ARE vs SPRB: Correlation
Alexandria Real Estate Equities (ARE) and Spruce Biosciences, Inc. (SPRB) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and SPRB?
On 3 years of weekly data the ARE/SPRB correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.16 over 3. The 5-year figure is -0.12, and annualized covariance runs at -6534.7 %².
Among the 34 assets we track against ARE, SPRB ranks #27 by 3-year correlation. The last year tells two different stories: SPRB led by 778.4 percentage points, -32.1% for ARE against +746.3% for SPRB. Note the risk asymmetry: SPRB runs 28.4 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 SPRB: side by side
| ARE (Alexandria Real Estate Equities) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -32.1% | +746.3% |
| 5-year return | -68.3% | -99.8% |
| Volatility (ann.) | 38.3% | 1086.4% |
| Beta vs S&P 500 | 0.91 | -7.82 |
| Max drawdown (3Y) | -65.6% | -100.0% |
| Market cap | $9.0B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | SPRB |
|---|---|---|
| 2022 | -32.6% | -75.4% |
| 2023 | -9.1% | +167.1% |
| 2024 | -19.4% | -85.7% |
| 2025 | -46.6% | -96.3% |
| 2026 | +9.9% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and SPRB good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARE and SPRB?
As of 2026-08-27, the correlation of weekly returns between ARE and SPRB is -0.16 over 3 years, -0.22 over 1 year and -0.12 over 5 years.
Is SPRB a good diversifier for ARE?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/are-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/are-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARE correlations · SPRB correlations
