# How American Tower (AMT) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/amt
> Data as of October 22, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AMT alone. It places AMT (American Tower Corporation) against 10 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where AMT stands in the market, and of the alternatives worth a closer look.

Period covered: AMT's full trading record, from February 1998 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

## Key findings

- **Right now:** AMT is 29.3% below its high, bear-market territory, while the S&P 500 sits 1.9% below a record. Even so, it has outpaced the market, rising 10.5% over the past 3 months against 2.5% for the S&P 500.
- **Stock or market?:** AMT held up far better than its industry: it rose 10.5% over the past 3 months while the specialty reits ETF SRVR (Pacer Data & Infrastructure Real Estate ETF) fell 9.9%. The S&P 500 rose 2.5%. AMT rose 4.7% last month as the S&P 500 fell 1.2% and the Nasdaq 100 fell 5.8%.
- **Past 1 to 3 years:** Over the past year, AMT fell 1.2% while the S&P 500 rose 15.6%. The same gap shows up over 3 years (26.7% against 88.4%). The last two calendar years both went the same way: AMT fell 0.9% in 2025, while the S&P 500 rose 15.6%.
- **Long term:** AMT turned $10,000 into $20,200 over the past decade, against $41,600 in the S&P 500.
- **In a crash:** In the 2022 bear market, AMT fell 34.2%, against 24.5% for the S&P 500. That was more than IRM (Iron Mountain, 22.6%) but less than EQIX (Equinix, 36.3%). AMT fell further than the S&P 500 in two of the last three sell-offs, including the 2022 bear market (34.2% against 24.5%).
- **Diversification:** Against the S&P 500, AMT has a correlation of 0.52 over 5 years, more closely than 77% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, AMT's beta versus the S&P 500 was 0.60: 61% of the S&P 500's gains in rising months and 79% of its losses in falling ones.
- **Better options**
  - **Popular alternatives:** T (AT&T) and VZ (Verizon Communications) earned more than AMT with less volatility over the past 5 years. T returned 9.5% a year at 25.4% volatility, against a loss of 5.6% a year at 27.3%.
  - **Nearby categories and themes:** NXTG (First Trust Indxx NextG ETF, wireless towers theme) and SPG (Simon Property Group, retail reits) earned more than AMT with less volatility over the past 5 years. NXTG returned 16.1% a year at 19.1% volatility, against a loss of 5.6% a year at 27.3%.
  - **Whole market:** 1,273 of the 3,641 stocks and funds worth at least $500 million earned more than AMT with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-A (Berkshire Hathaway).

## How much would $10,000 in AMT have grown?

This chart tracks a hypothetical $10,000 investment in AMT over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AMT over the same span and AMT's popular alternatives, among those that traded for the entire period.

- $10,000 invested in AMT at the end of September 1998 would have grown to $90,430 by September 2026, less than the $121,630 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of AMT, and IRM finished highest, at $482,404.

## AMT at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- AMT is still 29.3% below its all-time high.
- AMT's deepest decline since it began trading in 1998 was 98.7%, from March 2000 to October 2002. It took about eight years from the low to climb back to its old high.
- Over 27 full calendar years, AMT's best was 2003, when it returned 207%, and its worst was 2001, when it lost 75.0%. It lost money in seven of those years.

- Type: Stock, Real Estate (REIT - Specialty)
- Trading since: February 27, 1998
- Market value: $85B
- Volatility (5 years): 27.3%; Sharpe ratio: -0.07
- Worst decline ever: −98.7%, from March 10, 2000 to October 9, 2002; back at its high by February 10, 2011

| Period | AMT total return |
| --- | --- |
| 1 month | +4.7% |
| 3 months | +10.5% |
| 6 months | +5.1% |
| year to date | +7.1% |
| 1 year | −1.2% |
| 3 years | +26.7% |
| 5 years | −24.9% |
| 10 years | +102% |

## AMT against the whole market

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

### How does AMT rank among all stocks?

This section ranks AMT on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- AMT's worst decline of the past 10 years ranks in the top 14% of the 2,184 stocks worth at least $300 million, where the top fell the least.
- On return for the risk taken (the Sharpe ratio), AMT ranks in the bottom 13% of the 2,897 stocks worth at least $300 million.

