Relative Intelligence · Specialty REITs
How American Tower (AMT) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AMT alone. It places AMT (American Tower Corporation) against 10 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where AMT stands in the market, and of the alternatives worth a closer look.
Period covered: AMT's full trading record, from February 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowAMT is 28.6% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. Even so, it has outpaced the market, rising 11.1% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. At a glance ↓
- Stock or market?AMT held up far better than its industry: it rose 11.1% over the past 3 months while the specialty reits ETF SRVR (Pacer Data & Infrastructure Real Estate ETF) fell 5.7%. The S&P 500 rose 3.9%. AMT rose 6.3% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- Past 1 to 3 yearsOver the past year, AMT fell 1.1% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (27.5% against 89.3%). The last two calendar years both went the same way: AMT fell 0.9% in 2025, while the S&P 500 rose 15.8%. By year ↓
- Long termAMT turned $10,000 into $20,700 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashIn the 2022 bear market, AMT fell 34.2%, against 24.5% for the S&P 500. That was more than IRM (Iron Mountain, 22.6%) but less than EQIX (Equinix, 36.3%). AMT fell further than the S&P 500 in two of the last three sell-offs, including the 2022 bear market (34.2% against 24.5%). Crash tests ↓
- DiversificationAgainst the S&P 500, AMT has a correlation of 0.52 over 5 years, more closely than 77% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, AMT's beta versus the S&P 500 was 0.60: 61% of the S&P 500's gains in rising months and 79% of its losses in falling ones. Market capture ↓
- Better options
- Popular alternatives
- T (AT&T) and VZ (Verizon Communications) earned more than AMT with less volatility over the past 5 years. T returned 9.8% a year at 25.2% volatility, against a loss of 4.8% a year at 27.3%.
- Nearby categories and themes
- O (Realty Income, net lease reits) and VICI (VICI Properties, gaming reits) earned more than AMT with less volatility over the past 5 years. O returned 1.1% a year at 19.0% volatility, against a loss of 4.8% a year at 27.3%.
- Whole market
- 1,255 of the 3,633 stocks and funds worth at least $500 million earned more than AMT with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in AMT have grown?
This chart tracks a hypothetical $10,000 investment in AMT over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AMT over the same span and AMT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
- $10,000 invested in AMT at the end of September 1998 would have grown to $90,430 by September 2026, less than the $121,630 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of AMT, and IRM finished highest, at $482,404.
Choose a period
From the end of September 1998 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 656 of the 1,106 stocks and funds worth at least $500 million that traded the whole period ended ahead of AMT; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.
- IRM$482,404+4,724% total · +14.8% a year
- O$221,633+2,116% total · +11.7% a year
- WPC$207,114+1,971% total · +11.4% a year
- SPY (S&P 500)$121,630+1,116% total · +9.3% a year
- CCI$116,304+1,063% total · +9.2% a year
- LAMR$94,012+840% total · +8.3% a year
- AMT$90,430+804% total · +8.2% a year
- T$43,715+337% total · +5.4% a year
- VZ$38,084+281% total · +4.9% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 3,001 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AMT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- IRM$30,845+208% total · +25.3% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- LAMR$16,319+63.2% total · +10.3% a year
- T$16,172+61.7% total · +10.1% a year
- OUT$15,642+56.4% total · +9.4% a year
- DLR$14,403+44.0% total · +7.6% a year
- EQIX$14,143+41.4% total · +7.2% a year
- TMUS$13,426+34.3% total · +6.1% a year
- VZ$11,648+16.5% total · +3.1% a year
- AMT$7,254−27.5% total · −6.2% a year
AMT at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- AMT is still 28.6% below its all-time high.
- AMT's deepest decline since it began trading in 1998 was 98.7%, from March 2000 to October 2002. It took about eight years from the low to climb back to its old high.
- Over 27 full calendar years, AMT's best was 2003, when it returned 207%, and its worst was 2001, when it lost 75.0%. It lost money in seven of those years.
The company
- Market value
- $86B
- Industry
- REIT - Specialty
- Price history from
- February 1998
Returns
- Past 1 year
- −1.1%total return
- Past 3 years
- +27.5%+8.4% a year
- Past 5 years
- −21.8%−4.8% a year
- Past 10 years
- +107%+7.6% a year
- Best calendar year
- +207%2003
- Worst calendar year
- −75.0%2001
- Losing years
- 7 of 27full calendar years
Risk
- Volatility
- 27.3%typical yearly swing, 5 years
- Sharpe ratio
- -0.04return per unit of risk, 5 years
- Worst decline ever
- −98.7%Mar 2000 to Oct 2002
- From its all-time high
- −28.6%below the peak
AMT against the whole market
Where AMT ranks among every stock and fund, and what across the market has done better.
How does AMT rank among all stocks?
This section ranks AMT on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how AMT stacks up against its peers, these rankings show where it stands in the market as a whole.
