BetterThanSPY

Relative Intelligence · Telecom Tower REITs

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How Crown Castle (CCI) compares with the whole market and its popular alternatives

The short answer

Returns
−9.4% a year over the past 5 years, against +11.7% for the S&P 500. $10,000 grew to $15,100 over 10 years, against $42,000 in SPY. Details ↓
Risk
More volatile than the S&P 500: volatility 28.6% against 17.2%; worst decline in 10 years −59.7% against −33.7%. Details ↓
Better options
5 of its 11 popular alternatives earned more with less volatility over the past 5 years, including CSCO, VNQ and TMUS. Details ↓
Track record
CCI beat the S&P 500 in 13 of 27 full calendar years, and fell less than it in 5 of 10 major crashes. Details ↓

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CCI alone. It places CCI (Crown Castle 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 CCI stands in the market, and of the alternatives worth a closer look.

Period covered: CCI's full trading record, from August 1998 through October 2026. All returns include reinvested dividends. Data as of November 2, 2026.

Data as of November 2, 2026. Full tables and charts read best on a larger screen.

Rank the market against CCI →Chart CCI vs. 11 alternatives →

This page answers the following questions about CCI

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

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

This chart tracks a hypothetical $10,000 investment in CCI over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CCI over the same span and CCI'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 October 1998 to the end of October 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. 537 of the 1,104 stocks and funds worth at least $500 million that traded the whole period ended ahead of CCI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M199820032008201320182023$1,000$10,000$100,000$1M$10M19982005201220192026
  • AAPL$12M+124,043% total · +29.0% a year
  • IRM$444,857+4,349% total · +14.5% a year
  • EPR$251,988+2,420% total · +12.2% a year
  • WMT$170,586+1,606% total · +10.7% a year
  • AMT$120,906+1,109% total · +9.3% a year
  • CCI$115,618+1,056% total · +9.1% a year
  • SPY (S&P 500)$111,495+1,015% total · +9.0% a year
  • CSCO$103,895+939% total · +8.7% a year
  • T$36,915+269% total · +4.8% a year
  • VZ$34,091+241% total · +4.5% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of October 2021 to the end of October 2026. Hover over a fund in the key to pick out its line. 3,111 of the 3,626 stocks and funds worth at least $500 million that traded the whole period ended ahead of CCI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • IRM$30,849+208% total · +25.3% a year
  • CSCO$21,411+114% total · +16.4% a year
  • SPY (S&P 500)$17,593+75.9% total · +12.0% a year
  • T$14,961+49.6% total · +8.4% a year
  • TMUS$14,306+43.1% total · +7.4% a year
  • DLR$13,572+35.7% total · +6.3% a year
  • EQIX$13,378+33.8% total · +6.0% a year
  • VNQ$10,465+4.6% total · +0.9% a year
  • AMT$7,833−21.7% total · −4.8% a year
  • CCI$6,302−37.0% total · −8.8% a year
Change the dates or add tickers to this chart in EasyCompare

CCI 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
$38B
Industry
REIT - Specialty
Price history from
August 1998

Returns

Past 1 year
+2.2%total return
Past 3 years
+4.9%+1.6% a year
Past 5 years
−39.0%−9.4% a year
Past 10 years
+51.3%+4.2% a year
Best calendar year
+195%2003
Worst calendar year
−64.9%2002
Losing years
7 of 27full calendar years

Risk

Volatility
28.6%typical yearly swing, 5 years
Sharpe ratio
-0.20return per unit of risk, 5 years
Worst decline ever
−97.6%Mar 2000 to Aug 2002
From its all-time high
−47.0%below the peak

CCI against the whole market

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

How does CCI rank among all stocks?

This section ranks CCI 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 CCI 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.

MeasureCCIRankStanding
1-year return+2.2%2,012 of 3,272bottom 40%
3-year return+4.9%2,229 of 2,999bottom 27%
5-year return−39.0%2,267 of 2,886bottom 22%
10-year return+51.3%1,612 of 2,186bottom 27%
Volatility, 5 years28.6%596 of 2,886top 21%
Sharpe ratio, 5 years-0.202,696 of 2,886bottom 8%
Worst decline, past 10 years−59.7%870 of 2,183top 40%

