CUBE vs XLRE: Correlation
How closely do CubeSmart (CUBE) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CUBE and XLRE?
On 3 years of weekly data the CUBE/XLRE correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.81 over 3. The 5-year figure is 0.81, and annualized covariance runs at 312.0 %².
Among the 24 assets we track against CUBE, XLRE ranks #4 by 3-year correlation. On 12-month performance XLRE holds a 5.7-point edge, +3.8% against +9.5%.
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 XLRE: side by side
| CUBE (CubeSmart) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +3.8% | +9.5% |
| 5-year return | -6.2% | +11.4% |
| Volatility (ann.) | 23.0% | 16.7% |
| Beta vs S&P 500 | 0.63 | 0.57 |
| Max drawdown (3Y) | -32.0% | -16.6% |
| Market cap | $9.0B | – |
| P/E (trailing) | 27.6 | – |
| Dividend yield | 5.22% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | US Listed | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | CUBE | XLRE |
|---|---|---|
| 2022 | -26.3% | -26.2% |
| 2023 | +20.5% | +12.4% |
| 2024 | -4.5% | +5.1% |
| 2025 | -11.6% | +2.6% |
| 2026 | +15.7% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CUBE and XLRE good diversifiers for each other?
No. With a correlation of 0.81, CUBE and XLRE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CUBE and XLRE?
The CUBE/XLRE correlation stands at 0.81 on a 3-year window (1 year: 0.81, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for CUBE?
No. With a correlation of 0.81, CUBE and XLRE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 mean?
A reading of 0.81 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
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Related comparisons
Hubs: CUBE correlations · XLRE correlations
