OUT vs SPG: Correlation
Measured on weekly returns over the past three years, OUTFRONT Media Inc. (OUT) and Simon Property Group (SPG) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OUT and SPG?
Across a 3-year window, the weekly returns of OUT and SPG correlate at 0.63, strong. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 533.8 %².
By 3-year correlation, SPG places #5 of the 15 assets tracked against OUT. The last year tells two different stories: OUT led by 40.5 percentage points, +66.8% for OUT against +26.3% for SPG. Note the risk asymmetry: OUT 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.
OUT vs SPG: side by side
| OUT (OUTFRONT Media Inc.) | SPG (Simon Property Group) | |
|---|---|---|
| 1-year return | +66.8% | +26.3% |
| 5-year return | +65.9% | +110.2% |
| Volatility (ann.) | 37.2% | 22.7% |
| Beta vs S&P 500 | 1.22 | 0.79 |
| Max drawdown (3Y) | -32.0% | -24.3% |
| Market cap | $5.3B | $81.6B |
| P/E (trailing) | 21.9 | 15.2 |
| Dividend yield | 3.92% | 4.05% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | OUT | SPG |
|---|---|---|
| 2022 | -34.4% | -21.9% |
| 2023 | -8.0% | +29.2% |
| 2024 | +40.6% | +26.9% |
| 2025 | +41.5% | +12.9% |
| 2026 | +27.3% | +18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OUT and SPG good diversifiers for each other?
Only partially. A correlation of 0.63 means OUT and SPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between OUT and SPG?
The OUT/SPG correlation stands at 0.63 on a 3-year window (1 year: 0.56, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is SPG a good diversifier for OUT?
Only partially. A correlation of 0.63 means OUT and SPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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/out-vs-spg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/out-vs-spg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OUT correlations · SPG correlations
