AMT vs DLR: Correlation
Measured on weekly returns over the past three years, American Tower (AMT) and Digital Realty (DLR) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMT and DLR?
Across a 3-year window, the weekly returns of AMT and DLR correlate at 0.36, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.36). Stretching to 5 years gives 0.50, with an annualized covariance of 266.1 %².
Within AMT's tracked universe of 30 assets, DLR comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DLR outperformed by 27.4 percentage points (-11.0% for AMT against +16.4% for DLR). The relationship is regime-dependent: the rolling one-year correlation swung between 0.05 and 0.68 over the past three years, so this pair behaves very differently depending on the market environment.
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.
AMT vs DLR: side by side
| AMT (American Tower) | DLR (Digital Realty) | |
|---|---|---|
| 1-year return | -11.0% | +16.4% |
| 5-year return | -30.2% | +40.3% |
| Volatility (ann.) | 27.1% | 27.1% |
| Beta vs S&P 500 | 0.18 | 0.73 |
| Max drawdown (3Y) | -28.4% | -29.4% |
| Market cap | $81.2B | $72.5B |
| P/E (trailing) | 24.2 | 94.2 |
| Dividend yield | 3.97% | 2.52% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | AMT | DLR |
|---|---|---|
| 2022 | -25.7% | -41.0% |
| 2023 | +5.4% | +39.9% |
| 2024 | -12.2% | +35.9% |
| 2025 | -0.9% | -10.1% |
| 2026 | +1.1% | +25.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMT and DLR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AMT and DLR?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.25 over the last year and 0.50 over 5 years.
Is DLR a good diversifier for AMT?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amt-vs-dlr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amt-vs-dlr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMT correlations · DLR correlations
