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Relative Intelligence · Integrated Telecommunications

How AT&T (T) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on T alone. It places T (AT&T Inc.) against 18 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 T stands in the market, and of the alternatives worth a closer look.

Period covered: T's full trading record, from October 1986 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.

Rank the market against T →Chart T vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in T over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of T over the same span and T'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.

Choose a period

From the end of September 1997 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. 678 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of T; 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$100,000$200,000199720022007201220172022$10,000$100,00019972004201120182025
  • RCI$210,974+2,010% total · +11.1% a year
  • CSCO$206,586+1,966% total · +11.0% a year
  • BCE$142,233+1,322% total · +9.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • SKM$121,221+1,112% total · +9.0% a year
  • CMCSA$75,723+657% total · +7.2% a year
  • T$65,217+552% total · +6.7% a year
  • VOD$50,622+406% total · +5.8% a year
  • NOK$36,874+269% total · +4.6% a year
  • TDS$34,896+249% total · +4.4% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,350 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of T; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • IRM$30,845+208% total · +25.3% a year
  • TDS$26,192+162% total · +21.2% a year
  • WMT$23,813+138% total · +18.9% a year
  • CSCO$22,737+127% total · +17.9% a year
  • NOK$21,125+111% total · +16.1% a year
  • MSI$20,359+104% total · +15.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KT$18,344+83.4% total · +12.9% a year
  • T$16,172+61.7% total · +10.1% a year
  • SKM$15,352+53.5% total · +9.0% a year
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T 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.

The company

Market value
$161B
Industry
Telecommunications Services
Price history from
October 1986

Returns

Past 1 year
−5.9%total return
Past 3 years
+77.2%+21.0% a year
Past 5 years
+59.7%+9.8% a year
Past 10 years
+60.7%+4.9% a year
Best calendar year
+55.6%2006
Worst calendar year
−27.6%2002
Losing years
9 of 29full calendar years

Risk

Volatility
25.2%typical yearly swing, 5 years
Sharpe ratio
0.50return per unit of risk, 5 years
Worst decline ever
−63.9%Nov 2000 to Mar 2003
From its all-time high
−16.6%below the peak

T against the whole market

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

How does T rank among all stocks?

This section ranks T 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 T 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.

MeasureTRankStanding
1-year return−5.9%2,214 of 3,287bottom 34%
3-year return+77.2%1,162 of 3,017top 39%
5-year return+59.7%1,003 of 2,893top 35%
10-year return+60.7%1,526 of 2,202bottom 32%
Volatility, 5 years25.2%343 of 2,893top 12%
Sharpe ratio, 5 years0.50926 of 2,893top 32%
Worst decline, past 10 years−39.4%140 of 2,187top 6%

What has beaten T 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). T sits where the dashed lines cross. Anything in the green box above and to the left earned more than T 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 T; faint dots are 93 more of the 328 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.

