IRM vs UTG: Correlation
Measured on weekly returns over the past three years, Iron Mountain (IRM) and Reaves Utility Income Fund (UTG) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRM and UTG?
On 3 years of weekly data the IRM/UTG correlation comes out at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 346.5 %².
By 3-year correlation, UTG places #6 of the 31 assets tracked against IRM. The last year tells two different stories: IRM led by 31.3 percentage points, +38.1% for IRM against +6.8% for UTG. Note the risk asymmetry: IRM runs 1.6 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.
IRM vs UTG: side by side
| IRM (Iron Mountain) | UTG (Reaves Utility Income Fund) | |
|---|---|---|
| 1-year return | +38.1% | +6.8% |
| 5-year return | +219.3% | +53.5% |
| Volatility (ann.) | 30.8% | 19.1% |
| Beta vs S&P 500 | 0.96 | 0.67 |
| Max drawdown (3Y) | -39.0% | -14.9% |
| Market cap | $36.5B | $3.5B |
| P/E (trailing) | 86.4 | 2.8 |
| Dividend yield | 2.78% | 6.17% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | IRM | UTG |
|---|---|---|
| 2022 | -0.1% | -13.4% |
| 2023 | +46.5% | +2.8% |
| 2024 | +54.5% | +28.1% |
| 2025 | -18.2% | +23.2% |
| 2026 | +50.1% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRM and UTG good diversifiers for each other?
Only partially. A correlation of 0.59 means IRM and UTG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IRM and UTG?
The IRM/UTG correlation stands at 0.59 on a 3-year window (1 year: 0.60, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is UTG a good diversifier for IRM?
Only partially. A correlation of 0.59 means IRM and UTG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/irm-vs-utg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/irm-vs-utg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IRM correlations · UTG correlations
