ELMD vs SBAC: Correlation
Measured on weekly returns over the past three years, Electromed, Inc. (ELMD) and SBA Communications (SBAC) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELMD and SBAC?
Across a 3-year window, the weekly returns of ELMD and SBAC correlate at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.31) than the 3-year average (-0.17). Stretching to 5 years gives -0.09, with an annualized covariance of -247.7 %².
Out of 12 assets tracked against ELMD, SBAC lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months ELMD outperformed by 29.6 percentage points (+21.7% for ELMD against -7.9% for SBAC). One caveat on sizing: ELMD is 1.6 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.
ELMD vs SBAC: side by side
| ELMD (Electromed, Inc.) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | +21.7% | -7.9% |
| 5-year return | +144.2% | -43.3% |
| Volatility (ann.) | 48.9% | 30.1% |
| Beta vs S&P 500 | 0.63 | 0.42 |
| Max drawdown (3Y) | -48.9% | -32.2% |
| Market cap | $0.3B | $19.8B |
| P/E (trailing) | 24.5 | 20.0 |
| Dividend yield | 0.00% | 2.54% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | ELMD | SBAC |
|---|---|---|
| 2022 | -19.3% | -27.3% |
| 2023 | +4.0% | -8.2% |
| 2024 | +170.9% | -18.2% |
| 2025 | -1.5% | -3.1% |
| 2026 | +3.5% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELMD and SBAC good diversifiers for each other?
Yes. With a correlation of -0.17, ELMD and SBAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELMD and SBAC?
As of 2026-08-27, the correlation of weekly returns between ELMD and SBAC is -0.17 over 3 years, -0.31 over 1 year and -0.09 over 5 years.
Is SBAC a good diversifier for ELMD?
Yes. With a correlation of -0.17, ELMD and SBAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ELMD correlations · SBAC correlations