10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TCOST: +17.4% a year, volatility 22.9%NVS: +17.1% a year, volatility 20.7%LIN: +11.5% a year, volatility 20.9%COR: +24.2% a year, volatility 22.8%IWF: +11.7% a year, volatility 21.8%DFAC: +11.4% a year, volatility 17.0%RSG: +13.9% a year, volatility 18.5%AEP: +12.4% a year, volatility 20.2%QUAL: +11.4% a year, volatility 17.3%ED: +12.0% a year, volatility 18.8%SPMO: +18.7% a year, volatility 20.8%IUSG: +12.9% a year, volatility 21.2%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%DGRW: +11.8% a year, volatility 14.0%SPHQ: +12.0% a year, volatility 16.7%RY: +17.3% a year, volatility 18.2%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%XLG: +13.8% a year, volatility 18.9%ESGV: +11.3% a year, volatility 18.5%JQUA: +13.6% a year, volatility 15.7%USMC: +14.1% a year, volatility 16.4%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IDMO: +13.3% a year, volatility 18.2%GARP: +17.5% a year, volatility 22.5%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%EQWL: +11.6% a year, volatility 15.0%FLQL: +13.8% a year, volatility 16.3%JMOM: +12.9% a year, volatility 19.1%HFXI: +11.4% a year, volatility 15.3%CHCO: +15.9% a year, volatility 22.8%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%PPH: +11.6% a year, volatility 15.8%FTQI: +11.5% a year, volatility 14.8%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%EQL: +13.5% a year, volatility 14.5%EWJV: +14.9% a year, volatility 18.2%V: +12.8% a year, volatility 22.9%SIXA: +12.8% a year, volatility 12.7%KO: +14.7% a year, volatility 16.8%VSLU: +13.7% a year, volatility 16.2%NXTG: +16.2% a year, volatility 19.1%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%PJP: +11.2% a year, volatility 16.6%VTV: +12.1% a year, volatility 13.7%WELL: +26.0% a year, volatility 23.8%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%EPD: +16.4% a year, volatility 17.1%VYM: +11.3% a year, volatility 13.8%BMO: +13.6% a year, volatility 21.4%BNS: +12.9% a year, volatility 19.9%KMI: +18.7% a year, volatility 22.5%SO: +11.3% a year, volatility 18.8%CTAS: +16.5% a year, volatility 23.1%CME: +11.2% a year, volatility 20.8%GD: +12.9% a year, volatility 20.8%AFL: +19.0% a year, volatility 20.8%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%AME: +14.4% a year, volatility 22.1%DYNF: +14.7% a year, volatility 17.5%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%SLF: +11.7% a year, volatility 19.4%HIG: +15.6% a year, volatility 22.0%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%XLI: +11.5% a year, volatility 17.6%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%HDV: +12.9% a year, volatility 13.0%RPRX: +13.3% a year, volatility 23.8%AVDV: +13.9% a year, volatility 17.4%CNP: +11.4% a year, volatility 19.6%RDVY: +11.3% a year, volatility 18.8%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%AMLP: +16.1% a year, volatility 18.9%SNA: +12.9% a year, volatility 23.6%T: +9.8% a year, volatility 25.2%SPY (S&P 500): +12.7% a year, volatility 17.1%CSCO: +16.8% a year, volatility 26.1%KT: +13.1% a year, volatility 22.6%MSI: +14.8% a year, volatility 23.6%IRM: +24.6% a year, volatility 30.3%LAMR: +10.7% a year, volatility 26.5%ERIC: +1.7% a year, volatility 35.7%CHT: +7.7% a year, volatility 13.3%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%LVHI: +17.0% a year, volatility 11.1%AMGN: +19.6% a year, volatility 24.9%VIG: +10.4% a year, volatility 14.1%WM: +9.3% a year, volatility 19.2%DXJ: +26.6% a year, volatility 19.1%TSPY (S&P 500)CSCOKTMSIIRMLAMRERICCHTVOOWMTLVHIAMGNVIGWMDXJ10.0%20.0%30.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TCOST: +17.4% a year, volatility 22.9%NVS: +17.1% a year, volatility 20.7%LIN: +11.5% a year, volatility 20.9%COR: +24.2% a year, volatility 22.8%IWF: +11.7% a year, volatility 21.8%DFAC: +11.4% a year, volatility 17.0%RSG: +13.9% a year, volatility 18.5%AEP: +12.4% a year, volatility 20.2%QUAL: +11.4% a year, volatility 17.3%ED: +12.0% a year, volatility 18.8%SPMO: +18.7% a year, volatility 20.8%IUSG: +12.9% a year, volatility 21.2%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%DGRW: +11.8% a year, volatility 14.0%SPHQ: +12.0% a year, volatility 16.7%RY: +17.3% a year, volatility 18.2%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%XLG: +13.8% a year, volatility 18.9%ESGV: +11.3% a year, volatility 18.5%JQUA: +13.6% a year, volatility 15.7%USMC: +14.1% a year, volatility 16.4%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IDMO: +13.3% a year, volatility 18.2%GARP: +17.5% a year, volatility 22.5%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%EQWL: +11.6% a year, volatility 15.0%FLQL: +13.8% a year, volatility 16.3%JMOM: +12.9% a year, volatility 19.1%HFXI: +11.4% a year, volatility 15.3%CHCO: +15.9% a year, volatility 22.8%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%PPH: +11.6% a year, volatility 15.8%FTQI: +11.5% a year, volatility 14.8%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%EQL: +13.5% a year, volatility 14.5%EWJV: +14.9% a year, volatility 18.2%V: +12.8% a year, volatility 22.9%SIXA: +12.8% a year, volatility 12.7%KO: +14.7% a year, volatility 16.8%VSLU: +13.7% a year, volatility 16.2%NXTG: +16.2% a year, volatility 19.1%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%PJP: +11.2% a year, volatility 16.6%VTV: +12.1% a year, volatility 13.7%WELL: +26.0% a year, volatility 23.8%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%EPD: +16.4% a year, volatility 17.1%VYM: +11.3% a year, volatility 13.8%BMO: +13.6% a year, volatility 21.4%BNS: +12.9% a year, volatility 19.9%KMI: +18.7% a year, volatility 22.5%SO: +11.3% a year, volatility 18.8%CTAS: +16.5% a year, volatility 23.1%CME: +11.2% a year, volatility 20.8%GD: +12.9% a year, volatility 20.8%AFL: +19.0% a year, volatility 20.8%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%AME: +14.4% a year, volatility 22.1%DYNF: +14.7% a year, volatility 17.5%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%SLF: +11.7% a year, volatility 19.4%HIG: +15.6% a year, volatility 22.0%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%XLI: +11.5% a year, volatility 17.6%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%HDV: +12.9% a year, volatility 13.0%RPRX: +13.3% a year, volatility 23.8%AVDV: +13.9% a year, volatility 17.4%CNP: +11.4% a year, volatility 19.6%RDVY: +11.3% a year, volatility 18.8%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%AMLP: +16.1% a year, volatility 18.9%SNA: +12.9% a year, volatility 23.6%T: +9.8% a year, volatility 25.2%SPY (S&P 500): +12.7% a year, volatility 17.1%CSCO: +16.8% a year, volatility 26.1%KT: +13.1% a year, volatility 22.6%MSI: +14.8% a year, volatility 23.6%IRM: +24.6% a year, volatility 30.3%LAMR: +10.7% a year, volatility 26.5%ERIC: +1.7% a year, volatility 35.7%CHT: +7.7% a year, volatility 13.3%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%LVHI: +17.0% a year, volatility 11.1%AMGN: +19.6% a year, volatility 24.9%VIG: +10.4% a year, volatility 14.1%WM: +9.3% a year, volatility 19.2%DXJ: +26.6% a year, volatility 19.1%TSPY (S&P 500)CSCOMSIIRMLAMRERICCHTVOOWMTLVHIAMGNVIGWMDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than T?

