ARE vs CUBE: Correlation
Alexandria Real Estate Equities (ARE) and CubeSmart (CUBE) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and CUBE?
Over the past 3 years, ARE and CUBE moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 541.6 %².
By 3-year correlation, CUBE places #7 of the 34 assets tracked against ARE. Correlation aside, the last 12 months split them widely, with CUBE ahead by 35.9 points (-32.1% versus +3.8%). One caveat on sizing: ARE is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 CUBE: side by side
| ARE (Alexandria Real Estate Equities) | CUBE (CubeSmart) | |
|---|---|---|
| 1-year return | -32.1% | +3.8% |
| 5-year return | -68.3% | -6.2% |
| Volatility (ann.) | 38.3% | 23.0% |
| Beta vs S&P 500 | 0.91 | 0.63 |
| Max drawdown (3Y) | -65.6% | -32.0% |
| Market cap | $9.0B | $9.0B |
| P/E (trailing) | – | 27.6 |
| Dividend yield | 6.57% | 5.22% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | CUBE |
|---|---|---|
| 2022 | -32.6% | -26.3% |
| 2023 | -9.1% | +20.5% |
| 2024 | -19.4% | -4.5% |
| 2025 | -46.6% | -11.6% |
| 2026 | +9.9% | +15.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and CUBE good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARE and CUBE?
As of 2026-08-27, the correlation of weekly returns between ARE and CUBE is 0.62 over 3 years, 0.56 over 1 year and 0.62 over 5 years.
Is CUBE a good diversifier for ARE?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 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-cube.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/are-vs-cube/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARE correlations · CUBE correlations
