REG vs SPG: Correlation
Measured on weekly returns over the past three years, Regency Centers (REG) and Simon Property Group (SPG) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REG and SPG?
On 3 years of weekly data the REG/SPG correlation comes out at 0.66, strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 267.1 %².
Within REG's tracked universe of 41 assets, SPG comes in at #17 by 3-year correlation. The last year tells two different stories: SPG led by 17.9 percentage points, +8.4% for REG against +26.3% for SPG. This link changes with the market regime, having swung between 0.31 and 0.85 on a rolling one-year basis.
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.
REG vs SPG: side by side
| REG (Regency Centers) | SPG (Simon Property Group) | |
|---|---|---|
| 1-year return | +8.4% | +26.3% |
| 5-year return | +35.2% | +110.2% |
| Volatility (ann.) | 17.8% | 22.7% |
| Beta vs S&P 500 | 0.34 | 0.79 |
| Max drawdown (3Y) | -15.1% | -24.3% |
| Market cap | $14.1B | $81.6B |
| P/E (trailing) | 25.5 | 15.2 |
| Dividend yield | 3.89% | 4.05% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | REG | SPG |
|---|---|---|
| 2022 | -13.6% | -21.9% |
| 2023 | +11.9% | +29.2% |
| 2024 | +14.9% | +26.9% |
| 2025 | -2.8% | +12.9% |
| 2026 | +11.4% | +18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REG and SPG good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between REG and SPG?
As of 2026-08-27, the correlation of weekly returns between REG and SPG is 0.66 over 3 years, 0.76 over 1 year and 0.75 over 5 years.
Is SPG a good diversifier for REG?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 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/reg-vs-spg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/reg-vs-spg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: REG correlations · SPG correlations
