PGZ vs SBAC: Correlation
Measured on weekly returns over the past three years, Principal Real Estate Income Fund (PGZ) and SBA Communications (SBAC) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGZ and SBAC?
Across a 3-year window, the weekly returns of PGZ and SBAC correlate at 0.52, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.66 versus 0.52 over 3 years. Stretching to 5 years gives 0.50, with an annualized covariance of 206.6 %².
By 3-year correlation, SBAC places #7 of the 13 assets tracked against PGZ. The last year tells two different stories: PGZ led by 15.5 percentage points, +7.6% for PGZ against -7.9% for SBAC. One caveat on sizing: SBAC is 2.3 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.
PGZ vs SBAC: side by side
| PGZ (Principal Real Estate Income Fund) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | +7.6% | -7.9% |
| 5-year return | +14.2% | -43.3% |
| Volatility (ann.) | 13.2% | 30.1% |
| Beta vs S&P 500 | 0.42 | 0.42 |
| Max drawdown (3Y) | -10.6% | -32.2% |
| Market cap | $0.1B | $19.8B |
| P/E (trailing) | 10.2 | 20.0 |
| Dividend yield | 0.00% | 2.54% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | PGZ | SBAC |
|---|---|---|
| 2022 | -28.0% | -27.3% |
| 2023 | +4.0% | -8.2% |
| 2024 | +18.0% | -18.2% |
| 2025 | +14.5% | -3.1% |
| 2026 | +7.9% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGZ and SBAC good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PGZ and SBAC?
The PGZ/SBAC correlation stands at 0.52 on a 3-year window (1 year: 0.66, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SBAC a good diversifier for PGZ?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pgz-vs-sbac.json
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[](https://www.pairbook.io/pair/pgz-vs-sbac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PGZ correlations · SBAC correlations