| Measure | AMT | Rank |
| --- | --- | --- |
| 1-year return | −1.2% | 2,084 of 3,282 (top 64%) |
| 3-year return | +26.7% | 1,938 of 3,016 (top 65%) |
| 5-year return | −24.9% | 2,094 of 2,897 (top 73%) |
| 10-year return | +102% | 1,327 of 2,201 (top 61%) |
| Volatility, 5 years | 27.3% | 504 of 2,897 (top 18%) |
| Sharpe ratio, 5 years | -0.07 | 2,510 of 2,897 (top 87%) |
| Worst decline, past 10 years | −45.4% | 300 of 2,184 (top 14%) |

### What has beaten AMT on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 368 stocks and 905 ETFs worth at least $500 million sit in the green region: each earned more than AMT over the past 5 years with smaller price swings. That is 35% of the 3,641 screened.
- Among those with at least half AMT's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 9% less than AMT's 27.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against -0.07 for AMT.
- Among AMT's popular alternatives, T and VZ are in the region. T earned 9.5% a year against a loss of 5.6% a year for AMT, at 25.4% volatility, 7% less than AMT's 27.3%.

### Is there a better investment than AMT?

The table below lists investments that beat AMT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among AMT's popular alternatives, T and VZ earned more than AMT with less volatility over the past 5 years. T returned 9.5% a year at 25.4% volatility, against a loss of 5.6% a year at 27.3%.
- Looking beyond its popular alternatives, NXTG (wireless towers theme) and SPG (retail reits) earned more than AMT with less volatility over the past 5 years. NXTG returned 16.1% a year at 19.1% volatility, against a loss of 5.6% a year at 27.3%.
- Across the whole market, 1,273 of the 3,641 stocks and funds worth at least $500 million earned more than AMT with less volatility over the past 5 years, among them VTI, VOO and BRK-A.

The 15 strongest of 1,273 investments that beat AMT over the past 5 years, out of 3,641 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with AMT | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AMT: American Tower Corporation (this page) |  | −5.6% | 27.3% | -0.07 | −45.4% | +102% |  |  |
| [RY](https://betterthanspy.com/research/ry): Royal Bank of Canada | Banks | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://betterthanspy.com/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.4% | 17.5% | 0.71 | −35.0% | +298% | 0.51 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://betterthanspy.com/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.6% | 16.9% | 0.79 | −34.0% | +319% | 0.52 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://betterthanspy.com/research/wmt): Walmart Inc. | Discount Retail | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-A](https://betterthanspy.com/research/brk-a): Berkshire Hathaway Inc. | Insurance | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://betterthanspy.com/research/jnj): Johnson & Johnson | Pharmaceuticals | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://betterthanspy.com/research/v): Visa Inc. | Payment Processing | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | Japan Equity | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://betterthanspy.com/research/ko): The Coca-Cola Company | Nonalcoholic Beverages | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Dividend Equity | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.51 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [QQQ](https://betterthanspy.com/research/qqq): Invesco QQQ Trust, Series 1 | US Large-Cap Growth | +14.2% | 23.0% | 0.69 | −35.1% | +531% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NVS](https://betterthanspy.com/research/nvs): Novartis AG | Pharmaceuticals | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://betterthanspy.com/research/mck): McKesson Corporation | Health Care Distribution | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTV](https://betterthanspy.com/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## AMT against its popular alternatives

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

### How do AMT's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Four of the ten popular alternatives, led by LAMR, T and TMUS, were both more rewarding and calmer than AMT over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, AMT returned -5.6% a year, less than the S&P 500's 12.5%, with higher volatility (27.3% against 17.2%).

