SBAC vs XLRE: Correlation
SBA Communications (SBAC) and Real Estate Select Sector SPDR Fund (XLRE) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBAC and XLRE?
Over the past 3 years, SBAC and XLRE moved with a correlation of 0.64, which is strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 322.8 %².
XLRE is one of the assets that tracks SBAC most closely: it ranks #3 out of the 31 assets we track against SBAC. The last year tells two different stories: XLRE led by 17.4 percentage points, -7.9% for SBAC against +9.5% for XLRE. On a rolling one-year basis the correlation drifted between 0.50 and 0.78, a moderate band. Note the risk asymmetry: SBAC runs 1.8 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 XLRE: side by side
| SBAC (SBA Communications) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -7.9% | +9.5% |
| 5-year return | -43.3% | +11.4% |
| Volatility (ann.) | 30.1% | 16.7% |
| Beta vs S&P 500 | 0.42 | 0.57 |
| Max drawdown (3Y) | -32.2% | -16.6% |
| Market cap | $19.8B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.54% | 3.12% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.6B |
| Sector / category | Real Estate | Sector ETF |
On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Year-by-year returns
| Year | SBAC | XLRE |
|---|---|---|
| 2022 | -27.3% | -26.2% |
| 2023 | -8.2% | +12.4% |
| 2024 | -18.2% | +5.1% |
| 2025 | -3.1% | +2.6% |
| 2026 | -1.4% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLRE holds SBAC at a 1.99% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SBAC and XLRE good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SBAC and XLRE?
As of 2026-08-27, the correlation of weekly returns between SBAC and XLRE is 0.64 over 3 years, 0.59 over 1 year and 0.71 over 5 years.
Is XLRE a good diversifier for SBAC?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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.
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Related comparisons
Hubs: SBAC correlations · XLRE correlations