- AMT's worst decline of the past 10 years ranks in the top 14% of the 2,187 stocks worth at least $300 million, where the top fell the least.
- On return for the risk taken (the Sharpe ratio), AMT ranks in the bottom 16% of the 2,893 stocks worth at least $300 million.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | AMT | Rank | Standing |
|---|---|---|---|
| 1-year return | −1.1% | 2,024 of 3,287 | bottom 39% |
| 3-year return | +27.5% | 1,891 of 3,017 | bottom 38% |
| 5-year return | −21.8% | 2,035 of 2,893 | bottom 31% |
| 10-year return | +107% | 1,309 of 2,202 | bottom 42% |
| Volatility, 5 years | 27.3% | 500 of 2,893 | top 17% |
| Sharpe ratio, 5 years | -0.04 | 2,439 of 2,893 | bottom 17% |
| Worst decline, past 10 years | −45.4% | 301 of 2,187 | top 14% |
What has beaten AMT on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). AMT sits where the dashed lines cross. Anything in the green box above and to the left earned more than AMT with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 354 stocks and 901 ETFs worth at least $500 million sit in the green region: each earned more than AMT over the past 5 years with smaller price swings. That is 35% of the 3,633 screened.
- Among those with at least half AMT's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 9% less than AMT's 27.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against -0.04 for AMT.
- Among AMT's popular alternatives, T and VZ are in the region. T earned 9.8% a year against a loss of 4.8% a year for AMT, at 25.2% volatility, 8% less than AMT's 27.3%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to AMT; faint dots are 93 more of the 1,255 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than AMT?
Investments that beat AMT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among AMT's popular alternatives, T and VZ earned more than AMT with less volatility over the past 5 years. T returned 9.8% a year at 25.2% volatility, against a loss of 4.8% a year at 27.3%.
- Looking beyond its popular alternatives, O (net lease reits) and VICI (gaming reits) earned more than AMT with less volatility over the past 5 years. O returned 1.1% a year at 19.0% volatility, against a loss of 4.8% a year at 27.3%.
- Across the whole market, 1,255 of the 3,633 stocks and funds worth at least $500 million earned more than AMT with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat AMT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks AMT's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than AMT follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than AMT's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× AMT's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than AMT's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with AMT?lower diversifies more | Expenseper year | |||
| AMTAmerican Tower Corporation · this page | −4.8% | 27.3% | -0.04 | −45.4% | +107% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.52 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against AMT. 8 of 10 passed at least one test. | |||||||||
 TAT&T Inc. · Integrated Telecommunications | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +9.8% | 25.2% | 0.50 | −39.4% | +60.7% | 0.44 | — | |
LAMRLamar Advertising Company · Specialty REITs | Higher return, similar volatilityHigher return in most periods | +10.7% | 26.5% | 0.52 | −65.8% | +278% | 0.56 | — | |
 VZVerizon Communications Inc. · Integrated Telecommunications | Higher return, lower volatility | +2.7% | 22.9% | 0.23 | −41.2% | +55.8% | 0.50 | — | |
OUTOutfront Media Inc. · Specialty REITs | Higher return in most periods | +11.0% | 38.7% | 0.46 | −73.8% | +157% | 0.40 | — | |
IRMIron Mountain Incorporated · Specialty REITs | Higher Sharpe, smaller worst decline | +24.6% | 30.3% | 0.88 | −39.0% | +470% | 0.47 | — | |
 TMUST-Mobile US, Inc. · Telecommunications | Higher return, similar volatility | +6.4% | 26.1% | 0.37 | −44.0% | +253% | 0.42 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Specialty REITs and the categories next to it (Telecom Tower REITs, Net Lease REITs, Data Center REITs, Gaming REITs), plus AMT's specific themes. 6 of 6 passed at least one test. | |||||||||
 ORealty Income Corporation · Net Lease REITs | Higher return, lower volatility | +1.1% | 19.0% | 0.15 | −48.3% | +50.1% | 0.67 | — | |
VICIVICI Properties Inc. · Gaming REITs | Higher return, lower volatility | +0.4% | 20.8% | 0.12 | −60.2% | — | 0.72 | — | |
WPCW. P. Carey Inc. · Net Lease REITs | Higher return, lower volatility | +2.4% | 20.6% | 0.22 | −52.4% | +89.1% | 0.71 | — | |
GLPIGaming and Leisure Properties, Inc. · Specialty REITs | Higher return, lower volatility | +1.9% | 20.0% | 0.19 | −69.5% | +125% | 0.67 | — | |
EPREPR Properties · Specialty REITs | Higher return, lower volatility | +8.7% | 25.3% | 0.46 | −82.0% | +35.4% | 0.55 | — | |
EPRTEssential Properties Realty Trust, Inc. · Net Lease REITs | Higher return, lower volatility | +1.7% | 22.6% | 0.19 | −73.7% | — | 0.60 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,854 of 3,617 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.40 | — | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.51 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.52 | 0.03% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.43 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.32 | — | |
 AAPLApple Inc. · Computer Hardware | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.40 | — | |
 GLDSPDR Gold Shares · Gold | Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.40 | 0.40% | |
