ARE vs SLG: Correlation
Measured on weekly returns over the past three years, Alexandria Real Estate Equities (ARE) and SL Green Realty Corp (SLG) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and SLG?
Over the past 3 years, ARE and SLG moved with a correlation of 0.61, which is strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.61). Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 965.7 %².
Within ARE's tracked universe of 34 assets, SLG comes in at #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SLG ahead by 38.8 points (-32.1% versus +6.7%).
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 SLG: side by side
| ARE (Alexandria Real Estate Equities) | SLG (SL Green Realty Corp) | |
|---|---|---|
| 1-year return | -32.1% | +6.7% |
| 5-year return | -68.3% | +15.1% |
| Volatility (ann.) | 38.3% | 41.1% |
| Beta vs S&P 500 | 0.91 | 1.33 |
| Max drawdown (3Y) | -65.6% | -53.9% |
| Market cap | $9.0B | $4.4B |
| P/E (trailing) | – | – |
| Dividend yield | 6.57% | 5.65% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | SLG |
|---|---|---|
| 2022 | -32.6% | -50.9% |
| 2023 | -9.1% | +48.8% |
| 2024 | -19.4% | +58.3% |
| 2025 | -46.6% | -29.0% |
| 2026 | +9.9% | +29.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and SLG good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARE and SLG?
The ARE/SLG correlation stands at 0.61 on a 3-year window (1 year: 0.47, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is SLG a good diversifier for ARE?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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-slg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/are-vs-slg/)
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Related comparisons
Hubs: ARE correlations · SLG correlations
