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Relative Intelligence · Data Center REITs

How Digital Realty Trust (DLR) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DLR alone. It places DLR (Digital Realty Trust, Inc.) against 11 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 DLR stands in the market, and of the alternatives worth a closer look.

Period covered: DLR's full trading record, from October 2004 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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.

Rank the market against DLR →Chart DLR vs. 11 alternatives →
On this page12 sections

Key findings

How much would $10,000 in DLR have grown?

This chart tracks a hypothetical $10,000 investment in DLR over the past 21 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DLR over the same span and DLR'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.

Note: DLR began trading on October 29, 2004, so the chart cannot reach back to the dot-com bust. It covers the most recent 21 years of DLR's record, starting at the end of September 2005.

Choose a period

From the end of September 2005 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. 146 of the 1,562 stocks and funds worth at least $500 million that traded the whole period ended ahead of DLR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,000$1M200520092013201720212025$10,000$100,000$1M20052010201520202025
  • AMZN$1M+10,875% total · +25.1% a year
  • GOOG$436,286+4,263% total · +19.7% a year
  • EQIX$331,771+3,218% total · +18.1% a year
  • MSFT$288,659+2,787% total · +17.4% a year
  • ETN$235,571+2,256% total · +16.2% a year
  • DLR$216,443+2,064% total · +15.8% a year
  • IRM$112,069+1,021% total · +12.2% a year
  • AMT$92,477+825% total · +11.2% a year
  • SPY (S&P 500)$90,973+810% total · +11.1% a year
  • CCI$45,461+355% total · +7.5% a year
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From the end of September 2021 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. 1,663 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of DLR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • VRT$100,677+907% total · +58.7% a year
  • ETN$31,102+211% total · +25.5% a year
  • IRM$30,845+208% total · +25.3% a year
  • GOOG$25,811+158% total · +20.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MSFT$18,958+89.6% total · +13.6% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • DLR$14,403+44.0% total · +7.6% a year
  • EQIX$14,143+41.4% total · +7.2% a year
  • AMT$7,254−27.5% total · −6.2% a year
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DLR 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.

Note: DLR began trading on October 29, 2004, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$65B
Industry
REIT - Specialty
Price history from
October 2004

Returns

Past 1 year
+4.3%total return
Past 3 years
+65.7%+18.3% a year
Past 5 years
+35.7%+6.3% a year
Past 10 years
+154%+9.8% a year
Best calendar year
+77.9%2005
Worst calendar year
−41.0%2022
Losing years
5 of 21full calendar years

Risk

Volatility
29.4%typical yearly swing, 5 years
Sharpe ratio
0.35return per unit of risk, 5 years
Worst decline ever
−56.8%Sep 2008 to Nov 2008
From its all-time high
−12.9%below the peak

DLR against the whole market

Where DLR ranks among every stock and fund, and what across the market has done better.

How does DLR rank among all stocks?

This section ranks DLR 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 DLR stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureDLRRankStanding
1-year return+4.3%1,799 of 3,287bottom 46%
3-year return+65.7%1,317 of 3,017top 44%
5-year return+35.7%1,267 of 2,893top 44%
10-year return+154%1,062 of 2,202top 48%
Volatility, 5 years29.4%669 of 2,893top 23%
Sharpe ratio, 5 years0.351,381 of 2,893top 48%
Worst decline, past 10 years−48.5%402 of 2,187top 18%

What has beaten DLR 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). DLR sits where the dashed lines cross. Anything in the green box above and to the left earned more than DLR 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.