 SOJESouthern Company (The) Series 2 · Junior Subordinated Debt | Similar return, lower volatility | −4.3% | 14.1% | -0.24 | −30.4% | — | 0.41 | — | |
What these numbers mean for AMT
- Annual return
- AMT lost 4.8% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $7,820. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- AMT's volatility over the past 5 years was 27.3%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AMT's return lands within 27.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- AMT's Sharpe ratio over the past 5 years was -0.04, against 0.79 for the S&P 500, so AMT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- AMT's worst fall from a peak to a low over the past 10 years was 45.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 45.4% fall takes a 83.0% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, AMT's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against AMT instead: the lower it is, the more that option would diversify a AMT holding. Guide: Correlation and diversification →
Show all 1,255 stocks and funds worth at least $500 million that earned more than AMT with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with AMT | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.40 | — |
| 2 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.51 | 0.03% |
| 3 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.52 | 0.03% |
| 4 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.43 | — |
| 5 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.32 | — |
| 6 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.40 | — |
| 7 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.19 | 0.48% |
| 8 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.51 | 0.40% |
| 9 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.56 | — |
| 10 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.37 | 0.18% |
| 11 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.27 | — |
| 12 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.56 | 0.03% |
| 13 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.34 | — |
| 14 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.30 | — |
| 15 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.33 | — |
| 16 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.28 | — |
| 17 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 0.56 | 0.03% |
| 18 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.62 | 0.04% |
| 19 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.34 | — |
| 20 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.59 | 0.06% |
| 21 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.1% | 22.9% | 0.42 | −38.7% | +295% | 0.50 | — |
| 22 |  MNSTMonster Beverage Corporation · Food & Beverages | Whole market | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.42 | — |
| 23 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.58 | 0.06% |
| 24 |  CMECME Group Inc. · Capital Markets | Whole market | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.37 | — |
| 25 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.47 | — |
| 26 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.50 | 0.79% |
| 27 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.59 | 0.20% |
| 28 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.53 | — |
| 29 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.46 | — |
| 30 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.44 | 0.85% |
| 31 |  FASTFastenal Company · Industrial Distribution | Whole market | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.47 | — |
| 32 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.41 | 0.04% |
| 33 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.48 | 0.26% |
| 34 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.52 | — |
| 35 |  ICEIntercontinental Exchange, Inc. · Capital Markets | Whole market | +5.4% | 21.8% | 0.35 | −34.3% | +240% | 0.56 | — |
| 36 |  MRSHMarsh & McLennan Companies, Inc. · Insurance | Whole market | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.56 | — |
| 37 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.54 | — |
| 38 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.51 | 0.08% |
| 39 |  CPCanadian Pacific Kansas City Ltd. · Railroads | Whole market | +4.0% | 24.1% | 0.28 | −33.7% | +227% | 0.53 | — |
| 40 |  NDAQNasdaq, Inc. · Capital Markets | Whole market | +8.9% | 24.7% | 0.47 | −38.3% | +407% | 0.47 | — |
| 41 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.62 | 0.25% |
| 42 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.38 | — |
| 43 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.33 | 0.13% |
| 44 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.56 | 0.27% |
| 45 |  CNICanadian National Railway Company · Railroads | Whole market | +0.6% | 21.9% | 0.14 | −29.1% | +124% | 0.52 | — |
| 46 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.48 | 0.15% |
| 47 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.54 | 0.08% |
| 48 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.52 | — |
| 49 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.71 | 0.15% |
| 50 |  KDPKeurig Dr Pepper Inc. · Food & Beverages | Whole market | +2.5% | 22.1% | 0.23 | −36.9% | +281% | 0.30 | — |
| 51 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.46 | 0.20% |
| 52 | PKGPackaging Corporation of America · Packaging | Whole market | +15.4% | 25.8% | 0.69 | −38.2% | +294% | 0.36 | — |
| 53 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.48 | 0.49% |
| 54 | EWJiShares MSCI Japan ETF · International Equity | Whole market | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.52 | 0.49% |
