CUBE vs EXR: Correlation
How closely do CubeSmart (CUBE) and Extra Space Storage (EXR) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CUBE and EXR?
Over the past 3 years, CUBE and EXR moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.92 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 524.2 %².
EXR is one of the assets that tracks CUBE most closely: it ranks #1 out of the 24 assets we track against CUBE. Twelve-month performance is nearly a tie, at +3.8% for CUBE and +5.6% for EXR.
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.
CUBE vs EXR: side by side
| CUBE (CubeSmart) | EXR (Extra Space Storage) | |
|---|---|---|
| 1-year return | +3.8% | +5.6% |
| 5-year return | -6.2% | -6.1% |
| Volatility (ann.) | 23.0% | 26.0% |
| Beta vs S&P 500 | 0.63 | 0.68 |
| Max drawdown (3Y) | -32.0% | -29.4% |
| Market cap | $9.0B | $31.5B |
| P/E (trailing) | 27.6 | 31.6 |
| Dividend yield | 5.22% | 4.50% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | CUBE | EXR |
|---|---|---|
| 2022 | -26.3% | -32.8% |
| 2023 | +20.5% | +13.9% |
| 2024 | -4.5% | -2.8% |
| 2025 | -11.6% | -8.9% |
| 2026 | +15.7% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CUBE and EXR good diversifiers for each other?
No. With a correlation of 0.88, CUBE and EXR move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CUBE and EXR?
As of 2026-08-27, the correlation of weekly returns between CUBE and EXR is 0.88 over 3 years, 0.92 over 1 year and 0.89 over 5 years.
Is EXR a good diversifier for CUBE?
No. With a correlation of 0.88, CUBE and EXR move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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/cube-vs-exr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cube-vs-exr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CUBE correlations · EXR correlations