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 DLR; faint dots are 93 more of the 742 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.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DLRV: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VIG: +10.4% a year, volatility 14.1%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%T: +9.8% a year, volatility 25.2%GWW: +26.3% a year, volatility 24.9%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%CME: +11.2% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%AZO: +12.3% a year, volatility 25.3%EFV: +13.6% a year, volatility 15.9%XLF: +8.6% a year, volatility 18.3%XLV: +8.4% a year, volatility 15.3%NDAQ: +8.9% a year, volatility 24.7%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%SPMO: +18.7% a year, volatility 20.8%XLI: +11.5% a year, volatility 17.6%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%DGX: +12.3% a year, volatility 22.5%USMV: +7.6% a year, volatility 12.3%EMXC: +11.1% a year, volatility 19.5%AVEM: +9.3% a year, volatility 19.5%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%DTM: +24.5% a year, volatility 25.2%EXPD: +12.0% a year, volatility 27.1%RNR: +20.1% a year, volatility 27.8%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%LECO: +14.1% a year, volatility 27.5%MSGS: +18.4% a year, volatility 25.6%GRID: +12.5% a year, volatility 22.0%IGF: +9.0% a year, volatility 13.9%NEU: +21.0% a year, volatility 26.8%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%DCI: +9.5% a year, volatility 23.4%FLTW: +21.8% a year, volatility 24.3%USMC: +14.1% a year, volatility 16.4%DLR: +6.3% a year, volatility 29.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MSFT: +12.5% a year, volatility 28.2%IRM: +24.6% a year, volatility 30.3%GOOG: +19.0% a year, volatility 32.0%AMZN: +9.0% a year, volatility 36.6%EQIX: +6.6% a year, volatility 27.8%ETN: +20.4% a year, volatility 32.1%CIBR: +14.1% a year, volatility 26.1%LAMR: +10.7% a year, volatility 26.5%SAP: +11.5% a year, volatility 30.0%FFIV: +17.1% a year, volatility 30.8%HUBB: +21.0% a year, volatility 30.0%PANW: +31.9% a year, volatility 43.4%RY: +17.3% a year, volatility 18.2%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%AAPL: +18.5% a year, volatility 28.0%VO: +6.8% a year, volatility 17.6%CAH: +42.1% a year, volatility 24.7%KT: +13.1% a year, volatility 22.6%DLRSPY (S&P 500)MSFTIRMGOOGAMZNEQIXETNCIBRLAMRSAPFFIVHUBBPANWRYVTIWMTBRK-BAAPLVOCAHKT0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DLRV: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VIG: +10.4% a year, volatility 14.1%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%T: +9.8% a year, volatility 25.2%GWW: +26.3% a year, volatility 24.9%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%CME: +11.2% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%AZO: +12.3% a year, volatility 25.3%EFV: +13.6% a year, volatility 15.9%XLF: +8.6% a year, volatility 18.3%XLV: +8.4% a year, volatility 15.3%NDAQ: +8.9% a year, volatility 24.7%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%SPMO: +18.7% a year, volatility 20.8%XLI: +11.5% a year, volatility 17.6%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%RDVY: +11.3% a year, volatility 18.8%DGX: +12.3% a year, volatility 22.5%USMV: +7.6% a year, volatility 12.3%EMXC: +11.1% a year, volatility 19.5%AVEM: +9.3% a year, volatility 19.5%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%DTM: +24.5% a year, volatility 25.2%EXPD: +12.0% a year, volatility 27.1%RNR: +20.1% a year, volatility 27.8%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%LECO: +14.1% a year, volatility 27.5%MSGS: +18.4% a year, volatility 25.6%GRID: +12.5% a year, volatility 22.0%IGF: +9.0% a year, volatility 13.9%NEU: +21.0% a year, volatility 26.8%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%DCI: +9.5% a year, volatility 23.4%FLTW: +21.8% a year, volatility 24.3%USMC: +14.1% a year, volatility 16.4%DLR: +6.3% a year, volatility 29.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MSFT: +12.5% a year, volatility 28.2%IRM: +24.6% a year, volatility 30.3%GOOG: +19.0% a year, volatility 32.0%AMZN: +9.0% a year, volatility 36.6%EQIX: +6.6% a year, volatility 27.8%ETN: +20.4% a year, volatility 32.1%CIBR: +14.1% a year, volatility 26.1%LAMR: +10.7% a year, volatility 26.5%SAP: +11.5% a year, volatility 30.0%FFIV: +17.1% a year, volatility 30.8%HUBB: +21.0% a year, volatility 30.0%PANW: +31.9% a year, volatility 43.4%RY: +17.3% a year, volatility 18.2%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%AAPL: +18.5% a year, volatility 28.0%VO: +6.8% a year, volatility 17.6%CAH: +42.1% a year, volatility 24.7%KT: +13.1% a year, volatility 22.6%DLRSPY (S&P 500)IRMGOOGAMZNEQIXETNFFIVPANWRYVTIWMTVOCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than DLR?

