SPG vs USB: Correlation
How closely do Simon Property Group (SPG) and U.S. Bancorp (USB) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and USB?
Over the past 3 years, SPG and USB moved with a correlation of 0.71, which is strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.71). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 437.9 %².
Among the 37 assets we track against SPG, USB ranks #13 by 3-year correlation. Over the last 12 months USB came out ahead by 6.8 percentage points (+26.3% against +33.1%). On a rolling one-year basis the correlation drifted between 0.50 and 0.81, a moderate band.
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 USB: side by side
| SPG (Simon Property Group) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | +26.3% | +33.1% |
| 5-year return | +110.2% | +36.0% |
| Volatility (ann.) | 22.7% | 27.3% |
| Beta vs S&P 500 | 0.79 | 1.09 |
| Max drawdown (3Y) | -24.3% | -30.6% |
| Market cap | $81.6B | $97.2B |
| P/E (trailing) | 15.2 | 12.5 |
| Dividend yield | 4.05% | 3.31% |
| Sector / category | Real Estate | Financials |
Year-by-year returns
| Year | SPG | USB |
|---|---|---|
| 2022 | -21.9% | -19.1% |
| 2023 | +29.2% | +4.8% |
| 2024 | +26.9% | +15.6% |
| 2025 | +12.9% | +16.5% |
| 2026 | +18.7% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPG and USB good diversifiers for each other?
To a limited degree. At 0.71 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 SPG and USB?
As of 2026-08-27, the correlation of weekly returns between SPG and USB is 0.71 over 3 years, 0.58 over 1 year and 0.63 over 5 years.
Is USB a good diversifier for SPG?
To a limited degree. At 0.71 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 0.71 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-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spg-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPG correlations · USB correlations
