An elevator system includes an elevator car located in a hoistway. One or more belts are operably connected to the elevator car to drive and/or support the elevator car along the hoistway. The one or more belts are routed over one or more sheaves. The one or more sheaves include an outer surface rotatable about a central axis and a flange located at at least one lateral end of the sheave. The sheave further includes a tracking compensator to limit lateral motion of the belt along the outer surface to prevent the belt from contacting the flange.