ARE drawdown: 77.2% below the all-time high
Alexandria Real Estate Equities (ARE) is 77.2% below its all-time high, set Dec 29, 2021 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (1997).
- Below all-time high
- −77.2%
- 22.8% of ATH
- All-time high
- $223.6
- Dec 29, 2021
- Time below the high
- 4.6 yrs
- since Dec 29, 2021
- Worst-ever drawdown
- −81.9%
- Apr 28, 2026
- Longest underwater
- 8.0 yrs
- between all-time highs
- Today's level first reached
- Oct 16, 2003
- 22.8 yrs ago
- Last time this deep
- never before
- no prior −77.2% episode
% of all-time high since 1997#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of ARE, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Dec 29, 2021 | Apr 28, 2026 | −81.9% | 4.3 yrs | not yet | 4.6 yrs+ |
| Sep 19, 2008 | May 13, 2009 | −73.1% | 8 mo | Sep 7, 2016 | 8.0 yrs |
| Feb 14, 2020 | Mar 23, 2020 | −34.3% | 38 days | Jul 29, 2020 | 5 mo |
| Feb 27, 1998 | Apr 7, 1999 | −26.7% | 13 mo | May 15, 2000 | 2.2 yrs |
| Feb 8, 2007 | Jul 31, 2007 | −24.1% | 6 mo | Sep 18, 2008 | 1.6 yrs |
| Jun 28, 2002 | Oct 9, 2002 | −22.0% | 3 mo | Oct 2, 2003 | 15 mo |
| Feb 11, 2004 | May 19, 2004 | −20.7% | 3 mo | Sep 7, 2004 | 7 mo |
| Dec 18, 2017 | Dec 24, 2018 | −17.7% | 12 mo | Feb 13, 2019 | 14 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 1997: how far ARE stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: ARE is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is ARE from its all-time high?
- ARE is currently 77.2% below its all-time high, set Dec 29, 2021 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest ARE drawdown ever?
- The deepest decline on record in our data (since 1997) took the stock 81.9% below its prior high, bottoming Apr 28, 2026. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 1997 (split-adjusted). "All-time" means since our price data begins — ARE may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.