| 55 | SDYState Street SPDR S&P Dividend ETF · US Dividend Equity | Whole market | +7.6% | 14.0% | 0.59 | −36.7% | +157% | 0.64 | 0.35% |
| 56 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.50 | 0.10% |
| 57 | CHDChurch & Dwight Co., Inc. · Household & Personal Products | Whole market | +6.1% | 21.1% | 0.39 | −31.7% | +154% | 0.37 | — |
| 58 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.60 | 0.15% |
| 59 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.49 | 0.35% |
| 60 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.51 | 0.40% |
| 61 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.55 | 0.12% |
| 62 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.46 | 0.15% |
| 63 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.54 | 0.56% |
| 64 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.59 | 0.08% |
| 65 | VPLVanguard FTSE Pacific ETF · International Equity | Whole market | +9.5% | 18.6% | 0.58 | −33.9% | +141% | 0.56 | 0.07% |
| 66 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.50 | 0.39% |
| 67 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.54 | 0.46% |
| 68 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.18 | — |
| 69 | ACTEnact Holdings Inc. · Insurance | Whole market | +20.5% | 24.3% | 0.89 | −20.2% | — | 0.38 | — |
| 70 | GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.40 | 0.40% |
| 71 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +14.4% | 22.9% | 0.70 | −40.1% | +291% | 0.21 | — |
| 72 | IEXIDEX Corporation · Industrial Machinery | Whole market | +2.7% | 24.0% | 0.23 | −35.5% | +205% | 0.32 | — |
| 73 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.32 | 0.60% |
| 74 | SJMThe J. M. Smucker Company · Packaged Foods | Whole market | +4.8% | 25.1% | 0.32 | −38.1% | +37.2% | 0.26 | — |
| 75 | FLTWFranklin FTSE Taiwan ETF · Technology | Whole market | +21.8% | 24.3% | 0.94 | −38.0% | — | 0.31 | 0.19% |
| 76 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.24 | 0.85% |
| 77 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.46 | 0.12% |
| 78 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +16.9% | 25.1% | 0.75 | −33.7% | +572% | 0.40 | 0.40% |
| 79 |  SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.07 | 0.09% |
| 80 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.57 | 0.60% |
| 81 | IBBiShares Biotechnology ETF · Biotechnology | Whole market | +6.2% | 22.4% | 0.38 | −39.8% | +140% | 0.37 | 0.44% |
| 82 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +188% | 0.64 | 0.53% |
| 83 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.48 | 0.50% |
| 84 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.17 | — |
| 85 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.58 | 0.20% |
| 86 | WTRGEssential Utilities, Inc. · Water Utilities | Whole market | +0.2% | 22.4% | 0.12 | −39.6% | +81.4% | 0.62 | — |
| 87 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.08 | 0.98% |
| 88 | XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Whole market | +9.7% | 20.5% | 0.56 | −36.9% | +240% | 0.44 | 0.30% |
| 89 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.48 | 0.95% |
| 90 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | — | 0.54 | 0.29% |
| 91 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.46 | 0.60% |
| 92 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.43 | 0.45% |
| 93 | NWENorthwestern Energy Group Inc · Electric Utilities | Whole market | +10.3% | 21.6% | 0.57 | −39.3% | +104% | 0.37 | — |
| 94 | MSAMSA Safety Incorporated · Public Safety Equipment | Whole market | +4.6% | 25.1% | 0.31 | −38.4% | +264% | 0.36 | — |
| 95 | XYLDGlobal X - S&P 500 Covered Call ETF · International | Whole market | +7.4% | 11.2% | 0.70 | −33.4% | +128% | 0.39 | 0.60% |
| 96 | CBSHCommerce Bancshares, Inc. · Regional Banks | Whole market | +1.4% | 23.9% | 0.18 | −38.1% | +119% | 0.27 | — |
| 97 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.58 | 0.30% |
| 98 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.64 | 0.09% |
| 99 | AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset | Whole market | +8.6% | 13.1% | 0.69 | −28.4% | +165% | 0.61 | 0.19% |
| 100 | ACWViShares MSCI Global Min Vol Factor ETF · International | Whole market | +6.3% | 10.3% | 0.65 | −28.8% | +116% | 0.74 | 0.20% |
AMT against its popular alternatives
The investments people most often weigh against AMT, compared period by period and year by year.
How do AMT's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at AMT, which divides the map into what did better or worse on each measure.
- Four of the ten popular alternatives, led by LAMR, T and TMUS, were both more rewarding and calmer than AMT over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, AMT returned -4.8% a year, less than the S&P 500's 12.7%, with higher volatility (27.3% against 17.1%).
Green points earned more than AMT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| IRM Iron Mountain Incorporated | +24.6% | 30.3% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| OUT Outfront Media Inc. | +11.0% | 38.7% |
| LAMR Lamar Advertising Company | +10.7% | 26.5% |
| T AT&T Inc. | +9.8% | 25.2% |
| EQIX Equinix, Inc. | +6.6% | 27.8% |
| TMUS T-Mobile US, Inc. | +6.4% | 26.1% |
| DLR Digital Realty Trust, Inc. | +6.3% | 29.4% |
| VZ Verizon Communications Inc. | +2.7% | 22.9% |
| AMT This pageAmerican Tower Corporation | −4.8% | 27.3% |
| CCI Crown Castle Inc. | −9.9% | 28.3% |
| SBAC SBA Communications Corporation | −10.2% | 30.3% |
Has AMT consistently beaten its popular alternatives?
