Correlation Analysis
Johnson & Johnson vs SBA Communications Corp
JNJ vs SBAC
-0.071
Weak inverse
When one moves up, the other tends to move down.
Johnson & Johnson
↗JNJ
Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.
Market cap 580.4B
SBA Communications Corp
↗SBAC
SBA Communications owns a portfolio of about 46,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 70% of leasing revenue. Internationally, SBA's largest markets are Brazil and Guatemala, where it owns roughly 12,000 and 5,000 towers, respectively. SBA operates as a real estate investment trust.
Market cap 22.4B · 1,844 employees
Time Series
Relative Performance
Who Moves First
SBAC leads JNJ by 6 days
SBAC tends to move before JNJ.
After testing 13 timing shifts, the strongest relationship was -0.080 (they moved in opposite directions).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-0.214
11 periods · Return correlation when both series rose
Both Falling
-0.170
10 periods · Return correlation when both series fell
Diverging
-0.468
14 periods · Return correlation when series moved apart
R-Squared
0.5%
Share of variance in one series explained by the other.
Trend Agreement
63.3%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,254
Deep shared window — 1,254 usable pairs.
Significance
p < 0.05
95% CI: [-0.126, -0.016]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,254 paired data points survived the daily window.
Raw input
1,254
1,254
Normalized
1,254
1,254
Prepared
1,254
1,254
Aligned
1,254
1,254
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
0
A: 0 / B: 0
Series A
Johnson & Johnson
JNJ
Market cap 580.4B
Stock · 1,254 raw → 1,254 prepared
Series B
SBA Communications Corp
SBAC
Market cap 22.4B · 1,844 employees
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
15
Estimated crossover points between normalized spreads.
Slope
-0.2055
Linear regression slope.
Intercept
290.8272
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 4 hours ago · ID: stock-jnj-vs-stock-sbac-daily