NSA vs. CUBE

Last updated Jun 3, 2026

NSA (National Storage Affiliates Trust) and CUBE (CubeSmart) are both stocks. Both operate in the REIT - Industrial industry within the Real Estate sector. Over the past 10 years, NSA returned 12.26%/yr vs 6.50%/yr for CUBE. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

NSA vs. CUBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in National Storage Affiliates Trust (NSA) and CubeSmart (CUBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSA achieves a 51.21% return, which is significantly higher than CUBE's 12.64% return. Over the past 10 years, NSA has outperformed CUBE with an annualized return of 12.26%, while CUBE has yielded a comparatively lower 6.50% annualized return.

NSA

• 1D: 1.01%
• 1M: -1.46%
• YTD: 51.21%
• 6M: 45.05%
• 1Y: 29.97%
• 3Y*: 10.15%
• 5Y*: 2.93%
• 10Y*: 12.26%

CUBE

• 1D: 0.25%
• 1M: -1.77%
• YTD: 12.64%
• 6M: 9.54%
• 1Y: -3.72%
• 3Y*: 0.26%
• 5Y*: 1.68%
• 10Y*: 6.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NSA vs. CUBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSA National Storage Affiliates Trust	51.21%	-20.19%	-3.53%	21.94%	-45.37%	98.04%	11.67%	32.41%	1.21%	29.01%
CUBE CubeSmart	12.64%	-11.59%	-4.53%	20.50%	-26.31%	74.59%	11.67%	14.12%	3.42%	12.74%

Correlation

The correlation between NSA and CUBE is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 24, 2015	0.74

The correlation between NSA and CUBE shifts across timeframes, from 0.74 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NSA : $3.23B CUBE : $9.00B
EPS NSA : $1.16 CUBE : $1.43
PE Ratio NSA : 35.97 CUBE : 27.57
PEG Ratio NSA : 3.20 CUBE : 2.92
PS Ratio NSA : 4.29 CUBE : 7.98
PB Ratio NSA : 3.54 CUBE : 3.40
Total Revenue (TTM) NSA : $749.98M CUBE : $1.13B
Gross Profit (TTM) NSA : $212.81M CUBE : $65.30M
EBITDA (TTM) NSA : $396.95M CUBE : $593.13M

Return for Risk

NSA vs. CUBE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NSA

NSA Risk / Return Rank: 69
NSA Sharpe Ratio Rank: 65
NSA Sortino Ratio Rank: 72
NSA Omega Ratio Rank: 68
NSA Calmar Ratio Rank: 73
NSA Martin Ratio Rank: 71

CUBE

CUBE Risk / Return Rank: 31
CUBE Sharpe Ratio Rank: 33
CUBE Sortino Ratio Rank: 27
CUBE Omega Ratio Rank: 27
CUBE Calmar Ratio Rank: 35
CUBE Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NSA vs. CUBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Storage Affiliates Trust (NSA) and CubeSmart (CUBE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NSA	CUBE	Difference
Sharpe ratio Return per unit of total volatility	0.77	-0.17	+0.94
Sortino ratio Return per unit of downside risk	1.87	-0.09	+1.96
Omega ratio Gain probability vs. loss probability	1.22	0.99	+0.23
Calmar ratio Return relative to maximum drawdown	1.92	-0.15	+2.07
Martin ratio Return relative to average drawdown	3.93	-0.30	+4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSA vs. CUBE - Sharpe Ratio Comparison

The current NSA Sharpe Ratio is 0.77, which is higher than the CUBE Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of NSA and CUBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NSA	CUBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-0.17	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.07	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.26	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.23	+0.31

Drawdowns

NSA vs. CUBE - Drawdown Comparison

The maximum NSA drawdown since its inception was -55.05%, smaller than the maximum CUBE drawdown of -93.15%. Use the drawdown chart below to compare losses from any high point for NSA and CUBE.

Drawdown Indicators

	NSA	CUBE	Difference
Max Drawdown Largest peak-to-trough decline	-55.05%	-93.15%	+38.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.81%	-17.36%	+2.55%
Max Drawdown (3Y) Largest decline over 3 years	-39.08%	-31.95%	-7.13%
Max Drawdown (5Y) Largest decline over 5 years	-55.05%	-36.93%	-18.12%
Max Drawdown (10Y) Largest decline over 10 years	-55.05%	-41.43%	-13.62%
Current Drawdown Current decline from peak	-22.45%	-21.03%	-1.42%
Average Drawdown Average peak-to-trough decline	-18.02%	-22.05%	+4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.86%	8.81%	-0.95%

Volatility

NSA vs. CUBE - Volatility Comparison

National Storage Affiliates Trust (NSA) has a higher volatility of 7.66% compared to CubeSmart (CUBE) at 7.07%. This indicates that NSA's price experiences larger fluctuations and is considered to be riskier than CUBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSA	CUBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	7.07%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	32.33%	15.73%	+16.60%
Volatility (1Y) Calculated over the trailing 1-year period	39.29%	21.68%	+17.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.59%	25.36%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.05%	25.37%	+5.68%

Dividends

NSA vs. CUBE - Dividend Comparison

NSA's dividend yield for the trailing twelve months is around 5.45%, more than CUBE's 5.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUBE CubeSmart	5.33%	5.77%	3.57%	4.27%	4.42%	2.55%	3.96%	4.10%	4.25%	3.84%	3.36%	2.25%
NSA National Storage Affiliates Trust	5.45%	8.08%	5.94%	5.38%	5.95%	2.30%	3.75%	3.78%	4.38%	3.82%	3.99%	3.15%

Financials

NSA vs. CUBE - Profitability Comparison

The chart below illustrates the profitability comparison between National Storage Affiliates Trust and CubeSmart over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NSA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Storage Affiliates Trust reported a gross profit of 0.00 and revenue of 185.40M. Therefore, the gross margin over that period was 0.0%.

CUBE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, CubeSmart reported a gross profit of 0.00 and revenue of 281.93M. Therefore, the gross margin over that period was 0.0%.

NSA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Storage Affiliates Trust reported an operating income of 0.00 and revenue of 185.40M, resulting in an operating margin of 0.0%.

CUBE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, CubeSmart reported an operating income of -357.00K and revenue of 281.93M, resulting in an operating margin of -0.1%.

NSA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Storage Affiliates Trust reported a net income of 28.64M and revenue of 185.40M, resulting in a net margin of 15.5%.

CUBE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, CubeSmart reported a net income of 82.89M and revenue of 281.93M, resulting in a net margin of 29.4%.

Frequently Asked Questions

Can I hold both NSA and CUBE in my portfolio?

NSA and CUBE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSA or CUBE?

NSA has higher volatility (7.66%) compared to CUBE (7.07%). In terms of maximum drawdown, NSA dropped -55.05% vs CUBE's -93.15%.

Which has better risk-adjusted returns?

NSA currently has the higher Sharpe Ratio (0.77 vs -0.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.