARE) and Callaway Golf Company (CALY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and CALY?
Over the past 3 years, ARE and CALY moved with a correlation of 0.48, which is moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.48 over 3. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 1016.7 %².
Among the 34 assets we track against ARE, CALY ranks #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CALY ahead by 89.7 points (-32.1% versus +57.6%).
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.
ARE vs CALY: side by side
| ARE (Alexandria Real Estate Equities) | CALY (Callaway Golf Company) | |
|---|---|---|
| 1-year return | -32.1% | +57.6% |
| 5-year return | -68.3% | -45.7% |
| Volatility (ann.) | 38.3% | 55.5% |
| Beta vs S&P 500 | 0.91 | 1.11 |
| Max drawdown (3Y) | -65.6% | -68.1% |
| Market cap | $9.0B | $2.8B |
| P/E (trailing) | – | 36.8 |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | CALY |
|---|---|---|
| 2022 | -32.6% | -28.0% |
| 2023 | -9.1% | -27.4% |
| 2024 | -19.4% | -45.2% |
| 2025 | -46.6% | +48.5% |
| 2026 | +9.9% | +32.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and CALY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ARE and CALY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.53 over the last year and 0.48 over 5 years.
Is CALY a good diversifier for ARE?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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/are-vs-caly.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/are-vs-caly/)
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Related comparisons
Hubs: ARE correlations · CALY correlations