Investments that beat T 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 T 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 T'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 T 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 T'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× T's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than T's.

Screen the whole market against T for any period in BetterThanSPYOpen these 16 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 T?lower diversifies moreExpenseper year
TAT&T Inc. · this page
+9.8%25.2%0.50−39.4%+60.7%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.140.09%
Popular alternativesbest 2 shownThe investments people most often weigh against T. 2 of 18 passed at least one test.
CSCOCisco Systems, Inc. · Communications Equipment
Higher return, similar volatilityHigher return in most periods+16.8%26.1%0.73−42.0%+374%0.05—
KTKT Corporation · Integrated Telecommunications
Higher return, lower volatility+13.1%22.6%0.66−60.3%+84.9%0.43—
Same and neighboring categories, and shared themesbest 5 shownEverything else in Integrated Telecommunications and Telecommunications and the categories next to it (Communications Equipment, Telecom Tower REITs, Specialty REITs), plus T's specific themes. 5 of 32 passed at least one test.
MSIMotorola Solutions, Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.8%23.6%0.71−32.8%+625%0.27—
IRMIron Mountain Incorporated · Specialty REITs
Higher return in most periods+24.6%30.3%0.88−39.0%+470%0.08—
LAMRLamar Advertising Company · Specialty REITs
Higher return in most periods+10.7%26.5%0.52−65.8%+278%0.23—
ERICTelefonaktiebolaget LM Ericsson (publ) · Communications Equipment
Higher return in most periods+1.7%35.7%0.23−66.6%+161%0.27—
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Smaller losses in recent crashes+7.7%13.3%0.63−23.8%+101%0.12—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 942 of 3,583 passed at least one test.
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%0.140.03%
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%0.14—
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%0.25—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.24—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.490.40%
AMGNAmgen Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.6%24.9%0.85−24.9%+266%0.46—
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.4%14.1%0.78−31.7%+258%0.270.04%
WMWaste Management, Inc. · Environmental Services
Similar return, lower volatilitySmaller losses in recent crashes+9.3%19.2%0.56−30.1%+344%0.16—
What these numbers mean for T
Annual return
T returned 9.8% 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 $16,000. 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
T's volatility over the past 5 years was 25.2%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, T's return lands within 25.2% 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
T's Sharpe ratio over the past 5 years was 0.50, against 0.79 for the S&P 500, so T 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
T's worst fall from a peak to a low over the past 10 years was 39.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 39.4% fall takes a 65.0% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, T's monthly returns had a correlation of 0.14 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against T instead: the lower it is, the more that option would diversify a T holding. Guide: Correlation and diversification →
Show all 328 stocks and funds worth at least $500 million that earned more than T 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 TExpense
1
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.140.03%
2
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.14—
3
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.25—
4
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.24—
5
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.490.40%
6
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.17—
7
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.33—
8
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.26—
9
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.35—
10
IWFiShares Russell 1000 Growth ETF · US Large-Cap Growth
Whole market+11.7%21.8%0.62−32.7%+416%-0.030.18%
11
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.4%17.0%0.72−23.1%—0.180.21%
12
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.17—
13
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.18—
14
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Whole market+11.4%17.3%0.71−34.1%+293%0.150.15%
15
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.29—
16
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%-0.010.13%
17
IUSGiShares Core S&P U.S. Growth ETF · US Growth Equity
Whole market+12.9%21.2%0.68−32.4%+405%-0.030.04%
18
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.460.27%
19
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.280.15%
20
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Whole market+11.8%14.0%0.87−32.0%+276%0.310.28%
21
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.130.20%
22
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.15—
23
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.260.35%
24
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.160.40%
25
XLGInvesco S&P 500 Top 50 ETF · US Large-Cap Equity
Whole market+13.8%18.9%0.78−30.5%+379%0.050.20%
26
ESGVVanguard ESG U.S. Stock ETF · US ESG Equity
Whole market+11.3%18.5%0.67−33.7%—0.090.09%
27
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.180.12%
28
MSIMotorola Solutions, Inc. · Communications Equipment
Same or nearby category+14.8%23.6%0.71−32.8%+625%0.27—
29
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.130.12%
30
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.180.50%
31
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.36—
32
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.290.25%
33
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—-0.040.15%
34
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.020.45%
35
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.330.09%
36
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.310.30%
37
FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market
Whole market+13.8%16.3%0.88−33.6%—0.160.15%
38
JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market
Whole market+12.9%19.1%0.73−34.3%—0.020.12%
39
HFXINYLI FTSE International Equity Currency Neutral ETF · International
Whole market+11.4%15.3%0.79−32.4%+180%0.240.19%
40
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.20—
41
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.13—
42
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.060.45%
43
PPHVanEck Pharmaceutical ETF · Healthcare
Whole market+11.6%15.8%0.78−29.7%+153%0.360.36%
44
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.080.75%
45
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare
Whole market+11.9%16.9%0.75−32.1%+153%0.270.60%
46
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.050.50%
47
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+387%0.320.19%
48
EWJViShares MSCI Japan Value ETF · International
Whole market+14.9%18.2%0.86−30.1%—0.350.15%
49
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.42—
50
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.440.31%
51
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.150.48%
52
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.39—
53
VSLUApplied Finance Valuation Large Cap ETF · Broad Market
Whole market+13.7%16.2%0.88−23.8%—0.210.49%
54
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.080.70%
55
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.45—
56
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.55—
57
PJPInvesco Pharmaceuticals ETF · Healthcare
Whole market+11.2%16.6%0.72−34.0%+135%0.170.58%
58
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.350.03%
59
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.25—
60
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.04—
61
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.27—
62
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.34—
63
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.36—
64
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.31—
65
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.12—
66
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.41—
67
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.39—
68
VYMVanguard High Dividend Yield ETF · US Dividend Equity
Whole market+11.3%13.8%0.85−35.2%+208%0.420.04%
69
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.16—
70
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.20—
71
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.43—
72
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.20—
73
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.24—
74
CMECME Group Inc. · Capital Markets
Whole market+11.2%20.8%0.62−37.4%+319%0.34—
75
GDGeneral Dynamics Corporation · Aerospace & Defense
Whole market+12.9%20.8%0.69−51.6%+184%0.27—
76
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.35—
77
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.22—
78
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.30—
79
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.34—
80
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.01—
81
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.110.26%
82
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.380.80%
83
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.320.40%
84
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.7%19.4%0.67−50.8%+255%0.10—
85
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.6%22.0%0.77−57.6%+294%0.46—
86
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.32—
87
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.400.25%
88
XLIState Street Industrial Select Sector SPDR ETF · US Industrials
Whole market+11.5%17.6%0.71−42.3%+246%0.140.08%
89
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.5%0.71−70.9%+172%0.52—
90
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.300.56%
91
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.34—
92
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.570.08%
93
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.3%23.8%0.65−49.7%—0.22—
94
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.370.36%
95
CNPCenterPoint Energy, Inc. · Electric Utilities
Whole market+11.4%19.6%0.65−59.8%+142%0.25—
96
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.210.47%
97
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.37—
98
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+11.1%19.5%0.64−42.8%—0.030.25%
99
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.401.01%
100
SNASnap-on Incorporated · Industrial Machinery
Whole market+12.9%23.6%0.63−47.4%+195%0.22—

