A compensation device of a traction sheave elevator is provided. The elevator includes a compensation rope running from an elevator car to a compensation sheave of the compensation device located in the lowermost part of the elevator shaft around which the compensation rope runs. The compensation sheave is vertically guided with respect to the shaft bottom via a guiding structure, which allows a vertical movement of the axis of the compensation sheave. The guiding structure includes at least one scissor joint arrangement having its lower end adapted to be connected with an elevator shaft bottom and its upper end being connected with the compensation sheave axis. An elevator includes such kind of compensation device. Vertical movement of the axis of a compensation sheave can be obtained with a very low shaft height requirement.