This section compares AMT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than AMT helps separate lasting outperformance from a single strong stretch.
- OUT outperformed AMT in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the ten popular alternatives, OUT and LAMR, outperformed AMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- IRM, T and TMUS earned more for the risk they took than AMT (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than AMT over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| AMT American Tower Corporation (this page) | — | +6.3% | +11.1% | +3.1% | +8.2% | −1.1% | +27.5% | −21.8% | +107% | 27.3% | -0.04 | −45.4% | — | $86B | — |
| OUT QualifiedOutfront Media Inc. | 4/5 short3/3 longAll-weather | +10.5% | −3.4% | +4.9% | +35.7% | +78.8% | +329% | +68.6% | +157% | 38.7% | 0.46 | −73.8% | — | $5.5B | — |
| LAMR QualifiedLamar Advertising Company | 3/5 short3/3 long | +5.3% | −3.5% | +16.3% | +28.2% | +34.4% | +120% | +66.3% | +278% | 26.5% | 0.52 | −65.8% | — | $16B | — |
| IRM REIT - SpecialtyIron Mountain Incorporated | 2/5 short3/3 long | −3.3% | −8.3% | −4.8% | +38.9% | +10.4% | +110% | +200% | +470% | 30.3% | 0.88 | −39.0% | — | $34B | — |
| EQIX REIT - SpecialtyEquinix, Inc. | 2/5 short3/3 long | −6.6% | −2.5% | −9.7% | +31.2% | +22.2% | +49.1% | +37.4% | +226% | 27.8% | 0.37 | −41.8% | — | $97B | — |
| DLR REIT - SpecialtyDigital Realty Trust, Inc. | 2/5 short3/3 long | −5.9% | +0.1% | −12.9% | +15.4% | +4.3% | +65.7% | +35.7% | +154% | 29.4% | 0.35 | −48.5% | — | $65B | — |
| VZ Telecommunications ServicesVerizon Communications Inc. | 2/5 short2/3 long | −5.1% | +4.0% | −1.0% | +17.2% | +16.4% | +71.5% | +14.4% | +55.8% | 22.9% | 0.23 | −41.2% | — | $185B | — |
| TMUS Telecommunications ServicesT-Mobile US, Inc. | 0/5 short2/3 long | −4.5% | −18.9% | −19.6% | −19.7% | −30.0% | +21.1% | +36.1% | +253% | 26.1% | 0.37 | −44.0% | — | $169B | — |
| T Telecommunications ServicesAT&T Inc. | 0/5 short2/3 long | −6.8% | +8.0% | −8.2% | 0.0% | −5.9% | +77.2% | +59.7% | +60.7% | 25.2% | 0.50 | −39.4% | — | $161B | — |
| CCI REIT - SpecialtyCrown Castle Inc. | 1/5 short0/3 long | +10.8% | +5.3% | −4.9% | −4.9% | −13.7% | +10.7% | −40.6% | +35.4% | 28.3% | -0.23 | −59.7% | — | $35B | — |
| SBAC REIT - SpecialtySBA Communications Corporation | 0/5 short0/3 long | +2.7% | +0.1% | −16.8% | −4.1% | −6.2% | +0.4% | −41.5% | +79.2% | 30.3% | -0.20 | −55.9% | — | $19B | — |
How did AMT do year by year?
This table shows each investment's total return in every full calendar year since 1999, along with where AMT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AMT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- AMT finished ahead of the S&P 500 in 16 of its 27 full calendar years, and behind it in each of the last four.
- Among its popular alternatives, EQIX came out ahead of AMT most often, in 15 of the 25 years both traded.
- Ranked against its popular alternatives each year, AMT finished in the top quarter in four of 27 years and in the bottom quarter in two. In 2025, it ranked 6 of 11.
