ELAB vs SBAC: Correlation
Measured on weekly returns over the past three years, PMGC Holdings Inc. (ELAB) and SBA Communications (SBAC) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAB and SBAC?
Across a 3-year window, the weekly returns of ELAB and SBAC correlate at 0.39, moderate. The past 12 months show a tighter link (0.56) than the 3-year average (0.39). Stretching to 5 years gives n/a, with an annualized covariance of 2239.9 %².
Within ELAB's tracked universe of 20 assets, SBAC comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SBAC ahead by 91.8 points (-99.7% versus -7.9%). Note the risk asymmetry: ELAB runs 6.5 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.
ELAB vs SBAC: side by side
| ELAB (PMGC Holdings Inc.) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | -99.7% | -7.9% |
| 5-year return | n/a | -43.3% |
| Volatility (ann.) | 195.6% | 30.1% |
| Beta vs S&P 500 | 2.50 | 0.42 |
| Max drawdown (3Y) | -100.0% | -32.2% |
| Market cap | – | $19.8B |
| P/E (trailing) | – | 20.0 |
| Dividend yield | 0.00% | 2.54% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | ELAB | SBAC |
|---|---|---|
| 2022 | – | -27.3% |
| 2023 | – | -8.2% |
| 2024 | -99.4% | -18.2% |
| 2025 | -97.4% | -3.1% |
| 2026 | -98.4% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAB and SBAC good diversifiers for each other?
Reasonably. At 0.39, ELAB and SBAC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELAB and SBAC?
The ELAB/SBAC correlation stands at 0.39 on a 3-year window (1 year: 0.56, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SBAC a good diversifier for ELAB?
Reasonably. At 0.39, ELAB and SBAC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elab-vs-sbac.json
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Related comparisons
Hubs: ELAB correlations · SBAC correlations
