SPG vs USAR: Correlation
Measured on weekly returns over the past three years, Simon Property Group (SPG) and USA Rare Earth, Inc. (USAR) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and USAR?
Over the past 3 years, SPG and USAR moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -505.9 %².
Out of 37 assets tracked against SPG, USAR lands near the bottom at #35. Twelve-month performance is nearly a tie, at +26.3% for SPG and +22.7% for USAR. One caveat on sizing: USAR is 4.3 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 USAR: side by side
| SPG (Simon Property Group) | USAR (USA Rare Earth, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +22.7% |
| 5-year return | +110.2% | n/a |
| Volatility (ann.) | 22.7% | 98.3% |
| Beta vs S&P 500 | 0.79 | -0.14 |
| Max drawdown (3Y) | -24.3% | -69.2% |
| Market cap | $81.6B | $4.7B |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 4.05% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | SPG | USAR |
|---|---|---|
| 2022 | -21.9% | – |
| 2023 | +29.2% | – |
| 2024 | +26.9% | +11.1% |
| 2025 | +12.9% | +3.7% |
| 2026 | +18.7% | +61.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPG and USAR good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPG and USAR?
The SPG/USAR correlation stands at -0.23 on a 3-year window (1 year: -0.28, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is USAR a good diversifier for SPG?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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-usar.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spg-vs-usar/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPG correlations · USAR correlations