What has beaten CCI 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). CCI sits where the dashed lines cross. Anything in the green box above and to the left earned more than CCI 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 CCI; faint dots are 92 more of the 1,383 in the green region (the strongest, one per fund family). 3,627 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%−20.0%−10.0%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 CCIWMT: +22.2% a year, volatility 22.7%SRLN: +4.7% a year, volatility 4.0%BRK-A: +13.9% a year, volatility 17.2%FTSL: +5.1% a year, volatility 3.4%JPM: +17.7% a year, volatility 24.3%ABBV: +24.3% a year, volatility 23.4%V: +16.1% a year, volatility 22.7%JNJ: +13.4% a year, volatility 18.0%LVHI: +17.0% a year, volatility 11.1%MA: +15.6% a year, volatility 23.7%KO: +14.6% a year, volatility 16.9%BALT: +6.2% a year, volatility 3.4%COST: +17.2% a year, volatility 23.0%PM: +22.8% a year, volatility 23.4%DXJ: +26.2% a year, volatility 19.1%RY: +18.3% a year, volatility 18.2%NVS: +18.5% a year, volatility 20.7%QQQ: +12.5% a year, volatility 23.1%RTX: +20.8% a year, volatility 24.4%GILD: +25.3% a year, volatility 25.0%VTV: +12.3% a year, volatility 13.7%MCK: +36.2% a year, volatility 25.0%MRK: +14.2% a year, volatility 24.7%AMGN: +20.5% a year, volatility 24.9%VRIG: +4.7% a year, volatility 1.3%TD: +16.2% a year, volatility 20.0%VEA: +9.1% a year, volatility 16.9%PG: +5.2% a year, volatility 18.5%MO: +20.8% a year, volatility 21.4%LIN: +11.2% a year, volatility 20.9%AWR: +1.5% a year, volatility 22.7%AOM: +4.2% a year, volatility 8.3%PGR: +22.5% a year, volatility 25.7%LQDH: +5.2% a year, volatility 4.4%VGT: +16.5% a year, volatility 26.2%LMT: +17.6% a year, volatility 24.0%CB: +15.8% a year, volatility 20.4%CM: +19.7% a year, volatility 21.7%BNY: +23.1% a year, volatility 24.4%VO: +6.7% a year, volatility 17.5%VIG: +10.5% a year, volatility 14.1%TRV: +22.5% a year, volatility 22.3%SCHD: +10.5% a year, volatility 14.4%VXUS: +8.0% a year, volatility 16.4%VYM: +11.6% a year, volatility 13.8%BMO: +14.2% a year, volatility 21.4%BNS: +13.3% a year, volatility 20.0%GD: +15.5% a year, volatility 20.9%UNP: +7.4% a year, volatility 23.0%SO: +12.7% a year, volatility 18.9%GWW: +25.2% a year, volatility 24.7%BLK: +6.8% a year, volatility 27.1%MNST: +17.5% a year, volatility 25.0%VB: +6.1% a year, volatility 20.6%HLT: +21.2% a year, volatility 26.8%CTAS: +16.7% a year, volatility 23.2%CME: +11.4% a year, volatility 21.0%EP-PC: +5.1% a year, volatility 8.9%VT: +9.7% a year, volatility 16.2%BUFD: +7.4% a year, volatility 7.8%RSG: +14.3% a year, volatility 18.6%RSP: +8.4% a year, volatility 16.1%ADP: +8.2% a year, volatility 23.1%DUK: +8.7% a year, volatility 18.1%ALL: +18.9% a year, volatility 26.2%WM: +9.8% a year, volatility 19.3%CCEP: +20.6% a year, volatility 23.3%BMY: +5.7% a year, volatility 25.0%FLOT: +4.5% a year, volatility 1.8%TAK: +12.6% a year, volatility 19.5%CSX: +9.1% a year, volatility 23.5%FJAN: +10.8% a year, volatility 10.6%POCT: +9.6% a year, volatility 8.0%FAST: +15.6% a year, volatility 24.6%AJG: +12.5% a year, volatility 24.4%MRSH: +6.2% a year, volatility 21.1%ICE: +5.8% a year, volatility 22.0%ECL: +7.5% a year, volatility 24.0%ACGL: +21.6% a year, volatility 24.6%CL: +7.5% a year, volatility 19.4%ITW: +7.2% a year, volatility 21.5%CBOE: +22.5% a year, volatility 25.5%PNC: +5.8% a year, volatility 26.8%AME: +12.3% a year, volatility 22.2%DYNF: +13.4% a year, volatility 17.6%MCO: +6.2% a year, volatility 26.9%VXF: +4.6% a year, volatility 22.4%VBR: +8.6% a year, volatility 19.4%JEPI: +7.5% a year, volatility 11.1%ED: +13.0% a year, volatility 18.9%NDAQ: +10.6% a year, volatility 24.9%MDT: −0.8% a year, volatility 22.6%CCI: −9.4% a year, volatility 28.6%SPY (S&P 500): +11.7% a year, volatility 17.2%CSCO: +15.1% a year, volatility 26.3%VNQ: +1.0% a year, volatility 18.9%AMT: −4.8% a year, volatility 27.4%TMUS: +7.8% a year, volatility 26.5%T: +8.5% a year, volatility 25.7%IRM: +24.4% a year, volatility 30.3%CHT: +8.4% a year, volatility 13.3%MSI: +15.5% a year, volatility 23.6%NXTG: +15.0% a year, volatility 19.2%LAMR: +11.4% a year, volatility 26.4%EPR: +10.0% a year, volatility 25.4%SKM: +6.3% a year, volatility 30.0%FLRT: +6.0% a year, volatility 2.3%SGOV: +3.9% a year, volatility 0.3%CAH: +41.9% a year, volatility 24.8%JAAA: +5.1% a year, volatility 1.7%VTI: +10.7% a year, volatility 17.5%BKLN: +5.5% a year, volatility 4.5%VOO: +11.8% a year, volatility 16.9%AAPL: +18.2% a year, volatility 28.0%CCISPY (S&P 500)CSCOVNQAMTTMUSTIRMCHTMSINXTGLAMREPRSKMFLRTSGOVCAHVTIBKLNAAPL−10.0%0.0%10.0%20.0%30.0%40.0%−20.0%−10.0%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 CCIWMT: +22.2% a year, volatility 22.7%SRLN: +4.7% a year, volatility 4.0%BRK-A: +13.9% a year, volatility 17.2%FTSL: +5.1% a year, volatility 3.4%JPM: +17.7% a year, volatility 24.3%ABBV: +24.3% a year, volatility 23.4%V: +16.1% a year, volatility 22.7%JNJ: +13.4% a year, volatility 18.0%LVHI: +17.0% a year, volatility 11.1%MA: +15.6% a year, volatility 23.7%KO: +14.6% a year, volatility 16.9%BALT: +6.2% a year, volatility 3.4%COST: +17.2% a year, volatility 23.0%PM: +22.8% a year, volatility 23.4%DXJ: +26.2% a year, volatility 19.1%RY: +18.3% a year, volatility 18.2%NVS: +18.5% a year, volatility 20.7%QQQ: +12.5% a year, volatility 23.1%RTX: +20.8% a year, volatility 24.4%GILD: +25.3% a year, volatility 25.0%VTV: +12.3% a year, volatility 13.7%MCK: +36.2% a year, volatility 25.0%MRK: +14.2% a year, volatility 24.7%AMGN: +20.5% a year, volatility 24.9%VRIG: +4.7% a year, volatility 1.3%TD: +16.2% a year, volatility 20.0%VEA: +9.1% a year, volatility 16.9%PG: +5.2% a year, volatility 18.5%MO: +20.8% a year, volatility 21.4%LIN: +11.2% a year, volatility 20.9%AWR: +1.5% a year, volatility 22.7%AOM: +4.2% a year, volatility 8.3%PGR: +22.5% a year, volatility 25.7%LQDH: +5.2% a year, volatility 4.4%VGT: +16.5% a