MAC vs SPG: Correlation
How closely do Macerich Company (The) (MAC) and Simon Property Group (SPG) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAC and SPG?
Over the past 3 years, MAC and SPG moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 671.4 %².
Few assets follow MAC as closely as SPG, which ranks #1 of 19 tracked partners. Over the last 12 months MAC came out ahead by 8.2 percentage points (+34.5% against +26.3%). Note the risk asymmetry: MAC runs 1.6 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.
MAC vs SPG: side by side
| MAC (Macerich Company (The)) | SPG (Simon Property Group) | |
|---|---|---|
| 1-year return | +34.5% | +26.3% |
| 5-year return | +75.7% | +110.2% |
| Volatility (ann.) | 36.7% | 22.7% |
| Beta vs S&P 500 | 1.22 | 0.79 |
| Max drawdown (3Y) | -39.6% | -24.3% |
| Market cap | $7.1B | $81.6B |
| P/E (trailing) | – | 15.2 |
| Dividend yield | 2.81% | 4.05% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | MAC | SPG |
|---|---|---|
| 2022 | -31.6% | -21.9% |
| 2023 | +45.7% | +29.2% |
| 2024 | +34.5% | +26.9% |
| 2025 | -3.7% | +12.9% |
| 2026 | +31.6% | +18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAC and SPG good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MAC and SPG?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.84 over the last year and 0.85 over 5 years.
Is SPG a good diversifier for MAC?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 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/mac-vs-spg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mac-vs-spg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MAC correlations · SPG correlations
