ARE vs DOC: Correlation
Measured on weekly returns over the past three years, Alexandria Real Estate Equities (ARE) and Healthpeak Properties (DOC) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and DOC?
Across a 3-year window, the weekly returns of ARE and DOC correlate at 0.70, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.70 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 728.6 %².
DOC is one of the assets that tracks ARE most closely: it ranks #1 out of the 34 assets we track against ARE. Correlation aside, the last 12 months split them widely, with DOC ahead by 58.8 points (-32.1% versus +26.7%). Stability stands out here, with the rolling one-year correlation confined to 0.64 through 0.83.
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 DOC: side by side
| ARE (Alexandria Real Estate Equities) | DOC (Healthpeak Properties) | |
|---|---|---|
| 1-year return | -32.1% | +26.7% |
| 5-year return | -68.3% | -21.6% |
| Volatility (ann.) | 38.3% | 27.1% |
| Beta vs S&P 500 | 0.91 | 0.53 |
| Max drawdown (3Y) | -65.6% | -26.0% |
| Market cap | $9.0B | $15.0B |
| P/E (trailing) | – | 62.4 |
| Dividend yield | 6.57% | 5.65% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | ARE | DOC |
|---|---|---|
| 2022 | -32.6% | -27.5% |
| 2023 | -9.1% | -16.4% |
| 2024 | -19.4% | +8.8% |
| 2025 | -46.6% | -15.2% |
| 2026 | +9.9% | +37.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and DOC good diversifiers for each other?
Only partially. A correlation of 0.70 means ARE and DOC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ARE and DOC?
As of 2026-08-27, the correlation of weekly returns between ARE and DOC is 0.70 over 3 years, 0.66 over 1 year and 0.72 over 5 years.
Is DOC a good diversifier for ARE?
Only partially. A correlation of 0.70 means ARE and DOC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/are-vs-doc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/are-vs-doc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARE correlations · DOC correlations
