SBAC vs SPY: Correlation
SBA Communications (SBAC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBAC and SPY?
Across a 3-year window, the weekly returns of SBAC and SPY correlate at 0.20, weak. The link has tightened recently: the 1-year correlation (0.31) runs above the 3-year figure (0.20). Stretching to 5 years gives 0.39, with an annualized covariance of 88.3 %².
Among the 31 assets we track against SBAC, SPY ranks #20 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.5 percentage points (-7.9% for SBAC against +20.6% for SPY). This link changes with the market regime, having swung between -0.10 and 0.65 on a rolling one-year basis. Note the risk asymmetry: SBAC runs 2.1 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.
SBAC vs SPY: side by side
| SBAC (SBA Communications) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.9% | +20.6% |
| 5-year return | -43.3% | +82.4% |
| Volatility (ann.) | 30.1% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -32.2% | -18.8% |
| Market cap | $19.8B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.54% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SBAC | SPY |
|---|---|---|
| 2022 | -27.3% | -18.2% |
| 2023 | -8.2% | +26.2% |
| 2024 | -18.2% | +24.9% |
| 2025 | -3.1% | +17.7% |
| 2026 | -1.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBAC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SBAC and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.31 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for SBAC?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: SBAC correlations · SPY correlations