Investments that beat DLR over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat DLR 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 DLR'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 DLR 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 DLR'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× DLR's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than DLR's.

Screen the whole market against DLR for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with DLR?lower diversifies moreExpenseper year
DLRDigital Realty Trust, Inc. · this page
+6.3%29.4%0.35−48.5%+154%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.610.09%
Popular alternativesbest 6 shownThe investments people most often weigh against DLR. 6 of 11 passed at least one test.
MSFTMicrosoft Corporation · Software
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.5%28.2%0.56−37.1%+946%0.45—
IRMIron Mountain Incorporated · Specialty REITs
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.6%30.3%0.88−39.0%+470%0.64—
GOOGAlphabet Inc. · Internet Services
Higher return, similar volatilityHigher return in most periods+19.0%32.0%0.71−44.6%+752%0.37—
AMZNAmazon.com, Inc. · E-Commerce
Higher return in most periods+9.0%36.6%0.42−56.1%+548%0.47—
EQIXEquinix, Inc. · Data Center REITs
Higher return in most periods+6.6%27.8%0.37−41.8%+226%0.73—
ETNEaton Corporation plc · Electrical Equipment
Higher return, similar volatility+20.4%32.1%0.74−44.5%+657%0.60—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Data Center REITs and the categories next to it (Specialty REITs, Electrical Equipment, Software, E-Commerce), plus DLR's specific themes. 21 of 102 passed at least one test.
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.1%26.1%0.64−33.9%+454%0.270.58%
LAMRLamar Advertising Company · Specialty REITs
Higher return, lower volatilityHigher return in most periods+10.7%26.5%0.52−65.8%+278%0.48—
SAPSAP SE · Enterprise Software
Higher return, similar volatilityHigher return in most periods+11.5%30.0%0.52−52.5%+205%0.40—
FFIVF5, Inc. · Cybersecurity
Higher return, similar volatilityHigher return in most periods+17.1%30.8%0.67−54.6%+287%0.37—
HUBBHubbell Incorporated · Electrical Equipment
Higher return, similar volatilityHigher Sharpe, smaller worst decline+21.0%30.0%0.79−41.6%+442%0.38—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return in most periods+31.9%43.4%0.86−48.0%+1,274%0.17—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,361 of 3,520 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%0.28—
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%0.610.03%
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%0.610.03%
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+508%0.47—
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%0.21—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.02—
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%0.34—
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.8%17.6%0.47−39.4%+198%0.610.03%
What these numbers mean for DLR
Annual return
DLR returned 6.3% 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 $13,600. 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
DLR's volatility over the past 5 years was 29.4%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DLR's return lands within 29.4% 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
DLR's Sharpe ratio over the past 5 years was 0.35, against 0.79 for the S&P 500, so DLR 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
DLR's worst fall from a peak to a low over the past 10 years was 48.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 48.5% fall takes a 94.3% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, DLR's monthly returns had a correlation of 0.61 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 DLR instead: the lower it is, the more that option would diversify a DLR holding. Guide: Correlation and diversification →
Show all 742 stocks and funds worth at least $500 million that earned more than DLR 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.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with DLRExpense
1
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.28—
2
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.610.03%
3
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.610.03%
4
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.47—
5
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.21—
6
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.02—
7
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.38—
8
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.360.48%
9
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.380.40%
10
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.16—
11
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.59—
12
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.500.05%
13
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.550.18%
14
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.36—
15
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.16—
16
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.28—
17
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.22—
18
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%-0.09—
19
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.13—
20
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.460.03%
21
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.04—
22
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.08—
23
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.490.03%
24
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.26—
25
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.41—
26
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.530.09%
27
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.06—
28
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.17—
29
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.580.04%
30
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.61—
31
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.26—
32
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.440.06%
33
TAT&T Inc. · Integrated Telecommunications
Whole market+9.8%25.2%0.50−39.4%+60.7%0.21—
34
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.47—
35
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.23—
36
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+11.1%24.2%0.56−36.7%+204%0.04—
37
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.600.06%
38
CMECME Group Inc. · Capital Markets
Whole market+11.2%20.8%0.62−37.4%+319%0.34—
39
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.32—
40
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.42—
41
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.550.20%
42
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.17—
43
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.45—
44
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.39—
45
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.43—
46
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.41—
47
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.26—
48
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.06—
49
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.51—
50
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.57—
51
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.600.04%
52
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.53—
53
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.620.26%
54
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.33—
55
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.26—
56
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.29—
57
AZOAutoZone, Inc. · Specialty Retail
Whole market+12.3%25.3%0.59−42.1%+323%0.16—
58
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.370.31%
59
XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity
Whole market+8.6%18.3%0.54−42.9%+241%0.440.08%
60
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.170.08%
61
NDAQNasdaq, Inc. · Capital Markets
Whole market+8.9%24.7%0.47−38.3%+407%0.38—
62
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.420.25%
63
VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity
Whole market+9.4%15.8%0.65−43.2%+182%0.550.05%
64
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.410.13%
65
XLIState Street Industrial Select Sector SPDR ETF · US Industrials
Whole market+11.5%17.6%0.71−42.3%+246%0.540.08%
66
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.540.15%
67
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.500.56%
68
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.330.08%
69
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.420.36%
70
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.510.47%
71
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.29—
72
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+176%0.520.15%
73
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+11.1%19.5%0.64−42.8%—0.410.25%
74
AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity
Whole market+9.3%19.5%0.56−36.0%—0.450.33%
75
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.520.20%
76
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.45—
77
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.38—
78
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.35—
79
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.23—
80
EVRGEvergy, Inc. · Electric Utilities
Whole market+9.5%18.9%0.57−38.8%+109%0.29—
81
BBJPJPMorgan BetaBuilders Japan ETF · International Equity
Whole market+9.3%18.6%0.57−32.7%—0.440.19%
82
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.540.15%
83
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.480.35%
84
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.570.40%
85
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.28—
86
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.590.12%
87
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.400.15%
88
LECOLincoln Electric Holdings, Inc. · Industrial Machinery
Whole market+14.1%27.5%0.62−38.9%+389%0.45—
89
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.16—
90
GRIDFirst Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund · Infrastructure Equity
Whole market+12.5%22.0%0.65−40.6%+383%0.580.56%
91
IGFiShares Global Infrastructure ETF · Infrastructure Equity
Whole market+9.0%13.9%0.69−42.1%+113%0.490.37%
92
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.20—
93
FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity
Whole market+9.8%17.0%0.64−39.9%+151%0.420.39%
94
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.500.46%
95
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.13—
96
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.26—
97
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.08—
98
DCIDonaldson Company, Inc. · Industrial Machinery
Whole market+9.5%23.4%0.51−42.7%+182%0.30—
99
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.440.19%
100
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.600.12%

