AMT vs NRT: Correlation
How closely do American Tower (AMT) and North European Oil Royality Trust (NRT) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMT and NRT?
Over the past 3 years, AMT and NRT moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.17 over 3. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -238.3 %².
Within AMT's tracked universe of 30 assets, NRT comes in at #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NRT outperformed by 96.2 percentage points (-11.0% for AMT against +85.2% for NRT). Note the risk asymmetry: NRT 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.
AMT vs NRT: side by side
| AMT (American Tower) | NRT (North European Oil Royality Trust) | |
|---|---|---|
| 1-year return | -11.0% | +85.2% |
| 5-year return | -30.2% | +131.5% |
| Volatility (ann.) | 27.1% | 51.6% |
| Beta vs S&P 500 | 0.18 | -0.42 |
| Max drawdown (3Y) | -28.4% | -66.1% |
| Market cap | $81.2B | $0.1B |
| P/E (trailing) | 24.2 | 8.4 |
| Dividend yield | 3.97% | 11.95% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | AMT | NRT |
|---|---|---|
| 2022 | -25.7% | +41.9% |
| 2023 | +5.4% | -46.5% |
| 2024 | -12.2% | -25.3% |
| 2025 | -0.9% | +88.4% |
| 2026 | +1.1% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMT and NRT good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMT and NRT?
The AMT/NRT correlation stands at -0.17 on a 3-year window (1 year: -0.19, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is NRT a good diversifier for AMT?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amt-vs-nrt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amt-vs-nrt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMT correlations · NRT correlations
