CCI vs NNN: Correlation
Measured on weekly returns over the past three years, Crown Castle (CCI) and NNN REIT, Inc. (NNN) 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 CCI and NNN?
Over the past 3 years, CCI and NNN moved with a correlation of 0.57, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.40 versus 0.57 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 303.5 %².
By 3-year correlation, NNN places #12 of the 30 assets tracked against CCI. Correlation aside, the last 12 months split them widely, with NNN ahead by 34.6 points (-21.5% versus +13.1%). One caveat on sizing: CCI is 1.5 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.
CCI vs NNN: side by side
| CCI (Crown Castle) | NNN (NNN REIT, Inc.) | |
|---|---|---|
| 1-year return | -21.5% | +13.1% |
| 5-year return | -50.4% | +25.1% |
| Volatility (ann.) | 28.4% | 18.8% |
| Beta vs S&P 500 | 0.22 | 0.31 |
| Max drawdown (3Y) | -33.0% | -22.0% |
| Market cap | $32.8B | $8.6B |
| P/E (trailing) | 30.9 | 22.3 |
| Dividend yield | 5.63% | 5.26% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | CCI | NNN |
|---|---|---|
| 2022 | -32.6% | -0.0% |
| 2023 | -10.2% | -0.6% |
| 2024 | -16.4% | -0.1% |
| 2025 | +3.0% | +2.8% |
| 2026 | -13.5% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCI and NNN good diversifiers for each other?
Only partially. A correlation of 0.57 means CCI and NNN 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 CCI and NNN?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.40 over the last year and 0.57 over 5 years.
Is NNN a good diversifier for CCI?
Only partially. A correlation of 0.57 means CCI and NNN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 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/cci-vs-nnn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cci-vs-nnn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCI correlations · NNN correlations
