SBAC vs. SPG

Last updated Jun 9, 2026

SBAC (SBA Communications Corporation) and SPG (Simon Property Group, Inc.) are both stocks. Both are in the Real Estate sector — SBAC in REIT - Specialty, SPG in REIT - Retail. Over the past 10 years, SBAC returned 8.07%/yr vs 5.54%/yr for SPG. At a 0.29 correlation, their price movements are largely independent.

Performance

SBAC vs. SPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SBA Communications Corporation (SBAC) and Simon Property Group, Inc. (SPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBAC achieves a 4.78% return, which is significantly lower than SPG's 13.30% return. Over the past 10 years, SBAC has outperformed SPG with an annualized return of 8.07%, while SPG has yielded a comparatively lower 5.54% annualized return.

SBAC

• 1D: -3.81%
• 1M: -7.73%
• YTD: 4.78%
• 6M: 6.13%
• 1Y: -9.24%
• 3Y*: -1.79%
• 5Y*: -7.33%
• 10Y*: 8.07%

SPG

• 1D: -1.41%
• 1M: 2.58%
• YTD: 13.30%
• 6M: 17.91%
• 1Y: 34.28%
• 3Y*: 29.24%
• 5Y*: 14.82%
• 10Y*: 5.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SBAC vs. SPG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBAC SBA Communications Corporation	4.78%	-3.13%	-18.18%	-8.15%	-27.30%	38.95%	17.81%	49.30%	-0.90%	58.20%
SPG Simon Property Group, Inc.	13.30%	12.94%	26.92%	29.24%	-21.91%	95.72%	-38.64%	-6.74%	2.55%	0.98%

Correlation

The correlation between SBAC and SPG is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 17, 1999	0.29

Fundamentals

EPS SBAC : $9.50 SPG : $17.14
PE Ratio SBAC : 21.06 SPG : 12.10
PEG Ratio SBAC : 0.43 SPG : 0.48
PS Ratio SBAC : 7.51 SPG : 7.64
Total Revenue (TTM) SBAC : $2.85B SPG : $6.65B
Gross Profit (TTM) SBAC : $1.28B SPG : $5.71B
EBITDA (TTM) SBAC : $1.74B SPG : $7.77B

Return for Risk

SBAC vs. SPG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SBAC

SBAC Risk / Return Rank: 29
SBAC Sharpe Ratio Rank: 30
SBAC Sortino Ratio Rank: 26
SBAC Omega Ratio Rank: 26
SBAC Calmar Ratio Rank: 32
SBAC Martin Ratio Rank: 31

SPG

SPG Risk / Return Rank: 86
SPG Sharpe Ratio Rank: 88
SPG Sortino Ratio Rank: 86
SPG Omega Ratio Rank: 83
SPG Calmar Ratio Rank: 83
SPG Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SBAC vs. SPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SBA Communications Corporation (SBAC) and Simon Property Group, Inc. (SPG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SBAC	SPG	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	1.87	-2.16
Sortino ratio: Return per unit of downside risk	-0.25	2.69	-2.94
Omega ratio: Gain probability vs. loss probability	0.97	1.32	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.31	2.98	-3.30
Martin ratio: Return relative to average drawdown	-0.58	10.74	-11.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBAC vs. SPG - Sharpe Ratio Comparison

The current SBAC Sharpe Ratio is -0.29, which is lower than the SPG Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of SBAC and SPG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SBAC	SPG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	1.87	-2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	0.56	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.15	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.39	-0.16

Drawdowns

SBAC vs. SPG - Drawdown Comparison

The maximum SBAC drawdown since its inception was -99.65%, which is greater than SPG's maximum drawdown of -77.00%. Use the drawdown chart below to compare losses from any high point for SBAC and SPG.

Drawdown Indicators

	SBAC	SPG	Difference
Max Drawdown Largest peak-to-trough decline	-99.65%	-77.00%	-22.65%
Max Drawdown (1Y) Largest decline over 1 year	-29.80%	-11.54%	-18.26%
Max Drawdown (3Y) Largest decline over 3 years	-32.21%	-24.32%	-7.89%
Max Drawdown (5Y) Largest decline over 5 years	-54.50%	-45.84%	-8.66%
Max Drawdown (10Y) Largest decline over 10 years	-54.50%	-77.00%	+22.50%
Current Drawdown Current decline from peak	-44.54%	-1.41%	-43.13%
Average Drawdown Average peak-to-trough decline	-35.39%	-13.84%	-21.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.87%	3.20%	+12.67%

Volatility

SBAC vs. SPG - Volatility Comparison

SBA Communications Corporation (SBAC) has a higher volatility of 10.12% compared to Simon Property Group, Inc. (SPG) at 5.50%. This indicates that SBAC's price experiences larger fluctuations and is considered to be riskier than SPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBAC	SPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.12%	5.50%	+4.62%
Volatility (6M) Calculated over the trailing 6-month period	27.55%	13.76%	+13.79%
Volatility (1Y) Calculated over the trailing 1-year period	32.40%	18.44%	+13.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.32%	26.51%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.12%	37.08%	-8.96%

Dividends

SBAC vs. SPG - Dividend Comparison

SBAC's dividend yield for the trailing twelve months is around 2.36%, less than SPG's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBAC SBA Communications Corporation	2.36%	2.30%	1.92%	1.34%	1.01%	0.60%	0.66%	0.31%	0.00%	0.00%	0.00%	0.00%
SPG Simon Property Group, Inc.	4.17%	4.62%	4.70%	5.22%	5.87%	3.66%	7.04%	5.57%	4.70%	4.16%	3.66%	3.11%

Financials

SBAC vs. SPG - Profitability Comparison

The chart below illustrates the profitability comparison between SBA Communications Corporation and Simon Property Group, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SBAC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, SBA Communications Corporation reported a gross profit of 0.00 and revenue of 703.44M. Therefore, the gross margin over that period was 0.0%.

SPG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Simon Property Group, Inc. reported a gross profit of 1.45B and revenue of 1.76B. Therefore, the gross margin over that period was 82.5%.

SBAC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, SBA Communications Corporation reported an operating income of 342.85M and revenue of 703.44M, resulting in an operating margin of 48.7%.

SPG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Simon Property Group, Inc. reported an operating income of 762.16M and revenue of 1.76B, resulting in an operating margin of 43.4%.

SBAC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, SBA Communications Corporation reported a net income of 184.83M and revenue of 703.44M, resulting in a net margin of 26.3%.

SPG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Simon Property Group, Inc. reported a net income of 1.48K and revenue of 1.76B, resulting in a net margin of 0.0%.

Frequently Asked Questions

Can I hold both SBAC and SPG in my portfolio?

SBAC and SPG have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBAC or SPG?

SBAC has higher volatility (10.12%) compared to SPG (5.50%). In terms of maximum drawdown, SBAC dropped -99.65% vs SPG's -77.00%.

Which has better risk-adjusted returns?

SPG currently has the higher Sharpe Ratio (1.87 vs -0.29), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.