IRM vs XLRE: Correlation
Iron Mountain (IRM) and Real Estate Select Sector SPDR Fund (XLRE) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRM and XLRE?
Across a 3-year window, the weekly returns of IRM and XLRE correlate at 0.62, strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 320.4 %².
Few assets follow IRM as closely as XLRE, which ranks #3 of 31 tracked partners. Correlation aside, the last 12 months split them widely, with IRM ahead by 28.6 points (+38.1% versus +9.5%). On a rolling one-year basis the correlation drifted between 0.52 and 0.84, a moderate band. One caveat on sizing: IRM is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XLRE: side by side
| IRM (Iron Mountain) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +38.1% | +9.5% |
| 5-year return | +219.3% | +11.4% |
| Volatility (ann.) | 30.8% | 16.7% |
| Beta vs S&P 500 | 0.96 | 0.57 |
| Max drawdown (3Y) | -39.0% | -16.6% |
| Market cap | $36.5B | – |
| P/E (trailing) | 86.4 | – |
| Dividend yield | 2.78% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | Real Estate | 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 | IRM | XLRE |
|---|---|---|
| 2022 | -0.1% | -26.2% |
| 2023 | +46.5% | +12.4% |
| 2024 | +54.5% | +5.1% |
| 2025 | -18.2% | +2.6% |
| 2026 | +50.1% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLRE holds IRM at a 3.65% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IRM and XLRE good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IRM and XLRE?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.60 over the last year and 0.67 over 5 years.
Is XLRE a good diversifier for IRM?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/irm-vs-xlre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/irm-vs-xlre/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IRM correlations · XLRE correlations