year, volatility 26.2%LMT: +17.6% a year, volatility 24.0%CB: +15.8% a year, volatility 20.4%CM: +19.7% a year, volatility 21.7%BNY: +23.1% a year, volatility 24.4%VO: +6.7% a year, volatility 17.5%VIG: +10.5% a year, volatility 14.1%TRV: +22.5% a year, volatility 22.3%SCHD: +10.5% a year, volatility 14.4%VXUS: +8.0% a year, volatility 16.4%VYM: +11.6% a year, volatility 13.8%BMO: +14.2% a year, volatility 21.4%BNS: +13.3% a year, volatility 20.0%GD: +15.5% a year, volatility 20.9%UNP: +7.4% a year, volatility 23.0%SO: +12.7% a year, volatility 18.9%GWW: +25.2% a year, volatility 24.7%BLK: +6.8% a year, volatility 27.1%MNST: +17.5% a year, volatility 25.0%VB: +6.1% a year, volatility 20.6%HLT: +21.2% a year, volatility 26.8%CTAS: +16.7% a year, volatility 23.2%CME: +11.4% a year, volatility 21.0%EP-PC: +5.1% a year, volatility 8.9%VT: +9.7% a year, volatility 16.2%BUFD: +7.4% a year, volatility 7.8%RSG: +14.3% a year, volatility 18.6%RSP: +8.4% a year, volatility 16.1%ADP: +8.2% a year, volatility 23.1%DUK: +8.7% a year, volatility 18.1%ALL: +18.9% a year, volatility 26.2%WM: +9.8% a year, volatility 19.3%CCEP: +20.6% a year, volatility 23.3%BMY: +5.7% a year, volatility 25.0%FLOT: +4.5% a year, volatility 1.8%TAK: +12.6% a year, volatility 19.5%CSX: +9.1% a year, volatility 23.5%FJAN: +10.8% a year, volatility 10.6%POCT: +9.6% a year, volatility 8.0%FAST: +15.6% a year, volatility 24.6%AJG: +12.5% a year, volatility 24.4%MRSH: +6.2% a year, volatility 21.1%ICE: +5.8% a year, volatility 22.0%ECL: +7.5% a year, volatility 24.0%ACGL: +21.6% a year, volatility 24.6%CL: +7.5% a year, volatility 19.4%ITW: +7.2% a year, volatility 21.5%CBOE: +22.5% a year, volatility 25.5%PNC: +5.8% a year, volatility 26.8%AME: +12.3% a year, volatility 22.2%DYNF: +13.4% a year, volatility 17.6%MCO: +6.2% a year, volatility 26.9%VXF: +4.6% a year, volatility 22.4%VBR: +8.6% a year, volatility 19.4%JEPI: +7.5% a year, volatility 11.1%ED: +13.0% a year, volatility 18.9%NDAQ: +10.6% a year, volatility 24.9%MDT: −0.8% a year, volatility 22.6%CCI: −9.4% a year, volatility 28.6%SPY (S&P 500): +11.7% a year, volatility 17.2%CSCO: +15.1% a year, volatility 26.3%VNQ: +1.0% a year, volatility 18.9%AMT: −4.8% a year, volatility 27.4%TMUS: +7.8% a year, volatility 26.5%T: +8.5% a year, volatility 25.7%IRM: +24.4% a year, volatility 30.3%CHT: +8.4% a year, volatility 13.3%MSI: +15.5% a year, volatility 23.6%NXTG: +15.0% a year, volatility 19.2%LAMR: +11.4% a year, volatility 26.4%EPR: +10.0% a year, volatility 25.4%SKM: +6.3% a year, volatility 30.0%FLRT: +6.0% a year, volatility 2.3%SGOV: +3.9% a year, volatility 0.3%CAH: +41.9% a year, volatility 24.8%JAAA: +5.1% a year, volatility 1.7%VTI: +10.7% a year, volatility 17.5%BKLN: +5.5% a year, volatility 4.5%VOO: +11.8% a year, volatility 16.9%AAPL: +18.2% a year, volatility 28.0%CCISPY (S&P 500)CSCOVNQAMTTMUSTIRMCHTMSINXTGFLRTSGOVCAHVOO
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CCI?

