NRT vs SBAC: Correlation
How closely do North European Oil Royality Trust (NRT) and SBA Communications (SBAC) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRT and SBAC?
On 3 years of weekly data the NRT/SBAC correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. The 5-year figure is -0.00, and annualized covariance runs at -300.5 %².
Among the 62 assets we track against NRT, SBAC ranks #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NRT outperformed by 93.1 percentage points (+85.2% for NRT against -7.9% for SBAC). One caveat on sizing: NRT is 1.7 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.
NRT vs SBAC: side by side
| NRT (North European Oil Royality Trust) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | +85.2% | -7.9% |
| 5-year return | +131.5% | -43.3% |
| Volatility (ann.) | 51.6% | 30.1% |
| Beta vs S&P 500 | -0.42 | 0.42 |
| Max drawdown (3Y) | -66.1% | -32.2% |
| Market cap | $0.1B | $19.8B |
| P/E (trailing) | 8.4 | 20.0 |
| Dividend yield | 11.95% | 2.54% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | NRT | SBAC |
|---|---|---|
| 2022 | +41.9% | -27.3% |
| 2023 | -46.5% | -8.2% |
| 2024 | -25.3% | -18.2% |
| 2025 | +88.4% | -3.1% |
| 2026 | +41.9% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRT and SBAC good diversifiers for each other?
Yes. With a correlation of -0.19, NRT and SBAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NRT and SBAC?
The NRT/SBAC correlation stands at -0.19 on a 3-year window (1 year: -0.18, 5 years: -0.00), computed from weekly returns as of 2026-08-27.
Is SBAC a good diversifier for NRT?
Yes. With a correlation of -0.19, NRT and SBAC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/nrt-vs-sbac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nrt-vs-sbac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NRT correlations · SBAC correlations