DLR against its popular alternatives

The investments people most often weigh against DLR, compared period by period and year by year.

How do DLR'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 DLR, which divides the map into what did better or worse on each measure.

Green points earned more than DLR with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDLR: 6.3% a year, volatility 29.4%SPY (S&P 500): 12.7% a year, volatility 17.1%MSFT: 12.5% a year, volatility 28.2%EQIX: 6.6% a year, volatility 27.8%SBAC: −10.2% a year, volatility 30.3%UNIT: −22.1% a year, volatility 55.3%AMZN: 9.0% a year, volatility 36.6%IRM: 24.6% a year, volatility 30.3%GOOG: 19.0% a year, volatility 32.0%ETN: 20.4% a year, volatility 32.1%VRT: 54.2% a year, volatility 64.2%AMT: −4.8% a year, volatility 27.3%CCI: −9.9% a year, volatility 28.3%DLRSPY (S&P 500)MSFTEQIXSBACUNITAMZNIRMGOOGETNVRTAMTCCI10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDLR: 6.3% a year, volatility 29.4%SPY (S&P 500): 12.7% a year, volatility 17.1%MSFT: 12.5% a year, volatility 28.2%EQIX: 6.6% a year, volatility 27.8%SBAC: −10.2% a year, volatility 30.3%UNIT: −22.1% a year, volatility 55.3%AMZN: 9.0% a year, volatility 36.6%IRM: 24.6% a year, volatility 30.3%GOOG: 19.0% a year, volatility 32.0%ETN: 20.4% a year, volatility 32.1%VRT: 54.2% a year, volatility 64.2%AMT: −4.8% a year, volatility 27.3%CCI: −9.9% a year, volatility 28.3%DLRSPY (S&P 500)EQIXSBACUNITAMZNIRMGOOGETNVRTAMTCCI
All figures
InvestmentAnnual returnVolatility
VRT Vertiv Holdings Co+54.2%64.2%
IRM Iron Mountain Incorporated+24.6%30.3%
ETN Eaton Corporation plc+20.4%32.1%
GOOG Alphabet Inc.+19.0%32.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT Microsoft Corporation+12.5%28.2%
AMZN Amazon.com, Inc.+9.0%36.6%
EQIX Equinix, Inc.+6.6%27.8%
DLR This pageDigital Realty Trust, Inc.+6.3%29.4%
AMT American Tower Corporation−4.8%27.3%
CCI Crown Castle Inc.−9.9%28.3%
SBAC SBA Communications Corporation−10.2%30.3%
UNIT Uniti Group Inc.−22.1%55.3%
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Has DLR consistently beaten its popular alternatives?