T against its popular alternatives

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

How do T'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 T, which divides the map into what did better or worse on each measure.

Green points earned more than T 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%80.0%90.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityT: 9.8% a year, volatility 25.2%SPY (S&P 500): 12.7% a year, volatility 17.1%KT: 13.1% a year, volatility 22.6%SKM: 8.8% a year, volatility 30.0%AMT: −4.8% a year, volatility 27.3%AMX: 8.5% a year, volatility 25.8%VOD: 7.7% a year, volatility 28.2%TMUS: 6.4% a year, volatility 26.1%SBAC: −10.2% a year, volatility 30.3%LUMN: −17.4% a year, volatility 86.3%CCI: −9.9% a year, volatility 28.3%CMCSA: −13.5% a year, volatility 27.7%CHTR: −31.6% a year, volatility 41.3%CSCO: 16.8% a year, volatility 26.1%NOK: 11.6% a year, volatility 40.1%TDS: 21.1% a year, volatility 64.5%VZ: 2.7% a year, volatility 22.9%RCI: −4.8% a year, volatility 23.4%TU: −12.3% a year, volatility 20.3%BCE: −11.3% a year, volatility 20.0%TSPY (S&P 500)SKMAMTAMXTMUSSBACLUMNCCICMCSACHTRCSCONOKTDSVZRCITUBCE0.0%20.0%40.0%60.0%80.0%100%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityT: 9.8% a year, volatility 25.2%SPY (S&P 500): 12.7% a year, volatility 17.1%KT: 13.1% a year, volatility 22.6%SKM: 8.8% a year, volatility 30.0%AMT: −4.8% a year, volatility 27.3%AMX: 8.5% a year, volatility 25.8%VOD: 7.7% a year, volatility 28.2%TMUS: 6.4% a year, volatility 26.1%SBAC: −10.2% a year, volatility 30.3%LUMN: −17.4% a year, volatility 86.3%CCI: −9.9% a year, volatility 28.3%CMCSA: −13.5% a year, volatility 27.7%CHTR: −31.6% a year, volatility 41.3%CSCO: 16.8% a year, volatility 26.1%NOK: 11.6% a year, volatility 40.1%TDS: 21.1% a year, volatility 64.5%VZ: 2.7% a year, volatility 22.9%RCI: −4.8% a year, volatility 23.4%TU: −12.3% a year, volatility 20.3%BCE: −11.3% a year, volatility 20.0%TSPY (S&P 500)SKMAMTAMXSBACLUMNCCICMCSACHTRCSCOTDSVZRCITU
All figures
InvestmentAnnual returnVolatility
TDS Telephone and Data Systems, Inc.+21.1%64.5%
CSCO Cisco Systems, Inc.+16.8%26.1%
KT KT Corporation+13.1%22.6%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
NOK Nokia Oyj+11.6%40.1%
T This pageAT&T Inc.+9.8%25.2%
SKM SK Telecom Co.,Ltd+8.8%30.0%
AMX América Móvil, S.A.B. de C.V.+8.5%25.8%
VOD Vodafone Group Public Limited Company+7.7%28.2%
TMUS T-Mobile US, Inc.+6.4%26.1%
VZ Verizon Communications Inc.+2.7%22.9%
RCI Rogers Communications Inc.−4.8%23.4%
AMT American Tower Corporation−4.8%27.3%
CCI Crown Castle Inc.−9.9%28.3%
SBAC SBA Communications Corporation−10.2%30.3%
BCE BCE Inc.−11.3%20.0%
TU TELUS Corporation−12.3%20.3%
CMCSA Comcast Corporation−13.5%27.7%
LUMN Lumen Technologies, Inc.−17.4%86.3%
CHTR Charter Communications, Inc.−31.6%41.3%
Open these 20 in EasyCompare

