SPG vs STEW: Correlation
Simon Property Group (SPG) and SRH Total Return Fund, Inc. (STEW) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and STEW?
Across a 3-year window, the weekly returns of SPG and STEW correlate at 0.72, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 230.3 %².
Within SPG's tracked universe of 37 assets, STEW comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPG ahead by 21.1 points (+26.3% versus +5.2%). One caveat on sizing: SPG is 1.6 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.
SPG vs STEW: side by side
| SPG (Simon Property Group) | STEW (SRH Total Return Fund, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +5.2% |
| 5-year return | +110.2% | +61.2% |
| Volatility (ann.) | 22.7% | 14.1% |
| Beta vs S&P 500 | 0.79 | 0.67 |
| Max drawdown (3Y) | -24.3% | -10.5% |
| Market cap | $81.6B | $1.8B |
| P/E (trailing) | 15.2 | 12.1 |
| Dividend yield | 4.05% | 3.91% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | SPG | STEW |
|---|---|---|
| 2022 | -21.9% | -7.3% |
| 2023 | +29.2% | +13.5% |
| 2024 | +26.9% | +19.9% |
| 2025 | +12.9% | +20.3% |
| 2026 | +18.7% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPG and STEW good diversifiers for each other?
Only partially. A correlation of 0.72 means SPG and STEW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPG and STEW?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.65 over the last year and 0.67 over 5 years.
Is STEW a good diversifier for SPG?
Only partially. A correlation of 0.72 means SPG and STEW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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/spg-vs-stew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spg-vs-stew/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPG correlations · STEW correlations