### Has AMT consistently beaten its popular alternatives?

This section compares AMT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- LAMR and OUT outperformed AMT in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the ten popular alternatives, LAMR and OUT, outperformed AMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- IRM, T and TMUS earned more for the risk they took than AMT (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of AMT | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AMT: American Tower Corporation (this page) | −1.2% | +26.7% | −24.9% | +102% |  |  | -0.07 |
| LAMR: Lamar Advertising Company | +36.4% | +123% | +74.6% | +288% | 4/5 short-term, 3/3 long-term | all-weather | 0.56 |
| OUT: Outfront Media Inc. | +78.8% | +317% | +74.5% | +157% | 4/5 short-term, 3/3 long-term | all-weather | 0.48 |
| IRM: Iron Mountain Incorporated | +10.0% | +106% | +191% | +456% | 2/5 short-term, 3/3 long-term |  | 0.86 |
| [EQIX](https://betterthanspy.com/research/eqix): Equinix, Inc. | +17.4% | +45.1% | +28.2% | +211% | 2/5 short-term, 3/3 long-term |  | 0.32 |
| [DLR](https://betterthanspy.com/research/dlr): Digital Realty Trust, Inc. | +2.0% | +59.3% | +29.1% | +148% | 2/5 short-term, 3/3 long-term |  | 0.32 |
| [VZ](https://betterthanspy.com/research/vz): Verizon Communications Inc. | +21.1% | +75.1% | +17.6% | +61.2% | 2/5 short-term, 2/3 long-term |  | 0.26 |
| [TMUS](https://betterthanspy.com/research/tmus): T-Mobile US, Inc. | −28.7% | +21.3% | +42.9% | +226% | 0/5 short-term, 2/3 long-term |  | 0.41 |
| [T](https://betterthanspy.com/research/t): AT&T Inc. | −6.8% | +76.8% | +57.5% | +63.4% | 0/5 short-term, 2/3 long-term |  | 0.49 |
| CCI: Crown Castle Inc. | −15.2% | +7.0% | −43.6% | +26.6% | 1/5 short-term, 0/3 long-term |  | -0.27 |
| SBAC: SBA Communications Corporation | −7.3% | −1.7% | −43.9% | +71.0% | 0/5 short-term, 0/3 long-term |  | -0.23 |

### How did AMT do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where AMT ranked among its popular alternatives each year.

- AMT finished ahead of the S&P 500 in 16 of its 27 full calendar years, and behind it in each of the last four.
- Among its popular alternatives, EQIX came out ahead of AMT most often, in 15 of the 25 years both traded.
- Ranked against its popular alternatives each year, AMT finished in the top quarter in four of 27 years and in the bottom quarter in two. In 2025, it ranked 6 of 11.

| Year | AMT | SPY |
| --- | --- | --- |
| 2025 | −0.9% | +17.7% |
| 2024 | −12.2% | +24.9% |
| 2023 | +5.4% | +26.2% |
| 2022 | −25.7% | −18.2% |
| 2021 | +32.9% | +28.7% |
| 2020 | −0.5% | +18.3% |
| 2019 | +47.9% | +31.2% |
| 2018 | +13.3% | −4.6% |
| 2017 | +37.7% | +21.7% |
| 2016 | +11.2% | +12.0% |

## Risk and diversification

How AMT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were AMT's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In four of AMT's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: AMT fell 45.4% from September 2021 to October 2023, while the S&P 500 slipped only 2.6%.
- The slowest recovery came after AMT fell 98.7% from March 2000 to October 2002; it did not regain that peak until February 2011, eight years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −98.7% | March 10, 2000 | October 9, 2002 | February 10, 2011 | −42.3% | dot-com bust |
| −51.8% | July 23, 1998 | October 9, 1998 | December 28, 1998 | −13.4% |  |
| −45.4% | September 8, 2021 | October 4, 2023 | not yet | −2.6% | 2022 bear market |
| −42.3% | January 19, 1999 | October 26, 1999 | December 15, 1999 | +2.9% |  |
| −30.3% | February 13, 2020 | March 23, 2020 | April 9, 2020 | −33.5% | Covid crash |

### How did AMT do in stock market crashes?

This section measures how far AMT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, VZ held up best, falling less than AMT in eight of the ten crashes they both traded through.
- AMT fell further than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when AMT fell 98.7% and the S&P 500 fell 47.5%.

| Crash | Dates | AMT fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −98.7% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −56.5% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.9% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −13.6% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −19.2% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −8.0% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −8.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −28.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −34.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.3% | −3.4% |

