CUBE vs SAFE: Correlation
How closely do CubeSmart (CUBE) and Safehold Inc. New (SAFE) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CUBE and SAFE?
Across a 3-year window, the weekly returns of CUBE and SAFE correlate at 0.69, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 587.1 %².
Among the 24 assets we track against CUBE, SAFE ranks #8 by 3-year correlation. Neither side won the trailing year by much: +3.8% against -0.1%. Risk is not evenly split, since SAFE carries 1.6 times the volatility of the other side.
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 SAFE: side by side
| CUBE (CubeSmart) | SAFE (Safehold Inc. New) | |
|---|---|---|
| 1-year return | +3.8% | -0.1% |
| 5-year return | -6.2% | -85.5% |
| Volatility (ann.) | 23.0% | 36.8% |
| Beta vs S&P 500 | 0.63 | 0.66 |
| Max drawdown (3Y) | -32.0% | -51.9% |
| Market cap | $9.0B | $1.1B |
| P/E (trailing) | 27.6 | 9.5 |
| Dividend yield | 5.22% | 4.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CUBE | SAFE |
|---|---|---|
| 2022 | -26.3% | -61.0% |
| 2023 | +20.5% | -48.4% |
| 2024 | -4.5% | -18.2% |
| 2025 | -11.6% | -22.5% |
| 2026 | +15.7% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CUBE and SAFE good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CUBE and SAFE?
The CUBE/SAFE correlation stands at 0.69 on a 3-year window (1 year: 0.70, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SAFE a good diversifier for CUBE?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 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/cube-vs-safe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cube-vs-safe/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CUBE correlations · SAFE correlations