This section compares DLR 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 DLR helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than DLR 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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
DLR Digital Realty Trust, Inc. (this page)—−5.9%+0.1%−12.9%+15.4%+4.3%+65.7%+35.7%+154%29.4%0.35−48.5%—$65B—
AMZN QualifiedAmazon.com, Inc.5/5 short3/3 longAll-weather+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
IRM QualifiedIron Mountain Incorporated4/5 short3/3 longAll-weather−3.3%−8.3%−4.8%+38.9%+10.4%+110%+200%+470%30.3%0.88−39.0%—$34B—
GOOG QualifiedAlphabet Inc.3/5 short3/3 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%+752%32.0%0.71−44.6%—$4.1T—
MSFT QualifiedMicrosoft Corporation3/5 short2/3 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%+946%28.2%0.56−37.1%—$3.9T—
EQIX QualifiedEquinix, Inc.3/5 short2/3 long−6.6%−2.5%−9.7%+31.2%+22.2%+49.1%+37.4%+226%27.8%0.37−41.8%—$97B—
ETN Electrical Equipment & PartsEaton Corporation plc2/5 short3/3 long−12.3%−4.6%−5.8%+17.7%+2.3%+104%+153%+657%32.1%0.74−44.5%—$148B—
VRT Electrical Equipment & PartsVertiv Holdings Co2/5 short2/3 long−18.9%−30.2%−35.2%+16.0%+16.0%+456%+772%—64.2%1.01−71.3%—$78B—
AMT REIT - SpecialtyAmerican Tower Corporation3/5 short0/3 long+6.3%+11.1%+3.1%+8.2%−1.1%+27.5%−21.8%+107%27.3%-0.04−45.4%—$86B—
CCI REIT - SpecialtyCrown Castle Inc.3/5 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 Corporation1/5 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—
UNIT REIT - SpecialtyUniti Group Inc.0/5 short0/3 long−41.8%−49.7%−53.8%−19.3%−1.6%−22.8%−71.3%−83.6%55.3%-0.18−87.0%—$1.3B—
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How did DLR do year by year?

This table shows each investment's total return in every full calendar year since 2005, along with where DLR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with DLR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: DLR began trading on October 29, 2004, so the table starts with 2005, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of DLR; gray means the two finished within a fraction of a point. The rank row places DLR among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of DLR202520242023202220212020201920182017201620152014201320122011201020092008200720062005
DLR This pageDigital Realty Trust, Inc.—−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%
Rank among alternativesTop quarter in 6 of 219 of 125 of 127 of 129 of 129 of 128 of 129 of 128 of 1110 of 112 of 115 of 101 of 1010 of 109 of 101 of 107 of 107 of 101 of 109 of 102 of 103 of 10
SPY S&P 500State Street SPDR S&P 500 ETF7 of 21+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%
AMZN Amazon.com, Inc.13 of 21+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%+135%−16.5%+6.8%
IRM Iron Mountain Incorporated9 of 21−18.3%+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%
GOOG Alphabet Inc.14 of 21+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%−1.0%+35.6%+1.7%+44.5%−6.0%+58.5%+9.5%+8.8%−4.2%+101%−55.5%+50.2%+11.1%+115%
MSFT Microsoft Corporation11 of 21+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%+15.1%+22.7%+27.5%+44.3%+5.8%−4.5%−6.5%+60.5%−44.4%+20.8%+15.8%−1.0%
EQIX Equinix, Inc.10 of 21−16.9%+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%
ETN Eaton Corporation plc12 of 21−2.8%+39.5%+56.2%−7.2%+46.7%+31.0%+42.8%−10.0%+21.5%+33.8%−20.7%−8.2%+44.2%+28.6%−11.8%+64.0%+33.3%−47.1%+31.6%+14.4%−5.4%
VRT Vertiv Holdings Co5 of 7+42.8%+137%+252%−45.3%+33.8%+69.4%+12.5%——————————————
AMT American Tower Corporation9 of 21−0.9%−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%
CCI Crown Castle Inc.11 of 21+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%
SBAC SBA Communications Corporation12 of 21−3.1%−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%
UNIT Uniti Group Inc.2 of 10−23.3%−4.8%+12.8%−58.8%+22.8%+42.9%−45.8%−2.8%−22.8%+41.7%———————————
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Risk and diversification

