SBAC vs SHMD: Correlation
Measured on weekly returns over the past three years, SBA Communications (SBAC) and SCHMID Group N.V. - Class A (SHMD) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBAC and SHMD?
On 3 years of weekly data the SBAC/SHMD correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -485.6 %².
Among the 31 assets we track against SBAC, SHMD ranks #26 by 3-year correlation. The last year tells two different stories: SHMD led by 36.7 percentage points, -7.9% for SBAC against +28.8% for SHMD. One caveat on sizing: SHMD is 3.2 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.
SBAC vs SHMD: side by side
| SBAC (SBA Communications) | SHMD (SCHMID Group N.V. - Class A) | |
|---|---|---|
| 1-year return | -7.9% | +28.8% |
| 5-year return | -43.3% | n/a |
| Volatility (ann.) | 30.1% | 96.9% |
| Beta vs S&P 500 | 0.42 | 0.77 |
| Max drawdown (3Y) | -32.2% | -69.6% |
| Market cap | $19.8B | $0.2B |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.54% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | SBAC | SHMD |
|---|---|---|
| 2022 | -27.3% | – |
| 2023 | -8.2% | – |
| 2024 | -18.2% | – |
| 2025 | -3.1% | +101.1% |
| 2026 | -1.4% | -45.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBAC and SHMD good diversifiers for each other?
Yes. With a correlation of -0.17, SBAC and SHMD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SBAC and SHMD?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.19 over the last year and n/a over 5 years.
Is SHMD a good diversifier for SBAC?
Yes. With a correlation of -0.17, SBAC and SHMD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 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
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Related comparisons
Hubs: SBAC correlations · SHMD correlations