Investments that beat CCI 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 CCI 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 CCI'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 CCI 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 CCI'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× CCI's volatility counts as better.

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

Screen the whole market against CCI 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 CCI?lower diversifies moreExpenseper year
CCICrown Castle Inc. · this page
−9.4%28.6%-0.20−59.7%+51.3%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+11.7%17.2%0.73−33.7%+320%0.430.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CCI. 9 of 11 passed at least one test.
CSCOCisco Systems, Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.1%26.3%0.67−42.0%+348%0.18—
VNQVanguard Real Estate ETF · US REITs
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.0%18.9%0.14−42.4%+79.7%0.690.13%
AMTAmerican Tower Corporation · Specialty REITs
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods−4.8%27.4%-0.04−45.4%+116%0.87—
TMUST-Mobile US, Inc. · Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst decline+7.8%26.5%0.42−44.8%+243%0.27—
TAT&T Inc. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst decline+8.5%25.7%0.45−39.4%+56.2%0.21—
IRMIron Mountain Incorporated · Specialty REITs
Higher return, similar volatilityHigher Sharpe, smaller worst decline+24.4%30.3%0.88−39.0%+516%0.41—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Telecom Tower REITs and the categories next to it (Specialty REITs, Telecommunications, Data Center REITs, Communications Equipment), plus CCI's specific themes. 24 of 79 passed at least one test.
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+8.4%13.3%0.67−23.8%+114%0.43—
MSIMotorola Solutions, Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.5%23.6%0.73−32.8%+684%0.50—
NXTGFirst Trust Indxx NextG ETF · Technology Equity · Wireless Towers theme
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.0%19.2%0.83−33.6%+322%0.400.70%
LAMRLamar Advertising Company · Specialty REITs
Higher return, lower volatilityHigher return in most periods+11.4%26.4%0.54−65.8%+302%0.56—
EPREPR Properties · Specialty REITs
Higher return, lower volatilityHigher return in most periods+10.0%25.4%0.51−82.0%+59.2%0.39—
SKMSK Telecom Co.,Ltd · Telecommunications
Higher return, similar volatilityHigher Sharpe, smaller worst decline+6.3%30.0%0.35−46.0%+138%0.29—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,165 of 3,551 passed at least one test.
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+6.0%2.3%2.54−20.9%+58.7%0.170.60%
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.9%0.3%15.410.0%—0.020.09%
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.9%24.8%1.54−46.1%+388%0.26—
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%3.00−2.6%—0.070.20%
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.7%17.5%0.67−35.0%+304%0.420.03%
BKLNInvesco Senior Loan ETF · Bank Loans
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+5.5%4.5%1.21−24.1%+52.1%0.270.67%
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.8%16.9%0.75−34.0%+323%0.430.03%
AAPLApple Inc. · Computer Hardware
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.2%28.0%0.74−38.5%+1,226%0.37—
What these numbers mean for CCI
Annual return
CCI lost 9.4% a year over the past 5 years with dividends reinvested, against 11.7% a year for the S&P 500. At that pace, $10,000 became about $6,100. 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
CCI's volatility over the past 5 years was 28.6%, 1.7 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CCI's return lands within 28.6% 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
CCI's Sharpe ratio over the past 5 years was -0.20, against 0.73 for the S&P 500, so CCI 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
CCI's worst fall from a peak to a low over the past 10 years was 59.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 59.7% fall takes a 148% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CCI's monthly returns had a correlation of 0.43 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 CCI instead: the lower it is, the more that option would diversify a CCI holding. Guide: Correlation and diversification →
Show all 1,383 stocks and funds worth at least $500 million that earned more than CCI with less volatility