Has T consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than T 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
T AT&T Inc. (this page)—−6.8%+8.0%−8.2%0.0%−5.9%+77.2%+59.7%+60.7%25.2%0.50−39.4%—$161B—
CSCO QualifiedCisco Systems, Inc.4/5 short3/3 longAll-weather−3.9%−3.2%+22.6%+42.2%+53.8%+118%+118%+374%26.1%0.73−42.0%—$421B—
KT QualifiedKT Corporation3/5 short3/3 long−3.5%+5.9%−12.7%+1.5%+1.5%+82.9%+84.9%+84.9%22.6%0.66−60.3%—$9.1B—
NOK Communication EquipmentNokia Oyj2/5 short3/3 long−17.5%−10.2%−14.3%+40.3%+60.8%+211%+72.8%+123%40.1%0.47−62.6%—$49B—
TDS Telecommunications ServicesTelephone and Data Systems, Inc.2/5 short3/3 long−7.2%+0.9%−24.8%+8.5%+15.0%+156%+161%+119%64.5%0.57−79.0%—$3.7B—
SKM Telecommunications ServicesSK Telecom Co.,Ltd2/5 short2/3 long−9.6%+3.6%−13.9%+59.8%+52.7%+79.8%+52.4%+152%30.0%0.43−46.0%—$12B—
AMT REIT - SpecialtyAmerican Tower Corporation5/5 short1/3 long+6.3%+11.1%+3.1%+8.2%−1.1%+27.5%−21.8%+107%27.3%-0.04−45.4%—$86B—
AMX Telecommunications ServicesAmérica Móvil, S.A.B. de C.V.3/5 short1/3 long+2.0%−12.3%−11.8%+12.1%+5.0%+48.3%+50.5%+149%25.8%0.45−44.4%—$68B—
VOD Telecommunications ServicesVodafone Group Public Limited Company3/5 short1/3 long−6.7%+3.1%+3.4%+21.3%+41.9%+109%+44.9%+9.3%28.2%0.41−62.2%—$37B—
TMUS Telecommunications ServicesT-Mobile US, Inc.1/5 short1/3 long−4.5%−18.9%−19.6%−19.7%−30.0%+21.1%+36.1%+253%26.1%0.37−44.0%—$169B—
SBAC REIT - SpecialtySBA Communications Corporation1/5 short1/3 long+2.7%+0.1%−16.8%−4.1%−6.2%+0.4%−41.5%+79.2%30.3%-0.20−55.9%—$19B—
LUMN Telecommunications ServicesLumen Technologies, Inc.0/5 short1/3 long−30.6%−29.8%−48.3%−41.7%−37.4%+222%−61.5%−71.8%86.3%0.17−94.4%—$4.6B—
VZ Telecommunications ServicesVerizon Communications Inc.4/5 short0/3 long−5.1%+4.0%−1.0%+17.2%+16.4%+71.5%+14.4%+55.8%22.9%0.23−41.2%—$185B—
CCI REIT - SpecialtyCrown Castle Inc.2/5 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—
RCI Telecommunications ServicesRogers Communications Inc.2/5 short0/3 long−6.2%−6.5%−1.4%−12.5%−8.4%−1.3%−21.7%+12.2%23.4%-0.09−56.9%—$17B—
TU Telecommunications ServicesTELUS Corporation1/5 short0/3 long−2.5%−16.5%−28.5%−31.3%−38.9%−34.4%−48.2%−8.4%20.3%-0.55−61.9%—$13B—
CMCSA Telecommunications ServicesComcast Corporation1/5 short0/3 long−1.0%−4.5%−22.6%−14.9%−20.3%−41.4%−51.6%−9.9%27.7%-0.39−60.3%—$79B—
BCE Telecommunications ServicesBCE Inc.0/5 short0/3 long−8.7%−6.2%−14.0%−11.8%−11.4%−32.5%−45.2%−20.1%20.0%-0.51−56.6%—$19B—
CHTR Telecommunications ServicesCharter Communications, Inc.0/5 short0/3 long−10.8%−14.8%−55.0%−47.4%−56.3%−74.4%−85.0%−57.4%41.3%-0.71−87.5%—$15B—
Open these 19 in EasyCompare

