CCI vs O: Correlation
Measured on weekly returns over the past three years, Crown Castle (CCI) and Realty Income (O) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCI and O?
Across a 3-year window, the weekly returns of CCI and O correlate at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.52). Stretching to 5 years gives 0.55, with an annualized covariance of 254.9 %².
By 3-year correlation, O places #17 of the 30 assets tracked against CCI. The last year tells two different stories: O led by 32.8 percentage points, -21.5% for CCI against +11.3% for O. Across three years, the rolling one-year figure varied moderately, from 0.36 to 0.74. Risk is not evenly split, since CCI carries 1.6 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.
CCI vs O: side by side
| CCI (Crown Castle) | O (Realty Income) | |
|---|---|---|
| 1-year return | -21.5% | +11.3% |
| 5-year return | -50.4% | +14.5% |
| Volatility (ann.) | 28.4% | 17.3% |
| Beta vs S&P 500 | 0.22 | 0.21 |
| Max drawdown (3Y) | -33.0% | -19.3% |
| Market cap | $32.8B | $58.5B |
| P/E (trailing) | 30.9 | 45.4 |
| Dividend yield | 5.63% | 5.20% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | CCI | O |
|---|---|---|
| 2022 | -32.6% | -7.4% |
| 2023 | -10.2% | -4.5% |
| 2024 | -16.4% | -2.1% |
| 2025 | +3.0% | +12.2% |
| 2026 | -13.5% | +13.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCI and O good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCI and O?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.40 over the last year and 0.55 over 5 years.
Is O a good diversifier for CCI?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 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/cci-vs-o.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cci-vs-o/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCI correlations · O correlations