Newest year first. Green marks a year in which the fund came out ahead of AMT; gray means the two finished within a fraction of a point. The rank row places AMT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of AMT | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMT This pageAmerican Tower Corporation | — | −0.9% | −12.2% | +5.4% | −25.7% | +32.9% | −0.5% | +47.9% | +13.3% | +37.7% | +11.2% | 0.0% | +25.8% | +4.8% | +30.4% | +16.9% | +19.5% | +47.3% | −31.2% | +14.3% | +37.5% | +47.2% | +70.0% | +207% | −62.8% | −75.0% | +23.9% | +3.4% |
| Rank among alternatives | Top quarter in 4 of 27 | 6 of 11 | 9 of 11 | 6 of 11 | 7 of 11 | 6 of 11 | 8 of 11 | 5 of 11 | 1 of 11 | 2 of 11 | 9 of 11 | 8 of 11 | 4 of 10 | 6 of 10 | 5 of 10 | 5 of 10 | 5 of 10 | 6 of 10 | 5 of 10 | 8 of 9 | 6 of 9 | 4 of 9 | 2 of 8 | 3 of 8 | 5 of 8 | 8 of 8 | 2 of 7 | 5 of 6 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 11 of 27 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% |
| OUT Outfront Media Inc. | 5 of 11 | +41.5% | +44.3% | −8.0% | −34.4% | +38.3% | −26.0% | +56.9% | −16.1% | −0.7% | +20.8% | −13.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| LAMR Lamar Advertising Company | 15 of 27 | +9.7% | +20.0% | +18.6% | −18.1% | +51.3% | −3.2% | +35.3% | −1.9% | +15.7% | +17.6% | +17.3% | +7.8% | +34.8% | +40.9% | −30.9% | +28.1% | +147% | −73.9% | −26.5% | +41.7% | +7.9% | +14.6% | +10.8% | −20.5% | +9.7% | −36.3% | +62.5% |
| IRM Iron Mountain Incorporated | 12 of 27 | −18.3% | +54.5% | +46.5% | −0.1% | +87.8% | +1.0% | +5.9% | −8.0% | +23.6% | +27.4% | −25.7% | +33.9% | +1.1% | +15.6% | +26.5% | +11.4% | −8.0% | −33.2% | +34.4% | −2.1% | +38.4% | +15.8% | +19.7% | +13.1% | +18.0% | −5.5% | +69.4% |
| EQIX Equinix, Inc. | 15 of 25 | −16.9% | +19.4% | +25.4% | −21.1% | +20.3% | +24.2% | +68.9% | −20.4% | +29.2% | +20.7% | +42.3% | +32.8% | −13.9% | +103% | +24.8% | −23.4% | +99.6% | −47.4% | +33.7% | +85.5% | −4.6% | +51.5% | +395% | −93.9% | −33.7% | — | — |
| DLR Digital Realty Trust, Inc. | 12 of 21 | −10.1% | +35.9% | +39.9% | −41.0% | +30.7% | +20.4% | +16.5% | −3.0% | +18.7% | +34.9% | +20.2% | +42.6% | −23.5% | +6.1% | +35.4% | +6.1% | +58.8% | −11.4% | +15.7% | +57.2% | +77.9% | — | — | — | — | — | — |
| VZ Verizon Communications Inc. | 13 of 27 | +8.9% | +13.1% | +2.7% | −20.0% | −7.5% | −0.1% | +13.8% | +11.3% | +4.0% | +20.7% | +3.6% | −0.5% | +18.6% | +13.2% | +18.2% | +23.0% | +3.8% | −20.1% | +22.1% | +34.0% | −22.2% | +20.1% | −5.7% | −15.3% | −2.6% | −16.9% | +17.0% |
| TMUS T-Mobile US, Inc. | 9 of 18 | −6.6% | +39.7% | +15.0% | +20.7% | −14.0% | +72.0% | +23.3% | +0.1% | +10.4% | +47.0% | +45.2% | −19.9% | +69.2% | +14.5% | −31.3% | +65.5% | −48.6% | −23.7% | — | — | — | — | — | — | — | — | — |
| T AT&T Inc. | 11 of 27 | +14.0% | +44.0% | −2.8% | +6.5% | −5.9% | −19.6% | +48.5% | −20.8% | −2.4% | +32.0% | +10.3% | +2.4% | +11.6% | +19.4% | +11.1% | +14.0% | +6.9% | −26.9% | +22.1% | +55.6% | +1.9% | +5.5% | +3.6% | −27.6% | −15.4% | +0.6% | −6.7% |
| CCI Crown Castle Inc. | 10 of 27 | +3.0% | −16.4% | −10.2% | −32.6% | +35.1% | +15.5% | +35.4% | +1.8% | +33.0% | +4.5% | +14.4% | +9.9% | +1.8% | +61.0% | +2.2% | +12.3% | +122% | −57.8% | +28.8% | +20.0% | +61.8% | +50.7% | +195% | −64.9% | −60.5% | −15.7% | +36.7% |
| SBAC SBA Communications Corporation | 14 of 26 | −3.1% | −18.2% | −8.2% | −27.3% | +39.0% | +17.8% | +49.3% | −0.9% | +58.2% | −1.7% | −5.1% | +23.3% | +26.6% | +65.2% | +4.9% | +19.9% | +109% | −51.8% | +23.1% | +53.6% | +93.0% | +146% | +818% | −96.9% | −68.3% | +119% | — |
Risk and diversification
How AMT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were AMT's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents AMT's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In four of AMT's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: AMT fell 45.4% from September 2021 to October 2023, while the S&P 500 slipped only 2.6%.
- The slowest recovery came after AMT fell 98.7% from March 2000 to October 2002; it did not regain that peak until February 2011, eight years later.
