ARE vs ZCMD: Correlation
Measured on weekly returns over the past three years, Alexandria Real Estate Equities (ARE) and Zhongchao Inc. - Class A (ZCMD) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARE and ZCMD?
On 3 years of weekly data the ARE/ZCMD correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. The 5-year figure is -0.16, and annualized covariance runs at -1157.1 %².
Among the 34 assets we track against ARE, ZCMD sits near the bottom by co-movement, at rank #32. Their recent paths diverged sharply: over the last 12 months ARE outperformed by 67.8 percentage points (-32.1% for ARE against -99.9% for ZCMD). Note the risk asymmetry: ZCMD runs 3.7 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 ZCMD: side by side
| ARE (Alexandria Real Estate Equities) | ZCMD (Zhongchao Inc. - Class A) | |
|---|---|---|
| 1-year return | -32.1% | -99.9% |
| 5-year return | -68.3% | -100.0% |
| Volatility (ann.) | 38.3% | 141.8% |
| Beta vs S&P 500 | 0.91 | 0.59 |
| Max drawdown (3Y) | -65.6% | -100.0% |
| Market cap | $9.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.57% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | ARE | ZCMD |
|---|---|---|
| 2022 | -32.6% | -35.4% |
| 2023 | -9.1% | -69.5% |
| 2024 | -19.4% | -53.8% |
| 2025 | -46.6% | -72.2% |
| 2026 | +9.9% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARE and ZCMD good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARE and ZCMD?
As of 2026-08-27, the correlation of weekly returns between ARE and ZCMD is -0.21 over 3 years, -0.20 over 1 year and -0.16 over 5 years.
Is ZCMD a good diversifier for ARE?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 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-zcmd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/are-vs-zcmd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARE correlations · ZCMD correlations