How did T do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where T ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with T and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of T20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
T This pageAT&T Inc.—+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%+50.8%+46.9%
Rank among alternativesTop quarter in 7 of 299 of 193 of 1913 of 193 of 1917 of 1918 of 193 of 1918 of 1918 of 193 of 193 of 1912 of 1911 of 198 of 198 of 1914 of 1813 of 184 of 188 of 173 of 1710 of 1714 of 1714 of 178 of 177 of 165 of 1614 of 148 of 126 of 12
SPY S&P 500State Street SPDR S&P 500 ETF16 of 29+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%+28.7%+33.5%
CSCO Cisco Systems, Inc.13 of 29+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%+16.6%+31.3%+15.1%+0.6%+28.0%+16.7%+11.6%−9.6%−15.5%+46.9%−39.8%−1.0%+59.7%−11.4%−20.3%+85.0%−27.7%−52.6%−28.6%+131%+150%+31.2%
KT KT Corporation12 of 26+27.8%+20.1%+5.0%+13.4%+21.0%+0.2%−15.3%−8.9%+17.8%+21.3%−14.1%−5.1%−8.9%+7.1%−20.2%+30.7%+21.0%−41.5%+5.4%+22.6%+8.6%+17.1%−7.3%+7.6%−33.5%−58.2%———
NOK Nokia Oyj12 of 29+50.7%+34.6%−23.9%−24.4%+59.3%+5.2%−34.9%+29.7%−0.3%−27.8%−8.4%+3.0%+105%−11.5%−50.3%−16.0%−14.5%−58.2%+93.4%+13.5%+20.0%−6.1%+12.0%−36.1%−43.0%−8.6%+219%+251%+21.6%
TDS Telephone and Data Systems, Inc.12 of 29+20.7%+89.0%+85.9%−45.3%+12.0%−24.4%−20.0%+19.6%−1.5%+14.0%+4.7%+0.1%+18.8%−5.0%−28.0%+9.2%+8.4%−48.8%+16.0%+52.1%−7.8%+24.1%+34.7%−47.1%+0.3%−28.2%+182%−2.4%+29.9%
SKM SK Telecom Co.,Ltd13 of 29+2.5%+2.9%+11.5%−17.8%+15.2%+10.4%−10.4%−0.4%+43.7%+8.8%−21.8%+13.3%+62.3%+17.3%−21.8%+20.9%−5.0%−36.6%+13.2%+30.5%−8.4%+19.9%−10.0%−0.6%−8.0%−38.5%+330%+61.4%−47.8%
AMT American Tower Corporation15 of 27−0.9%−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%——
AMX América Móvil, S.A.B. de C.V.13 of 24+48.6%−20.3%+4.6%−10.2%+48.8%−6.7%+15.0%−15.2%+39.1%−8.5%−31.6%−3.6%+2.7%+3.7%−20.3%+23.3%+55.6%−49.0%+35.8%+55.6%+68.4%+92.3%+91.3%−26.2%—————
VOD Vodafone Group Public Limited Company14 of 29+63.6%+5.6%−4.6%−27.2%−3.5%−9.5%+5.6%−34.8%+38.1%−20.0%−0.9%−8.8%+64.3%−4.7%+14.3%+21.5%+20.0%−42.3%+39.9%+18.4%−19.0%+11.7%+40.1%−28.3%−27.8%−27.3%+54.8%+124%+78.7%
TMUS T-Mobile US, Inc.10 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%———————————
SBAC SBA Communications Corporation14 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%———
LUMN Lumen Technologies, Inc.14 of 29+46.3%+190%−64.9%−55.5%+38.7%−19.1%−5.3%+2.0%−21.7%+2.2%−31.9%+31.7%−13.2%+13.1%−13.2%+38.0%+44.9%−29.6%−4.5%+32.6%−5.9%+9.6%+11.9%−9.8%−7.6%−24.1%+5.7%+105%+62.9%
VZ Verizon Communications Inc.12 of 29+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%+22.4%+46.6%
CCI Crown Castle Inc.13 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%——
RCI Rogers Communications Inc.17 of 29+28.6%−31.9%+3.4%+1.6%+5.6%−3.0%−0.2%+3.7%+36.4%+16.1%−7.1%−10.1%+3.3%+23.0%+15.7%+15.8%+7.5%−31.7%+53.3%+41.4%+62.0%+58.8%+77.4%−44.2%−1.0%−31.1%+180%+81.5%−31.6%
TU TELUS Corporation16 of 29+5.0%−18.4%−2.3%−14.4%+24.4%+7.3%+22.8%−8.5%+24.2%+20.4%−20.1%+8.7%+9.9%+26.7%+28.4%+46.8%+16.2%−38.4%+11.1%+14.2%+42.5%+61.1%+86.2%−23.7%−40.3%+14.4%+13.6%−5.8%+54.4%
CMCSA Comcast Corporation16 of 29−22.6%−12.0%+28.8%−28.8%−2.3%+19.0%+33.9%−12.8%+17.3%+24.8%−1.2%+13.0%+41.3%+60.4%+10.3%+33.2%+1.4%−6.6%−35.3%+63.5%−22.2%+1.5%+38.9%−34.4%−12.9%−13.7%+66.9%+80.5%+81.0%
BCE BCE Inc.16 of 29+10.2%−35.5%−4.2%−10.7%+28.6%−2.0%+23.9%−12.6%+15.0%+17.3%−11.6%+11.3%+6.1%+8.6%+23.8%+35.5%+43.3%−47.1%+53.1%+7.8%+3.5%+13.5%+30.0%−16.3%−17.6%+41.8%+164%+31.3%+67.6%
CHTR Charter Communications, Inc.11 of 15−39.1%−11.8%+14.6%−48.0%−1.5%+36.4%+70.2%−15.2%+16.7%+42.2%+9.9%+21.8%+79.4%+33.9%+46.2%——————————————
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Risk and diversification

