AMT vs O: Correlation
Measured on weekly returns over the past three years, American Tower (AMT) and Realty Income (O) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMT and O?
Across a 3-year window, the weekly returns of AMT and O correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 268.3 %².
Within AMT's tracked universe of 30 assets, O comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with O ahead by 22.3 points (-11.0% versus +11.3%). The rolling one-year correlation stayed in a tight band between 0.47 and 0.66 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: AMT is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 O: side by side
| AMT (American Tower) | O (Realty Income) | |
|---|---|---|
| 1-year return | -11.0% | +11.3% |
| 5-year return | -30.2% | +14.5% |
| Volatility (ann.) | 27.1% | 17.3% |
| Beta vs S&P 500 | 0.18 | 0.21 |
| Max drawdown (3Y) | -28.4% | -19.3% |
| Market cap | $81.2B | $58.5B |
| P/E (trailing) | 24.2 | 45.4 |
| Dividend yield | 3.97% | 5.20% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | AMT | O |
|---|---|---|
| 2022 | -25.7% | -7.4% |
| 2023 | +5.4% | -4.5% |
| 2024 | -12.2% | -2.1% |
| 2025 | -0.9% | +12.2% |
| 2026 | +1.1% | +13.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMT and O good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AMT and O?
The AMT/O correlation stands at 0.57 on a 3-year window (1 year: 0.48, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is O a good diversifier for AMT?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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/amt-vs-o.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amt-vs-o/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMT correlations · O correlations
