ARE vs JRS: Correlation
Measured on weekly returns over the past three years, Alexandria Real Estate Equities (ARE) and Nuveen Real Estate Income Fund (JRS) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and JRS?
Across a 3-year window, the weekly returns of ARE and JRS correlate at 0.60, strong. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.60). Stretching to 5 years gives 0.66, with an annualized covariance of 483.7 %².
By 3-year correlation, JRS places #13 of the 34 assets tracked against ARE. Correlation aside, the last 12 months split them widely, with JRS ahead by 46.5 points (-32.1% versus +14.4%). Note the risk asymmetry: ARE runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 JRS: side by side
| ARE (Alexandria Real Estate Equities) | JRS (Nuveen Real Estate Income Fund) | |
|---|---|---|
| 1-year return | -32.1% | +14.4% |
| 5-year return | -68.3% | +13.5% |
| Volatility (ann.) | 38.3% | 21.1% |
| Beta vs S&P 500 | 0.91 | 0.79 |
| Max drawdown (3Y) | -65.6% | -25.3% |
| Market cap | $9.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.57% | 8.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | JRS |
|---|---|---|
| 2022 | -32.6% | -35.6% |
| 2023 | -9.1% | +13.4% |
| 2024 | -19.4% | +19.7% |
| 2025 | -46.6% | -3.4% |
| 2026 | +9.9% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and JRS good diversifiers for each other?
To a limited degree. At 0.60 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 ARE and JRS?
The ARE/JRS correlation stands at 0.60 on a 3-year window (1 year: 0.46, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is JRS a good diversifier for ARE?
To a limited degree. At 0.60 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 0.60 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-jrs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/are-vs-jrs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARE correlations · JRS correlations
