SBAC vs VNQ: Correlation
Measured on weekly returns over the past three years, SBA Communications (SBAC) and Vanguard Real Estate ETF (VNQ) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBAC and VNQ?
Over the past 3 years, SBAC and VNQ moved with a correlation of 0.61, which is strong. Recent behaviour matches the longer record: 0.55 over 1 year against 0.61 over 3. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 305.2 %².
Within SBAC's tracked universe of 31 assets, VNQ comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VNQ ahead by 18.2 points (-7.9% versus +10.3%). The rolling one-year correlation moved between 0.43 and 0.76 over the past three years, a moderate range. Risk is not evenly split, since SBAC carries 1.8 times the volatility of the other side.
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 VNQ: side by side
| SBAC (SBA Communications) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -7.9% | +10.3% |
| 5-year return | -43.3% | +9.5% |
| Volatility (ann.) | 30.1% | 16.6% |
| Beta vs S&P 500 | 0.42 | 0.59 |
| Max drawdown (3Y) | -32.2% | -17.5% |
| Market cap | $19.8B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.54% | 3.51% |
| Expense ratio | – | 0.13% |
| Assets under management | – | $73.1B |
| Sector / category | Real Estate | ETF · Real Estate |
VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Year-by-year returns
| Year | SBAC | VNQ |
|---|---|---|
| 2022 | -27.3% | -26.3% |
| 2023 | -8.2% | +11.9% |
| 2024 | -18.2% | +4.8% |
| 2025 | -3.1% | +3.2% |
| 2026 | -1.4% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
SBAC represents 1.0% of VNQ's portfolio, so part of any move in VNQ is SBAC itself, and the correlation between them is partly mechanical.
Are SBAC and VNQ good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SBAC and VNQ?
As of 2026-08-27, the correlation of weekly returns between SBAC and VNQ is 0.61 over 3 years, 0.55 over 1 year and 0.67 over 5 years.
Is VNQ a good diversifier for SBAC?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sbac-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/sbac-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SBAC correlations · VNQ correlations
