SHBG and osteoporosis: Few studies examined this correlation in women, and only one study stated that there was a significant relationship between 25(OH)D deficiency and SHBG [23] This association, especially in the low BMD group, suggests an increased risk of osteopenia and osteoporosis for people with high SHBG who also have low free and bioavailable 25(OH)D not total 25(OH)D.