How T 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 T's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents T's five deepest drawdowns since it began trading in 1986, 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.

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

DuringT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−63.9%−36.5%Nov 2000Mar 20032.3 yearsMay 20074.2 years
2008 financial crisis−44.4%−52.6%Dec 2007Mar 200915 monthsMar 20123 years
No named crash−39.5%−3.2%Jul 1999Feb 20007 monthsOct 20008 months
2022 bear market−39.4%+44.9%Jan 2020Jul 20233.5 yearsSep 202414 months
No named crash−31.2%—Sep 1987Oct 19871 monthOct 198812 months

How did T do in stock market crashes?

This section measures how far T, 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than T.

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
T This pageAT&T Inc.—−1.6%−29.2%−30.6%−18.3%−6.5%−8.6%−9.1%−0.3%−44.4%−63.5%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CSCO Cisco Systems, Inc.3 of 10−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
KT KT Corporation2 of 10−2.0%−22.9%−36.1%−7.9%−11.5%−20.0%−27.1%−1.8%−64.2%−68.0%
NOK Nokia Oyj2 of 10−2.1%−32.1%−42.4%−9.7%−2.8%−23.3%−21.1%0.0%−78.1%−82.1%
TDS Telephone and Data Systems, Inc.1 of 10−10.0%−33.0%−39.5%−13.4%−7.7%−30.8%−33.8%−2.8%−67.6%−64.3%
SKM SK Telecom Co.,Ltd2 of 10−0.9%−30.1%−31.3%−8.2%−8.9%−26.7%−16.5%−2.0%−60.4%−70.0%
AMT American Tower Corporation2 of 10−2.3%−34.2%−28.8%−8.4%−8.0%−19.2%−13.6%−2.9%−56.5%−98.7%
AMX América Móvil, S.A.B. de C.V.1 of 9−2.8%−24.8%−36.3%−24.9%−6.3%−33.5%−18.8%0.0%−65.4%—
VOD Vodafone Group Public Limited Company0 of 10−1.7%−39.7%−42.2%−18.5%−8.5%−21.9%−12.9%−2.8%−59.0%−79.1%
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%—
SBAC SBA Communications Corporation2 of 10−3.9%−34.1%−28.8%−8.7%−7.8%−33.6%−15.8%−0.6%−72.2%−99.6%
LUMN Lumen Technologies, Inc.1 of 10−13.9%−49.4%−33.7%−34.8%−9.8%−21.3%−17.7%−1.5%−50.8%−43.7%
VZ Verizon Communications Inc.3 of 10−2.6%−33.2%−13.6%−12.5%−7.4%−10.5%−9.9%0.0%−43.9%−55.2%
CCI Crown Castle Inc.2 of 10−2.4%−34.5%−29.8%−10.7%−7.4%−11.1%−11.9%−2.1%−76.1%−97.6%
RCI Rogers Communications Inc.2 of 10−2.8%−38.1%−35.1%−6.5%−5.5%−17.7%−14.5%0.0%−61.2%−82.8%
TU TELUS Corporation3 of 10−2.2%−28.1%−31.7%−10.3%−2.8%−25.4%−14.9%0.0%−58.5%−88.5%
CMCSA Comcast Corporation3 of 10−1.6%−43.4%−27.5%−16.1%−7.1%−14.7%−21.7%−0.8%−53.1%−61.6%
BCE BCE Inc.3 of 10−1.7%−28.9%−33.9%−7.3%−2.1%−17.0%−9.8%0.0%−60.7%−50.7%
CHTR Charter Communications, Inc.1 of 8−6.9%−52.7%−31.5%−17.8%−10.0%−18.0%−29.6%−1.3%——
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How closely does T 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 T 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 T's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
T This pageAT&T Inc.47%62%0.760.50
TMUS T-Mobile US, Inc.63%37%1.720.46
CSCO Cisco Systems, Inc.101%96%1.060.97
TDS Telephone and Data Systems, Inc.50%47%1.060.70
AMX América Móvil, S.A.B. de C.V.58%55%1.050.69
NOK Nokia Oyj63%72%0.871.01
SKM SK Telecom Co.,Ltd90%111%0.810.86
AMT American Tower Corporation61%79%0.780.60
KT KT Corporation66%88%0.750.71
VZ Verizon Communications Inc.44%60%0.740.36
SBAC SBA Communications Corporation55%79%0.700.64
VOD Vodafone Group Public Limited Company52%100%0.530.69
CCI Crown Castle Inc.54%101%0.530.70
RCI Rogers Communications Inc.53%104%0.510.59
CMCSA Comcast Corporation65%139%0.470.87
TU TELUS Corporation42%93%0.460.67
BCE BCE Inc.43%100%0.430.50
LUMN Lumen Technologies, Inc.99%255%0.391.44
CHTR Charter Communications, Inc.41%141%0.290.88
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What diversifies T?