Green means AMT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | AMT fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −98.7% | −42.3% | Mar 2000 | Oct 2002 | 2.6 years | Feb 2011 | 8.3 years |
| No named crash | −51.8% | −13.4% | Jul 1998 | Oct 1998 | 3 months | Dec 1998 | 2 months |
| 2022 bear market | −45.4% | −2.6% | Sep 2021 | Oct 2023 | 2.1 years | Not yet | — |
| No named crash | −42.3% | +2.9% | Jan 1999 | Oct 1999 | 9 months | Dec 1999 | 2 months |
| Covid crash | −30.3% | −33.5% | Feb 2020 | Mar 2020 | 1 month | Apr 2020 | 1 month |
How did AMT do in stock market crashes?
This section measures how far AMT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- Among its popular alternatives, VZ held up best, falling less than AMT in eight of the ten crashes they both traded through.
- AMT fell further than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when AMT fell 98.7% and the S&P 500 fell 47.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than AMT.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMT This pageAmerican Tower Corporation | — | −2.3% | −34.2% | −28.8% | −8.4% | −8.0% | −19.2% | −13.6% | −2.9% | −56.5% | −98.7% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 6 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| OUT Outfront Media Inc. | 1 of 6 | −7.0% | −46.0% | −73.7% | −20.2% | −4.4% | −25.0% | — | — | — | — |
| LAMR Lamar Advertising Company | 5 of 10 | −6.7% | −29.6% | −65.8% | −18.1% | −5.8% | −17.4% | −37.9% | −0.4% | −90.2% | −51.9% |
| IRM Iron Mountain Incorporated | 5 of 10 | −4.7% | −22.6% | −33.4% | −15.1% | −4.7% | −22.6% | −19.5% | 0.0% | −55.7% | −34.9% |
| EQIX Equinix, Inc. | 4 of 9 | −4.1% | −36.3% | −25.1% | −22.8% | −6.3% | −15.8% | −22.5% | −1.1% | −69.9% | — |
| DLR Digital Realty Trust, Inc. | 3 of 9 | −3.1% | −45.7% | −24.1% | −14.6% | −8.1% | −8.4% | −20.2% | −1.7% | −56.8% | — |
| VZ Verizon Communications Inc. | 8 of 10 | −2.6% | −33.2% | −13.6% | −12.5% | −7.4% | −10.5% | −9.9% | 0.0% | −43.9% | −55.2% |
| TMUS T-Mobile US, Inc. | 3 of 9 | −2.6% | −12.1% | −26.0% | −13.7% | −7.4% | −21.2% | −52.5% | −11.3% | −57.5% | — |
| T AT&T Inc. | 8 of 10 | −1.6% | −29.2% | −30.6% | −18.3% | −6.5% | −8.6% | −9.1% | −0.3% | −44.4% | −63.5% |
| CCI Crown Castle Inc. | 5 of 10 | −2.4% | −34.5% | −29.8% | −10.7% | −7.4% | −11.1% | −11.9% | −2.1% | −76.1% | −97.6% |
| SBAC SBA Communications Corporation | 1 of 10 | −3.9% | −34.1% | −28.8% | −8.7% | −7.8% | −33.6% | −15.8% | −0.6% | −72.2% | −99.6% |
How closely does AMT move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares AMT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Five of the ten popular alternatives had a higher capture ratio (upside capture divided by downside capture) than AMT's 0.78, led by TMUS, IRM and EQIX.
- TMUS took just 37% of the S&P 500's losses, against 79% for AMT, while still keeping 63% of its gains.
- Over the past 10 years, AMT captured 61% of the S&P 500's gains in rising months and 79% of its losses in falling months, with a beta of 0.60. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than AMT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| AMT This pageAmerican Tower Corporation | 61% | 79% | 0.78 | 0.60 |
| TMUS T-Mobile US, Inc. | 63% | 37% | 1.72 | 0.46 |
| IRM Iron Mountain Incorporated | 98% | 83% | 1.18 | 0.99 |
| EQIX Equinix, Inc. | 76% | 66% | 1.14 | 0.67 |
| DLR Digital Realty Trust, Inc. | 64% | 64% | 1.00 | 0.60 |
| LAMR Lamar Advertising Company | 112% | 132% | 0.84 | 1.33 |
| T AT&T Inc. | 47% | 62% | 0.76 | 0.50 |
| VZ Verizon Communications Inc. | 44% | 60% | 0.74 | 0.36 |
| SBAC SBA Communications Corporation | 55% | 79% | 0.70 | 0.64 |
| OUT Outfront Media Inc. | 122% | 186% | 0.66 | 1.70 |
| CCI Crown Castle Inc. | 54% | 101% | 0.53 | 0.70 |
What diversifies AMT?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with AMT's. Because such investments tend not to fall at the same time, pairing AMT with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in AMT into POCT would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (-6.2% for AMT alone, -2.6% for the mix).
- FIX made money in five of the seven calendar years in which AMT lost money.