How DLR 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 DLR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents DLR's five deepest drawdowns since it began trading in 2004, 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.

Note: DLR began trading on October 29, 2004, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means DLR fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringDLR fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−56.8%−39.2%Sep 2008Nov 20082 monthsNov 200912 months
2022 bear market−48.5%−11.7%Dec 2021May 202317 monthsJul 202414 months
No named crash−41.1%+35.4%Jul 2012Dec 201317 monthsJan 201513 months
No named crash−29.4%−17.1%Nov 2024Apr 20255 monthsApr 202612 months
2008 financial crisis−26.5%−16.8%Oct 2007Mar 20085 monthsJun 20083 months

How did DLR do in stock market crashes?

This section measures how far DLR, 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.

Note: DLR began trading on October 29, 2004, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than DLR.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
DLR This pageDigital Realty Trust, Inc.—−3.1%−45.7%−24.1%−14.6%−8.1%−8.4%−20.2%−1.7%−56.8%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
AMZN Amazon.com, Inc.3 of 9−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
IRM Iron Mountain Incorporated5 of 9−4.7%−22.6%−33.4%−15.1%−4.7%−22.6%−19.5%0.0%−55.7%−34.9%
GOOG Alphabet Inc.2 of 9−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
MSFT Microsoft Corporation4 of 9−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
EQIX Equinix, Inc.3 of 9−4.1%−36.3%−25.1%−22.8%−6.3%−15.8%−22.5%−1.1%−69.9%—
ETN Eaton Corporation plc2 of 9−4.5%−26.3%−44.5%−26.0%−6.7%−22.3%−34.6%−1.4%−68.5%−31.6%
VRT Vertiv Holdings Co1 of 4−12.2%−65.7%−58.6%−3.4%——————
AMT American Tower Corporation4 of 9−2.3%−34.2%−28.8%−8.4%−8.0%−19.2%−13.6%−2.9%−56.5%−98.7%
CCI Crown Castle Inc.5 of 9−2.4%−34.5%−29.8%−10.7%−7.4%−11.1%−11.9%−2.1%−76.1%−97.6%
SBAC SBA Communications Corporation4 of 9−3.9%−34.1%−28.8%−8.7%−7.8%−33.6%−15.8%−0.6%−72.2%−99.6%
UNIT Uniti Group Inc.1 of 6−5.2%−51.9%−52.4%−27.1%−6.2%−32.6%————
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How closely does DLR 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 DLR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

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 DLR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
DLR This pageDigital Realty Trust, Inc.64%64%1.000.60
ETN Eaton Corporation plc114%80%1.431.16
MSFT Microsoft Corporation127%91%1.390.96
GOOG Alphabet Inc.132%110%1.201.12
IRM Iron Mountain Incorporated98%83%1.180.99
EQIX Equinix, Inc.76%66%1.140.67
AMZN Amazon.com, Inc.134%139%0.961.31
AMT American Tower Corporation61%79%0.780.60
SBAC SBA Communications Corporation55%79%0.700.64
CCI Crown Castle Inc.54%101%0.530.70
UNIT Uniti Group Inc.47%186%0.251.20
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What diversifies DLR?