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 T's. Because such investments tend not to fall at the same time, pairing T 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 T lost money. The last two columns show a portfolio that is 80% T and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20232021202020182017200820022001199980/20 mix volatility80/20 mix annual return
T AT&T Inc. (this page)1.00+59.7%0.50−2.8%−5.9%−19.6%−20.8%−2.4%−26.9%−27.6%−15.4%−6.7%26.4%+10.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.49+119%1.48+17.4%+17.8%−9.0%−5.2%+10.0%————22.1%+11.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.15+225%1.34+42.0%+18.0%+3.9%−19.8%+22.8%−20.8%———21.6%+14.0%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.38+101%1.04+8.0%+23.1%−13.4%−8.7%+1.1%————22.4%+11.7%
SMH TechnologyVanEck Semiconductor ETF-0.17+323%0.97+73.4%+42.1%+55.5%−9.1%+38.5%−44.7%−47.0%−14.6%—21.1%+17.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.26+85.0%0.96+20.1%+19.6%+2.1%−9.5%+16.7%————21.8%+11.4%
GLD CommoditiesSPDR Gold Shares0.32+126%0.96+12.7%−4.2%+24.8%−1.9%+12.8%+4.9%———22.4%+12.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.01+136%0.93+17.6%+22.7%+28.2%−0.9%+27.8%————21.5%+13.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.48+177%0.93−0.6%+53.3%−32.7%−18.2%−0.9%−39.0%−14.8%−18.2%+18.1%24.1%+13.2%

Stocks

InvestmentCorrelation5Y returnSharpe20232021202020182017200820022001199980/20 mix volatility80/20 mix annual return
T AT&T Inc. (this page)1.00+59.7%0.50−2.8%−5.9%−19.6%−20.8%−2.4%−26.9%−27.6%−15.4%−6.7%26.4%+10.1%
CAH Medical - DistributionCardinal Health, Inc.0.01+479%1.55+34.1%−0.4%+10.1%−24.5%−12.7%−39.6%−8.3%−2.5%−36.8%21.8%+16.4%
CLS Hardware, Equipment & PartsCelestica Inc.-0.07+3,143%1.47+160%+37.9%−2.4%−16.3%−11.6%−20.5%−65.1%−25.6%+350%23.4%+29.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.17+1,636%1.46+79.6%+89.0%+6.7%+0.8%+32.1%−15.2%−9.4%+73.7%−58.7%21.5%+25.6%
MCK Medical - DistributionMcKesson Corporation0.28+413%1.44+24.1%+44.2%+27.1%−28.4%+12.0%−40.4%−27.2%+4.9%−71.3%23.1%+15.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.36+690%1.41+30.4%+61.0%−27.4%−8.2%+34.8%————24.2%+17.9%
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Common questions

What was T's worst drawdown?

T's deepest decline since it began trading in 1986 was 63.9%, from November 2000 to March 2003. It took about four years from the low to climb back to its old high.

What were T's best and worst years?

Over 29 full calendar years, T's best year was 2006, when it returned 55.6%. Its worst was 2002, with a return of -27.6%.

Is there a better investment than T?

Among T's popular alternatives, KT earned more than T with less volatility over the past 5 years: 13.1% a year at 22.6% volatility, against 9.8% a year at 25.2%. Looking beyond its popular alternatives, MSI (communications equipment) earned more than T with less volatility over the past 5 years: 14.8% a year at 23.6% volatility, against 9.8% a year at 25.2%.

Is T more volatile than the S&P 500?

Yes. T's volatility over the past 5 years was 25.2%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, T's return lands within 25.2% 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 T's Sharpe ratio?

T's Sharpe ratio over the past 5 years was 0.50, against 0.79 for the S&P 500, so T 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 T with the S&P 500?

Over the past 5 years, T's monthly returns had a correlation of 0.14 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against T instead: the lower it is, the more that option would diversify a T holding.

What are the best alternatives to T?

Of the 18 popular alternatives we compared, two outperformed T in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CSCO and KT.

Did T outperform the S&P 500?

T finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +14.0%, against +17.7% for the index.

How did T do in stock market crashes?

T fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in two. The clearest case was the 2008 financial crisis, when T fell 44.4% and the S&P 500 fell 55.2%.

What diversifies T?

These had a low correlation with T over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.49), DXJ (correlation 0.15) and EMLP (correlation 0.38); among large stocks, CAH (correlation 0.01), CLS (correlation -0.07) and FIX (correlation -0.17). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to T

Other stocks and ETFs