- Among large ETFs, DXJ, POCT and FTLS have moved largely independently of AMT over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which AMT lost money. The last two columns show a portfolio that is 80% AMT and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2024 | 2022 | 2020 | 2008 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMT American Tower Corporation (this page) | 1.00 | −21.8% | -0.04 | −0.9% | −12.2% | −25.7% | −0.5% | −31.2% | −62.8% | −75.0% | 26.5% | −6.2% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.19 | +225% | 1.34 | +32.8% | +29.8% | +6.0% | +3.9% | −20.8% | — | — | 21.9% | +0.3% |
| POCT Broad MarketInnovator U.S. Equity Power Buffer ETF | 0.43 | +60.9% | 1.23 | +11.0% | +9.6% | −1.3% | +10.4% | — | — | — | 21.8% | −2.6% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.48 | +62.9% | 0.99 | +9.1% | +18.8% | −5.6% | +2.6% | — | — | — | 22.1% | −2.6% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.36 | +135% | 0.97 | +4.9% | +42.9% | +21.5% | −20.3% | — | — | — | 22.9% | −0.9% |
| SMH TechnologyVanEck Semiconductor ETF | 0.24 | +323% | 0.97 | +49.2% | +39.1% | −33.5% | +55.5% | −44.7% | −47.0% | −14.6% | 23.9% | +2.5% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.49 | +85.0% | 0.96 | +23.1% | +13.4% | −5.1% | +2.1% | — | — | — | 22.4% | −2.1% |
| GLD CommoditiesSPDR Gold Shares | 0.40 | +126% | 0.96 | +63.7% | +26.7% | −0.8% | +24.8% | +4.9% | — | — | 22.8% | −1.2% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.33 | +136% | 0.93 | +26.6% | +45.8% | −10.4% | +28.2% | — | — | — | 22.9% | −0.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2024 | 2022 | 2020 | 2008 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMT American Tower Corporation (this page) | 1.00 | −21.8% | -0.04 | −0.9% | −12.2% | −25.7% | −0.5% | −31.2% | −62.8% | −75.0% | 26.5% | −6.2% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.18 | +479% | 1.55 | +76.3% | +19.0% | +54.1% | +10.1% | −39.6% | −8.3% | −2.5% | 22.8% | +2.3% |
| CLS Hardware, Equipment & PartsCelestica Inc. | -0.04 | +3,143% | 1.47 | +220% | +215% | +1.3% | −2.4% | −20.5% | −65.1% | −25.6% | 23.8% | +14.0% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.17 | +1,636% | 1.46 | +121% | +107% | +17.0% | +6.7% | −15.2% | −9.4% | +73.7% | 24.4% | +10.0% |
| MCK Medical - DistributionMcKesson Corporation | 0.27 | +413% | 1.44 | +44.5% | +23.7% | +51.8% | +27.1% | −40.4% | −27.2% | +4.9% | 23.1% | +1.7% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.10 | +690% | 1.41 | +19.2% | −4.0% | +86.6% | −27.4% | — | — | — | 22.8% | +4.2% |
Common questions
What was AMT's worst drawdown?
AMT's deepest decline since it began trading in 1998 was 98.7%, from March 2000 to October 2002. It took about eight years from the low to climb back to its old high.
What were AMT's best and worst years?
Over 27 full calendar years, AMT's best year was 2003, when it returned 207%. Its worst was 2001, with a return of -75.0%.
Is there a better investment than AMT?
Among AMT's popular alternatives, T and VZ earned more than AMT with less volatility over the past 5 years. T returned 9.8% a year at 25.2% volatility, against a loss of 4.8% a year at 27.3%. Looking beyond its popular alternatives, O (net lease reits) and VICI (gaming reits) earned more than AMT with less volatility over the past 5 years. O returned 1.1% a year at 19.0% volatility, against a loss of 4.8% a year at 27.3%.
Is AMT more volatile than the S&P 500?
Yes. AMT's volatility over the past 5 years was 27.3%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AMT's return lands within 27.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is AMT's Sharpe ratio?
AMT's Sharpe ratio over the past 5 years was -0.04, against 0.79 for the S&P 500, so AMT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is AMT with the S&P 500?
Over the past 5 years, AMT's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against AMT instead: the lower it is, the more that option would diversify a AMT holding.
What are the best alternatives to AMT?
Of the ten popular alternatives we compared, two outperformed AMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: OUT and LAMR.
Did AMT outperform the S&P 500?
AMT finished ahead of the S&P 500 (SPY) in 16 of 27 full calendar years. In 2025, it returned -0.9%, against +17.7% for the index.
How did AMT do in stock market crashes?
AMT fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the dot-com bust, when AMT fell 98.7% and the S&P 500 fell 47.5%.
What diversifies AMT?
These had a low correlation with AMT over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.19), POCT (correlation 0.43) and FTLS (correlation 0.48); among large stocks, CAH (correlation 0.18), CLS (correlation -0.04) and FIX (correlation 0.17). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than AMT's. Returns within 0.5 points or 3% of AMT's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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