ADC vs TIGO: Correlation
How closely do Agree Realty Corporation (ADC) and Millicom International Cellular S.A. (TIGO) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADC and TIGO?
Over the past 3 years, ADC and TIGO moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.42 over 3. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 217.1 %².
By 3-year correlation, TIGO places #16 of the 22 assets tracked against ADC. The last year tells two different stories: TIGO led by 109.1 percentage points, +4.9% for ADC against +114.0% for TIGO. Note the risk asymmetry: TIGO runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ADC vs TIGO: side by side
| ADC (Agree Realty Corporation) | TIGO (Millicom International Cellular S.A.) | |
|---|---|---|
| 1-year return | +4.9% | +114.0% |
| 5-year return | +21.4% | +193.9% |
| Volatility (ann.) | 16.6% | 31.5% |
| Beta vs S&P 500 | 0.09 | 0.20 |
| Max drawdown (3Y) | -13.0% | -17.7% |
| Market cap | $9.1B | $15.6B |
| P/E (trailing) | 39.8 | 23.3 |
| Dividend yield | 4.26% | 3.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ADC | TIGO |
|---|---|---|
| 2022 | +3.5% | -55.6% |
| 2023 | -7.1% | +42.5% |
| 2024 | +17.2% | +38.9% |
| 2025 | +6.6% | +152.3% |
| 2026 | +4.1% | +76.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADC and TIGO good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ADC and TIGO?
The ADC/TIGO correlation stands at 0.42 on a 3-year window (1 year: 0.45, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is TIGO a good diversifier for ADC?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/adc-vs-tigo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/adc-vs-tigo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ADC correlations · TIGO correlations
