AMT vs SBAC: Correlation
American Tower (AMT) and SBA Communications (SBAC) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMT and SBAC?
On 3 years of weekly data the AMT/SBAC correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 619.7 %².
SBAC is one of the assets that tracks AMT most closely: it ranks #2 out of the 30 assets we track against AMT. Twelve-month performance is nearly a tie, at -11.0% for AMT and -7.9% for SBAC. The link looks structural: the rolling one-year correlation barely moved, holding between 0.66 and 0.89.
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 SBAC: side by side
| AMT (American Tower) | SBAC (SBA Communications) | |
|---|---|---|
| 1-year return | -11.0% | -7.9% |
| 5-year return | -30.2% | -43.3% |
| Volatility (ann.) | 27.1% | 30.1% |
| Beta vs S&P 500 | 0.18 | 0.42 |
| Max drawdown (3Y) | -28.4% | -32.2% |
| Market cap | $81.2B | $19.8B |
| P/E (trailing) | 24.2 | 20.0 |
| Dividend yield | 3.97% | 2.54% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | AMT | SBAC |
|---|---|---|
| 2022 | -25.7% | -27.3% |
| 2023 | +5.4% | -8.2% |
| 2024 | -12.2% | -18.2% |
| 2025 | -0.9% | -3.1% |
| 2026 | +1.1% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMT and SBAC good diversifiers for each other?
Only partially. A correlation of 0.76 means AMT and SBAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AMT and SBAC?
The AMT/SBAC correlation stands at 0.76 on a 3-year window (1 year: 0.66, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is SBAC a good diversifier for AMT?
Only partially. A correlation of 0.76 means AMT and SBAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
A reading of 0.76 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-sbac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amt-vs-sbac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMT correlations · SBAC correlations
