In this study, the relationship between SHBG levels and the E2/T ratio was studied in eugonadal healthy men. The concept of SHBG as an estrogen amplifier (
6) is based on the observation that with stable T and E2 levels, an increase of SHBG will decrease unbound T more than unbound E2, resulting in an increase of the non-SHBG-E2/non-SHBG-T ratio. However, in eugonadal men, this theory does not apply because the hypothalamo-pituitary-gonadal (HPG) axis will respond to a decreasing level of non-SHBG-T with an increase in LH and T, assuming that non-SHBG-T is driving the feedback inhibition of the male HPG axis. The validity of this hypothesis is supported by our observation that increased levels of SHBG are associated with
increased levels of total T but are barely associated with the level of non-SHBG-T.
Levels of SHBG show only a modest positive association with total levels of E2 but are negatively related with those of non-SHBG-E2. As a result, a high concentration of SHBG is associated with a lower (non-SHBG-bound) estrogen/androgen ratio and vice versa. Endogenous E2 can also have an effect on LH release by the pituitary (
20,
21). However, in contrast to T, E2 levels are not directly regulated by HPG axis activity. When bioavailable E2 levels decrease, this might lead to increased LH release by the pituitary with a resulting increase in testicular T production. Total E2 levels will be increased only if T is subsequently aromatized, the extent of which is influenced by parameters such as age and BMI. The regulation of peripheral E2 levels by the HPG axis is indirect and therefore probably not as tight compared with T levels.
The fact that an intact HPG axis appears to prevent the non-SHBG-T concentration to fall with increasing SHBG levels makes the
in vivo situation in eugonadal men totally different from the
in vitro situation where changes in hormone binding to SHBG do not evoke adaptations in the HPG axis. This lack of similarity between
in vivo and
in vitro conditions was already alluded to by Rosner (
22) but, to our knowledge, was never formally tested.
Our findings in healthy men seem to conflict with conditions associated with high SHBG levels in men such as advanced age, liver disease, hyperthyroidism, and estrogen administration (
22). These conditions are associated with increased estrogen/androgen ratios and gynecomastia (
23,
24), and they seem to confirm the concept of SHBG as an estrogen amplifier. However, besides the altered SHBG levels, these conditions are also associated with altered gonadal function. Hypogonadism is frequently observed in liver cirrhosis patients (
25,
26). In hyperthyroid men, lower levels of non-SHBG-T are frequently (
7–
9) but not always (
27,
28) reported, which suggests that the HPG axis in these men is not always able to fully compensate for the rise in SHBG concentration. Moreover, the increased estrogen/androgen ratio in hyperthyroid subjects might be caused by increased androgen aromatization (
10,
29). The age-associated increase in SHBG is not associated with an increase in T levels (
30), which suggests that the HPG axis of older men is not capable of responding to a fall in T levels. Therefore, it is likely that the relative hypogonadism and not the increased SHBG per se may explain the high estrogen/androgen ratio in these men.
The question of the clinical relevance of our observation arises. In the pathogenesis of gynecomastia, a high estrogen/androgen balance seems to be of importance (
23,
24). According to our results, men with low levels of SHBG and a resulting high estrogen/androgen ratio would have a higher risk of developing gynecomastia, although this association has not been reported in the literature. Probably the changes in the estrogen/androgen ratio brought about by SHBG in eugonadal men are too subtle to cause gynecomastia.
Our results show that high levels of SHBG are associated with lower levels of non-SHBG-E2 but normal or even slightly higher levels of non-SHBG-T. The decreased feedback inhibition of non-SHBG-E2 on the release of LH by the pituitary probably explains the slightly positive relationship between levels of non-SHBG-T and SHBG.
It is well known that lower levels of non-SHBG-E2 in men are associated with lower bone mineral density (
31,
32). Apparently, even in eugonadal men, elevated SHBG levels might contribute to estrogen deficiency and to conditions such as osteoporosis.
One might speculate that while passing through capillaries, a proportion of the bound hormone dissociates from SHBG and in fact becomes bioavailable. In that case, the amount of bioavailable hormone might be underestimated when using the described equations for the calculation of the bioavailable fractions. Consequently, the amount of bioavailable E2 would be underestimated more in comparison with the amount of bioavailable T because of the weaker binding of E2 to SHBG. However, the validity of this hypothesis remains to be determined.
For the calculation of the levels of non-SHBG-E2 and non-SHBG-T we used the equations as described by Sodergard
et al. (
Table 1) (
17) in which the association constants for the binding of T (kt) and E2 (ke) to SHBG are 5.97 × 108 and 3.14 × 108, respectively. In the literature, alternative estimates for these binding affinities are reported (
2,
6,
18). Use of a higher association constant in the equation will tilt the slope of the regression lines shown in
Figs. 2 and 3
3 (
right panels) slightly down and vice versa. Theoretically, combining a high kt with a low ke in the equations of
Table 1 can result in a positive relation between SHBG and the non-SHBG-E2/non-SHBG-T ratio. However, when the combination of values as reported by Dunn
et al. (
2) and Burke and Anderson (
6) were used, this was not the case.
Although the subjects we studied were prone to health selection bias, this does not undermine the conclusions of this study. In fact, it contributed to the uniformity of the analyses because there were only a few hypogonadal subjects (based on T and non-SHBG-T levels) in this group of men. On the other hand, it prevented us from doing separate analyses on data from eugonadal and hypogonadal men.
The conclusion of our study is that in eugonadal men, higher SHBG levels are associated with lower levels of non-SHBG-E2 but unaltered or even slightly higher levels of non-SHBG-T. This means that SHBG cannot be regarded as an estrogen amplifier in eugonadal men.