Out of 3,627 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 CCIExpense
1
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.54−20.9%+58.7%0.170.60%
2
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
Whole market+3.9%0.3%15.410.0%—0.020.09%
3
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.9%24.8%1.54−46.1%+388%0.26—
4
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%3.00−2.6%—0.070.20%
5
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+10.7%17.5%0.67−35.0%+304%0.420.03%
6
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.5%4.5%1.21−24.1%+52.1%0.270.67%
7
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+11.8%16.9%0.75−34.0%+323%0.430.03%
8
WMTWalmart Inc. · Discount Retail
Whole market+22.2%22.7%1.00−25.7%+552%0.31—
9
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%4.0%1.19−22.3%+54.6%0.240.70%
10
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.9%17.2%0.85−30.4%+288%0.44—
11
FTSLFirst Trust Senior Loan Fund · Bank Loans
Whole market+5.1%3.4%1.50−22.7%+53.1%0.250.70%
12
JPMJPMorgan Chase & Co. · Banks
Whole market+17.7%24.3%0.80−43.6%+543%0.17—
13
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+24.3%23.4%1.05−45.1%+665%0.19—
14
VVisa Inc. · Payment Processing
Whole market+16.1%22.7%0.78−36.4%+467%0.45—
15
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Same or nearby category+8.4%13.3%0.67−23.8%+114%0.43—
16
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.4%18.0%0.80−27.4%+209%0.23—
17
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+17.0%11.1%1.48−32.4%+204%0.480.40%
18
MAMastercard Incorporated · Payment Processing
Whole market+15.6%23.7%0.73−41.0%+571%0.45—
19
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+14.6%16.9%0.90−37.0%+211%0.45—
20
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.4%1.82−4.9%—0.300.69%
21
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.2%23.0%0.81−31.4%+741%0.38—
22
PMPhilip Morris International Inc. · Tobacco
Whole market+22.8%23.4%1.00−42.9%+255%0.38—
23
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.2%19.1%1.32−39.1%+424%0.080.48%
24
RYRoyal Bank of Canada · Banks
Whole market+18.3%18.2%1.02−40.0%+381%0.35—
25
NVSNovartis AG · Pharmaceuticals
Whole market+18.5%20.7%0.93−26.8%+265%0.45—
26
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+12.5%23.1%0.63−35.1%+534%0.260.18%
27
RTXRTX Corporation · Aerospace & Defense
Whole market+20.8%24.4%0.90−52.0%+328%0.15—
28
GILDGilead Sciences, Inc. · Biotechnology
Whole market+25.3%25.0%1.03−30.5%+235%0.26—
29
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.3%13.7%0.92−36.8%+245%0.510.03%
30
MCKMcKesson Corporation · Health Care Distribution
Whole market+36.2%25.0%1.37−38.1%+693%0.29—
31
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+14.2%24.7%0.66−43.4%+259%-0.03—
32
AMGNAmgen Inc. · Biotechnology
Whole market+20.5%24.9%0.88−24.9%+352%0.30—
33
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Whole market+4.7%1.3%3.55−13.1%+40.8%0.040.30%
34
TDThe Toronto-Dominion Bank · Banks
Whole market+16.2%20.0%0.85−42.0%+317%0.38—
35
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.1%16.9%0.60−35.8%+158%0.490.03%
36
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.2%18.5%0.37−23.8%+147%0.33—
37
MOAltria Group, Inc. · Tobacco
Whole market+20.8%21.4%0.99−53.7%+136%0.41—
38
LINLinde plc · Chemicals
Whole market+11.2%20.9%0.61−32.6%+433%0.49—
39
AWRAmerican States Water Company · Water Utilities
Whole market+1.5%22.7%0.18−32.8%+174%0.46—
40
AOMiShares Core 40/60 Moderate Allocation ETF · Balanced Allocation
Whole market+4.2%8.3%0.54−20.0%+79.9%0.550.20%
41
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+22.5%25.7%0.93−30.3%+892%0.26—
42
LQDHiShares Interest Rate Hedged Corporate Bond ETF · Investment Grade Bonds
Whole market+5.2%4.4%1.18−24.6%+55.4%0.380.44%
43
VGTVanguard Information Technology ETF · Technology Equity
Whole market+16.5%26.2%0.72−35.1%+743%0.260.09%
44
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+17.6%24.0%0.80−36.7%+237%0.22—
45
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+254%0.34—
46
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.7%21.7%0.94−47.3%+434%0.37—
47
BNYBank of New York Mellon Corp · Banks
Whole market+23.1%24.4%0.98−50.5%+345%0.34—
48
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.7%17.5%0.46−39.4%+209%0.530.03%
49
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Whole market+10.5%14.1%0.78−31.7%+267%0.580.04%
50
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.5%22.3%1.03−46.3%+367%0.26—
51
