HQY vs SBAC: Correlation
How closely do HealthEquity, Inc. (HQY) and SBA Communications (SBAC) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQY and SBAC?
Across a 3-year window, the weekly returns of HQY and SBAC correlate at -0.16, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.06 lands near the 3-year figure. Stretching to 5 years gives -0.13, with an annualized covariance of -161.4 %².
Among the 14 assets we track against HQY, SBAC ranks #9 by 3-year correlation. Over the last 12 months HQY came out ahead by 14.0 percentage points (+6.1% against -7.9%).
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.
HQY vs SBAC: side by side
| HQY (HealthEquity, Inc.) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | +6.1% | -7.9% |
| 5-year return | +45.4% | -43.3% |
| Volatility (ann.) | 32.9% | 30.1% |
| Beta vs S&P 500 | 0.63 | 0.42 |
| Max drawdown (3Y) | -36.1% | -32.2% |
| Market cap | $7.7B | $19.8B |
| P/E (trailing) | 39.1 | 20.0 |
| Dividend yield | 0.00% | 2.54% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | HQY | SBAC |
|---|---|---|
| 2022 | +39.3% | -27.3% |
| 2023 | +7.6% | -8.2% |
| 2024 | +44.7% | -18.2% |
| 2025 | -4.5% | -3.1% |
| 2026 | +1.9% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQY and SBAC good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HQY and SBAC?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.06 over the last year and -0.13 over 5 years.
Is SBAC a good diversifier for HQY?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
A reading of -0.16 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: HQY correlations · SBAC correlations