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 DLR's. Because such investments tend not to fall at the same time, pairing DLR with them can reduce a portfolio's overall swings.

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 DLR lost money. The last two columns show a portfolio that is 80% DLR and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2025202220182013200880/20 mix volatility80/20 mix annual return
DLR Digital Realty Trust, Inc. (this page)1.00+35.7%0.35−10.1%−41.0%−3.0%−23.5%−11.4%25.6%+7.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.38+119%1.48+27.1%+3.8%−5.2%——21.2%+9.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.36+225%1.34+32.8%+6.0%−19.8%+41.3%−20.8%21.5%+11.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.46+101%1.04+9.7%+10.4%−8.7%+16.6%—21.9%+9.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.33+83.3%1.00+11.9%+7.1%−3.0%+23.8%—21.5%+9.0%
SMH TechnologyVanEck Semiconductor ETF0.48+323%0.97+49.2%−33.5%−9.1%+33.4%−44.7%24.5%+13.9%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.48+85.0%0.96+23.1%−5.1%−9.5%+26.4%—21.6%+9.2%
GLD CommoditiesSPDR Gold Shares0.18+126%0.96+63.7%−0.8%−1.9%−28.3%+4.9%21.3%+10.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.41+136%0.93+26.6%−10.4%−0.9%——22.4%+10.8%

Stocks

InvestmentCorrelation5Y returnSharpe2025202220182013200880/20 mix volatility80/20 mix annual return
DLR Digital Realty Trust, Inc. (this page)1.00+35.7%0.35−10.1%−41.0%−3.0%−23.5%−11.4%25.6%+7.6%
CAH Medical - DistributionCardinal Health, Inc.0.13+479%1.55+76.3%+54.1%−24.5%+66.0%−39.6%21.8%+14.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.42+3,143%1.47+220%+1.3%−16.3%+27.6%−20.5%27.5%+25.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.47+1,636%1.46+121%+17.0%+0.8%+61.7%−15.2%25.9%+21.9%
MCK Medical - DistributionMcKesson Corporation0.22+413%1.44+44.5%+51.8%−28.4%+67.7%−40.4%22.1%+13.4%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.14+690%1.41+19.2%+86.6%−8.2%+48.6%—22.3%+16.1%
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Common questions

What was DLR's worst drawdown?

DLR's deepest decline since it began trading in 2004 was 56.8%, from September to November 2008. It took 12 months from the low to climb back to its old high. Because DLR launched in October 2004, that record does not include the dot-com bust.

What were DLR's best and worst years?

Over 21 full calendar years, DLR's best year was 2005, when it returned 77.9%. Its worst was 2022, with a return of -41.0%.

Is there a better investment than DLR?

Among DLR's popular alternatives, MSFT earned more for the risk it took than DLR over the past 5 years, and its worst fall in 10 years was 37.1%, against 48.5% for DLR. Looking beyond its popular alternatives, CIBR (cybersecurity) and LAMR (specialty reits) earned more than DLR with less volatility over the past 5 years. CIBR returned 14.1% a year at 26.1% volatility, against 6.3% a year at 29.4%.

Is DLR more volatile than the S&P 500?

Yes. DLR's volatility over the past 5 years was 29.4%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DLR's return lands within 29.4% 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 DLR's Sharpe ratio?

DLR's Sharpe ratio over the past 5 years was 0.35, against 0.79 for the S&P 500, so DLR 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 DLR with the S&P 500?

Over the past 5 years, DLR's monthly returns had a correlation of 0.61 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 DLR instead: the lower it is, the more that option would diversify a DLR holding.

What are the best alternatives to DLR?

Of the 11 popular alternatives we compared, five outperformed DLR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AMZN, IRM and GOOG.

Did DLR outperform the S&P 500?

DLR finished ahead of the S&P 500 (SPY) in 14 of 21 full calendar years. In 2025, it returned -10.1%, against +17.7% for the index.

How did DLR do in stock market crashes?

DLR fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when DLR fell 45.7% and the S&P 500 fell 24.5%.

What diversifies DLR?

These had a low correlation with DLR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.38), DXJ (correlation 0.36) and EMLP (correlation 0.46); among large stocks, CAH (correlation 0.13), CLS (correlation 0.42) and FIX (correlation 0.47). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to DLR

Other stocks and ETFs