ADC vs SBAC: Correlation
Agree Realty Corporation (ADC) and SBA Communications (SBAC) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADC and SBAC?
On 3 years of weekly data the ADC/SBAC correlation comes out at 0.56, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.56 over 3. The 5-year figure is 0.57, and annualized covariance runs at 280.1 %².
Among the 22 assets we track against ADC, SBAC ranks #14 by 3-year correlation. Over the last 12 months ADC came out ahead by 12.8 percentage points (+4.9% against -7.9%). One caveat on sizing: SBAC 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.
ADC vs SBAC: side by side
| ADC (Agree Realty Corporation) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | +4.9% | -7.9% |
| 5-year return | +21.4% | -43.3% |
| Volatility (ann.) | 16.6% | 30.1% |
| Beta vs S&P 500 | 0.09 | 0.42 |
| Max drawdown (3Y) | -13.0% | -32.2% |
| Market cap | $9.1B | $19.8B |
| P/E (trailing) | 39.8 | 20.0 |
| Dividend yield | 4.26% | 2.54% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | ADC | SBAC |
|---|---|---|
| 2022 | +3.5% | -27.3% |
| 2023 | -7.1% | -8.2% |
| 2024 | +17.2% | -18.2% |
| 2025 | +6.6% | -3.1% |
| 2026 | +4.1% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADC and SBAC good diversifiers for each other?
To a limited degree. At 0.56 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 ADC and SBAC?
The ADC/SBAC correlation stands at 0.56 on a 3-year window (1 year: 0.47, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SBAC a good diversifier for ADC?
To a limited degree. At 0.56 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 0.56 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/adc-vs-sbac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/adc-vs-sbac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ADC correlations · SBAC correlations
