AMT vs VNQ: Correlation
How closely do American Tower (AMT) and Vanguard Real Estate ETF (VNQ) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMT and VNQ?
Across a 3-year window, the weekly returns of AMT and VNQ correlate at 0.67, strong. The past 12 months show a weaker link (0.57) than the 3-year average (0.67). Stretching to 5 years gives 0.73, with an annualized covariance of 299.4 %².
By 3-year correlation, VNQ places #4 of the 30 assets tracked against AMT. The last year tells two different stories: VNQ led by 21.3 percentage points, -11.0% for AMT against +10.3% for VNQ. Across three years, the rolling one-year figure varied moderately, from 0.49 to 0.82. 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 VNQ: side by side
| AMT (American Tower) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | -11.0% | +10.3% |
| 5-year return | -30.2% | +9.5% |
| Volatility (ann.) | 27.1% | 16.6% |
| Beta vs S&P 500 | 0.18 | 0.59 |
| Max drawdown (3Y) | -28.4% | -17.5% |
| Market cap | $81.2B | – |
| P/E (trailing) | 24.2 | – |
| Dividend yield | 3.97% | 3.51% |
| Expense ratio | – | 0.13% |
| Assets under management | – | $73.1B |
| Sector / category | Real Estate | ETF · Real Estate |
VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Year-by-year returns
| Year | AMT | VNQ |
|---|---|---|
| 2022 | -25.7% | -26.3% |
| 2023 | +5.4% | +11.9% |
| 2024 | -12.2% | +4.8% |
| 2025 | -0.9% | +3.2% |
| 2026 | +1.1% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AMT represents 4.22% of VNQ's portfolio, so part of any move in VNQ is AMT itself, and the correlation between them is partly mechanical.
Are AMT and VNQ good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AMT and VNQ?
The AMT/VNQ correlation stands at 0.67 on a 3-year window (1 year: 0.57, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is VNQ a good diversifier for AMT?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 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-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amt-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMT correlations · VNQ correlations