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.5%14.4%0.77−33.4%+264%0.570.06%
52
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.0%16.4%0.56−36.0%+142%0.470.05%
53
VYMVanguard High Dividend Yield ETF · High Dividend Yield
Whole market+11.6%13.8%0.87−35.2%+216%0.510.04%
54
BMOBank of Montreal · Banks
Whole market+14.2%21.4%0.73−51.0%+318%0.26—
55
BNSThe Bank of Nova Scotia · Banks
Whole market+13.3%20.0%0.73−46.9%+195%0.46—
56
GDGeneral Dynamics Corporation · Aerospace & Defense
Whole market+15.5%20.9%0.80−51.6%+210%0.36—
57
UNPUnion Pacific Corporation · Railroads
Whole market+7.4%23.0%0.43−38.7%+331%0.48—
58
SOThe Southern Company · Electric Utilities
Whole market+12.7%18.9%0.73−38.4%+184%0.63—
59
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+25.2%24.7%1.04−41.6%+685%0.35—
60
BLKBlackRock, Inc. · Asset Management
Whole market+6.8%27.1%0.38−43.9%+341%0.54—
61
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.5%25.0%0.77−30.4%+299%0.46—
62
VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity
Whole market+6.1%20.6%0.39−42.0%+195%0.420.03%
63
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.2%26.8%0.85−50.8%+732%0.40—
64
CTASCintas Corporation · Business Services
Whole market+16.7%23.2%0.78−48.4%+865%0.54—
65
CMECME Group Inc. · Capital Markets
Whole market+11.4%21.0%0.62−37.4%+345%0.40—
66
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.1%8.9%0.60−25.4%+36.8%0.38—
67
VTVanguard Total World Stock ETF · Global Equity
Whole market+9.7%16.2%0.66−34.2%+224%0.460.06%
68
BUFDFT Vest Laddered Deep Buffer ETF · Buffered Equity
Whole market+7.4%7.8%0.97−10.8%—0.390.10%
69
RSGRepublic Services, Inc. · Waste Management
Whole market+14.3%18.6%0.81−34.0%+464%0.47—
70
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.4%16.1%0.58−39.0%+225%0.560.20%
71
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+8.2%23.1%0.46−40.8%+313%0.45—
72
DUKDuke Energy Corporation · Electric Utilities
Whole market+8.7%18.1%0.56−37.4%+147%0.63—
73
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+18.9%26.2%0.80−41.4%+388%0.30—
74
WMWaste Management, Inc. · Waste Management
Whole market+9.8%19.3%0.58−30.1%+346%0.47—
75
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.6%23.3%0.92−48.8%+291%0.39—
76
BMYBristol-Myers Squibb Company · Pharmaceuticals
Whole market+5.7%25.0%0.35−47.7%+77.9%0.16—
77
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.50−13.5%+35.9%0.000.15%
78
TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals
Whole market+12.6%19.5%0.71−54.4%+41.3%0.30—
79
CSXCSX Corporation · Railroads
Whole market+9.1%23.5%0.49−40.5%+478%0.49—
80
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
Whole market+10.8%10.6%1.02−13.6%—0.380.85%
81
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.6%8.0%1.18−18.8%—0.360.79%
82
FASTFastenal Company · Industrial Distribution
Whole market+15.6%24.6%0.71−30.7%+610%0.41—
83
AJGArthur J. Gallagher & Co. · Insurance Brokers
Whole market+12.5%24.4%0.61−44.4%+589%0.39—
84
MRSHMarsh & McLennan Companies, Inc. · Insurance Brokers
Whole market+6.2%21.1%0.39−35.8%+284%0.53—
85
ICEIntercontinental Exchange, Inc. · Capital Markets
Whole market+5.8%22.0%0.37−34.3%+269%0.50—
86
ECLEcolab Inc. · Specialty Chemicals
Whole market+7.5%24.0%0.42−43.7%+207%0.43—
87
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+21.6%24.6%0.92−53.8%+346%0.10—
88
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.5%19.4%0.47−29.0%+73.4%0.45—
89
ITWIllinois Tool Works Inc. · Industrial Machinery
Whole market+7.2%21.5%0.43−37.9%+224%0.42—
90
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+22.5%25.5%0.93−43.2%+533%0.52—
91
PNCThe PNC Financial Services Group, Inc. · Regional Banks
Whole market+5.8%26.8%0.35−49.6%+240%0.24—
92
AMEAMETEK, Inc. · Electronic Instruments
Whole market+12.3%22.2%0.64−42.7%+486%0.24—
93
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+13.4%17.6%0.81−34.7%—0.360.26%
94
MCOMoody's Corporation · Financial Data
Whole market+6.2%26.9%0.36−42.0%+467%0.57—
95
VXFVanguard Extended Market ETF · US Extended Market
Whole market+4.6%22.4%0.31−41.7%+205%0.350.05%
96
VBRVanguard Morningstar Small-Cap Value ETF · US Small-Cap Value
Whole market+8.6%19.4%0.52−45.3%+188%0.460.05%
97
JEPIJPMorgan Equity Premium Income ETF · Covered Call Income
Whole market+7.5%11.1%0.71−13.7%—0.500.35%
98
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+13.0%18.9%0.74−30.9%+125%0.60—
99
NDAQNasdaq, Inc. · Capital Markets
Whole market+10.6%24.9%0.53−38.3%+498%0.48—
100
MDTMedtronic Plc · Medical Devices
Whole market−0.8%22.6%0.08−45.1%+59.5%0.30—