### How closely does AMT move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- Five of the ten popular alternatives had a higher capture ratio (upside capture divided by downside capture) than AMT's 0.78, led by TMUS, IRM and EQIX.
- TMUS took just 37% of the S&P 500's losses, against 79% for AMT, while still keeping 63% of its gains.
- Over the past 10 years, AMT captured 61% of the S&P 500's gains in rising months and 79% of its losses in falling months, with a beta of 0.60. Its share of the market's losses was larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| AMT: American Tower Corporation (this page) | 61.0% | 79.0% | 0.60 |
| LAMR: Lamar Advertising Company | 112% | 132% | 1.33 |
| OUT: Outfront Media Inc. | 122% | 186% | 1.70 |
| IRM: Iron Mountain Incorporated | 98.0% | 83.0% | 0.99 |
| [EQIX](https://betterthanspy.com/research/eqix): Equinix, Inc. | 76.0% | 66.0% | 0.67 |
| [DLR](https://betterthanspy.com/research/dlr): Digital Realty Trust, Inc. | 64.0% | 64.0% | 0.60 |
| [VZ](https://betterthanspy.com/research/vz): Verizon Communications Inc. | 44.0% | 60.0% | 0.36 |
| [TMUS](https://betterthanspy.com/research/tmus): T-Mobile US, Inc. | 63.0% | 37.0% | 0.46 |
| [T](https://betterthanspy.com/research/t): AT&T Inc. | 47.0% | 62.0% | 0.50 |
| CCI: Crown Castle Inc. | 54.0% | 101% | 0.70 |
| SBAC: SBA Communications Corporation | 55.0% | 79.0% | 0.64 |

### What diversifies AMT?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in AMT into POCT would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (-6.2% for AMT alone, -2.6% for the mix).
- FIX made money in five of the seven calendar years in which AMT lost money.
- Among large ETFs, DXJ, POCT and MLPX have moved largely independently of AMT over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with AMT | 5Y return | Volatility | Sharpe | Rose in AMT's 7 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.19 | +225% | 19.1% | 1.34 | 4 of 7 |
| POCT: Innovator U.S. Equity Power Buffer ETF | 0.43 | +60.2% | 8.0% | 1.22 | 3 of 7 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.36 | +138% | 19.7% | 0.98 | 3 of 7 |
| FTLS: First Trust Long/Short Equity ETF | 0.48 | +61.5% | 10.5% | 0.97 | 3 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.49 | +83.6% | 13.8% | 0.95 | 3 of 7 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.24 | +304% | 37.0% | 0.94 | 3 of 7 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.16 | +178% | 25.5% | 0.94 | 3 of 7 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.40 | +120% | 19.0% | 0.93 | 4 of 7 |

## Common questions

### What was AMT's worst drawdown?

AMT's deepest decline since it began trading in 1998 was 98.7%, from March 2000 to October 2002. It took about eight years from the low to climb back to its old high.

### What were AMT's best and worst years?

Over 27 full calendar years, AMT's best year was 2003, when it returned 207%. Its worst was 2001, with a return of -75.0%.

### Is there a better investment than AMT?

Among AMT's popular alternatives, T and VZ earned more than AMT with less volatility over the past 5 years. T returned 9.5% a year at 25.4% volatility, against a loss of 5.6% a year at 27.3%. Looking beyond its popular alternatives, NXTG (wireless towers theme) and SPG (retail reits) earned more than AMT with less volatility over the past 5 years. NXTG returned 16.1% a year at 19.1% volatility, against a loss of 5.6% a year at 27.3%.

### Is AMT more volatile than the S&P 500?

Yes. AMT's volatility over the past 5 years was 27.3%, 1.6 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AMT's return lands within 27.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is AMT's Sharpe ratio?

AMT's Sharpe ratio over the past 5 years was -0.07, against 0.78 for the S&P 500, so AMT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is AMT with the S&P 500?

Over the past 5 years, AMT's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against AMT instead: the lower it is, the more that option would diversify a AMT holding.

### What are the best alternatives to AMT?

Of the ten popular alternatives we compared, two outperformed AMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LAMR and OUT.

### Did AMT outperform the S&P 500?

AMT finished ahead of the S&P 500 (SPY) in 16 of 27 full calendar years. In 2025, it returned -0.9%, against +17.7% for the index.

### How did AMT do in stock market crashes?

AMT fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the dot-com bust, when AMT fell 98.7% and the S&P 500 fell 47.5%.

### What diversifies AMT?

These had a low correlation with AMT over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.19), POCT (correlation 0.43) and MLPX (correlation 0.36); among large stocks, CAH (correlation 0.18), CLS (correlation -0.04) and MCK (correlation 0.27). A correlation near zero means the two have moved largely independently.

## More research

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- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/vti)

## Explore further

- Full page with charts: https://betterthanspy.com/research/amt
- All research pages: https://betterthanspy.com/llms.txt
- Compare the entire market against AMT live: https://betterthanspy.com/?b=AMT