AMT vs SPY: Correlation
American Tower (AMT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.10.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMT and SPY?
On 3 years of weekly data the AMT/SPY correlation comes out at 0.10, weak. Little has changed lately, as the 1-year reading of 0.07 lands near the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 37.3 %².
Among the 30 assets we track against AMT, SPY ranks #19 by 3-year correlation. The last year tells two different stories: SPY led by 31.6 percentage points, -11.0% for AMT against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between -0.16 and 0.71 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since AMT carries 1.9 times the volatility of the other side.
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 SPY: side by side
| AMT (American Tower) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -11.0% | +20.6% |
| 5-year return | -30.2% | +82.4% |
| Volatility (ann.) | 27.1% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -28.4% | -18.8% |
| Market cap | $81.2B | – |
| P/E (trailing) | 24.2 | – |
| Dividend yield | 3.97% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | AMT | SPY |
|---|---|---|
| 2022 | -25.7% | -18.2% |
| 2023 | +5.4% | +26.2% |
| 2024 | -12.2% | +24.9% |
| 2025 | -0.9% | +17.7% |
| 2026 | +1.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds AMT at a 0.12% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AMT and SPY good diversifiers for each other?
Yes. With a correlation of 0.10, AMT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMT and SPY?
As of 2026-08-27, the correlation of weekly returns between AMT and SPY is 0.10 over 3 years, 0.07 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for AMT?
Yes. With a correlation of 0.10, AMT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
A reading of 0.10 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AMT correlations · SPY correlations
