DLR vs IRM: Correlation
How closely do Digital Realty (DLR) and Iron Mountain (IRM) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLR and IRM?
Across a 3-year window, the weekly returns of DLR and IRM correlate at 0.64, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 537.3 %².
In DLR's tracked universe of 30 assets, IRM sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months IRM outperformed by 21.7 percentage points (+16.4% for DLR against +38.1% for IRM). The rolling one-year correlation moved between 0.45 and 0.74 over the past three years, a moderate range.
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.
DLR vs IRM: side by side
| DLR (Digital Realty) | IRM (Iron Mountain) | |
|---|---|---|
| 1-year return | +16.4% | +38.1% |
| 5-year return | +40.3% | +219.3% |
| Volatility (ann.) | 27.1% | 30.8% |
| Beta vs S&P 500 | 0.73 | 0.96 |
| Max drawdown (3Y) | -29.4% | -39.0% |
| Market cap | $72.5B | $36.5B |
| P/E (trailing) | 94.2 | 86.4 |
| Dividend yield | 2.52% | 2.78% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | DLR | IRM |
|---|---|---|
| 2022 | -41.0% | -0.1% |
| 2023 | +39.9% | +46.5% |
| 2024 | +35.9% | +54.5% |
| 2025 | -10.1% | -18.2% |
| 2026 | +25.8% | +50.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLR and IRM good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DLR and IRM?
The DLR/IRM correlation stands at 0.64 on a 3-year window (1 year: 0.68, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is IRM a good diversifier for DLR?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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/dlr-vs-irm.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: DLR correlations · IRM correlations
