SPG vs UE: Correlation
Measured on weekly returns over the past three years, Simon Property Group (SPG) and Urban Edge Properties (UE) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and UE?
Across a 3-year window, the weekly returns of SPG and UE correlate at 0.73, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.76, with an annualized covariance of 387.7 %².
Within SPG's tracked universe of 37 assets, UE comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPG outperformed by 19.4 percentage points (+26.3% for SPG against +6.9% for UE).
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 UE: side by side
| SPG (Simon Property Group) | UE (Urban Edge Properties) | |
|---|---|---|
| 1-year return | +26.3% | +6.9% |
| 5-year return | +110.2% | +37.5% |
| Volatility (ann.) | 22.7% | 23.3% |
| Beta vs S&P 500 | 0.79 | 0.70 |
| Max drawdown (3Y) | -24.3% | -29.7% |
| Market cap | $81.6B | $2.9B |
| P/E (trailing) | 15.2 | 40.2 |
| Dividend yield | 4.05% | 3.73% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | SPG | UE |
|---|---|---|
| 2022 | -21.9% | -22.8% |
| 2023 | +29.2% | +35.3% |
| 2024 | +26.9% | +21.7% |
| 2025 | +12.9% | -7.2% |
| 2026 | +18.7% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPG and UE good diversifiers for each other?
Only partially. A correlation of 0.73 means SPG and UE 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 UE?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.72 over the last year and 0.76 over 5 years.
Is UE a good diversifier for SPG?
Only partially. A correlation of 0.73 means SPG and UE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
A reading of 0.73 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spg-vs-ue.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spg-vs-ue/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPG correlations · UE correlations