CCI against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%60.0%−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 volatilityCCI: −9.4% a year, volatility 28.6%SPY (S&P 500): 11.7% a year, volatility 17.2%CSCO: 15.1% a year, volatility 26.3%AMT: −4.8% a year, volatility 27.4%VNQ: 1.0% a year, volatility 18.9%EQIX: 5.6% a year, volatility 27.9%VZ: 3.4% a year, volatility 23.1%TMUS: 7.8% a year, volatility 26.5%T: 8.5% a year, volatility 25.7%SBAC: −10.9% a year, volatility 30.3%UNIT: −25.1% a year, volatility 55.3%IRM: 24.4% a year, volatility 30.3%DLR: 5.7% a year, volatility 29.4%CCISPY (S&P 500)CSCOAMTVNQEQIXVZTMUSTSBACUNITIRM10.0%20.0%30.0%40.0%50.0%60.0%−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 volatilityCCI: −9.4% a year, volatility 28.6%SPY (S&P 500): 11.7% a year, volatility 17.2%CSCO: 15.1% a year, volatility 26.3%AMT: −4.8% a year, volatility 27.4%VNQ: 1.0% a year, volatility 18.9%EQIX: 5.6% a year, volatility 27.9%VZ: 3.4% a year, volatility 23.1%TMUS: 7.8% a year, volatility 26.5%T: 8.5% a year, volatility 25.7%SBAC: −10.9% a year, volatility 30.3%UNIT: −25.1% a year, volatility 55.3%IRM: 24.4% a year, volatility 30.3%DLR: 5.7% a year, volatility 29.4%CCISPY (S&P 500)CSCOAMTVNQEQIXVZTMUSTSBACUNITIRM
All figures
InvestmentAnnual returnVolatility
IRM Iron Mountain Incorporated+24.4%30.3%
CSCO Cisco Systems, Inc.+15.1%26.3%
SPY S&P 500State Street SPDR S&P 500 ETF+11.7%17.2%
T AT&T Inc.+8.5%25.7%
TMUS T-Mobile US, Inc.+7.8%26.5%
DLR Digital Realty Trust, Inc.+5.7%29.4%
EQIX Equinix, Inc.+5.6%27.9%
VZ Verizon Communications Inc.+3.4%23.1%
VNQ Vanguard Real Estate ETF+1.0%18.9%
AMT American Tower Corporation−4.8%27.4%
CCI This pageCrown Castle Inc.−9.4%28.6%
SBAC SBA Communications Corporation−10.9%30.3%
UNIT Uniti Group Inc.−25.1%55.3%
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Has CCI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CCI 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
CCI Crown Castle Inc. (this page)—+31.0%+15.1%−1.0%+2.0%+2.2%+4.9%−39.0%+51.3%28.6%-0.20−59.7%—$38B—
CSCO QualifiedCisco Systems, Inc.3/5 short3/3 long−9.4%−12.0%+10.5%+35.4%+39.0%+108%+102%+348%26.3%0.67−42.0%—$401B—
AMT QualifiedAmerican Tower Corporation3/5 short3/3 long+16.1%+10.0%+6.2%+11.0%+10.9%+13.7%−21.6%+116%27.4%-0.04−45.4%—$87B—
VNQ QualifiedVanguard Real Estate ETF3/5 short3/3 long+6.2%−3.2%+1.3%+10.4%+10.8%+41.1%+4.9%+79.7%18.9%0.14−42.4%0.13%$66B—
IRM REIT - SpecialtyIron Mountain Incorporated2/5 short3/3 long+1.6%−6.5%−8.9%+41.5%+14.8%+114%+198%+516%30.3%0.88−39.0%—$34B—
EQIX REIT - SpecialtyEquinix, Inc.2/5 short3/3 long−3.1%−3.2%−7.4%+32.0%+21.9%+38.7%+31.2%+248%27.9%0.33−41.8%—$98B—
DLR REIT - SpecialtyDigital Realty Trust, Inc.2/5 short3/3 long−1.5%−7.4%−10.2%+15.8%+5.3%+47.9%+32.0%+178%29.4%0.34−48.5%—$65B—
VZ Telecommunications ServicesVerizon Communications Inc.2/5 short3/3 long−0.4%−3.4%−2.2%+18.6%+21.7%+52.6%+18.0%+65.0%23.1%0.26−41.2%—$187B—
TMUS Telecommunications ServicesT-Mobile US, Inc.0/5 short3/3 long−2.1%−9.0%−16.7%−18.5%−19.6%+15.0%+45.5%+243%26.5%0.42−44.8%—$170B—
T Telecommunications ServicesAT&T Inc.0/5 short3/3 long−10.8%−8.1%−15.8%−8.5%−8.4%+58.3%+50.0%+56.2%25.7%0.45−39.4%—$144B—
SBAC REIT - SpecialtySBA Communications Corporation0/5 short1/3 long+16.6%+3.7%−14.1%−2.1%−2.0%−9.5%−43.9%+90.0%30.3%-0.23−55.9%—$20B—
UNIT REIT - SpecialtyUniti Group Inc.0/5 short0/3 long−38.6%−48.8%−56.9%−27.7%−19.4%−39.7%−76.5%−83.1%55.3%-0.25−86.8%—$1.2B—
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How did CCI do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where CCI ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CCI 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 CCI; gray means the two finished within a fraction of a point. The rank row places CCI among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of CCI202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
CCI This pageCrown Castle Inc.—+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%
Rank among alternativesTop quarter in 5 of 275 of 1211 of 1212 of 1210 of 125 of 126 of 125 of 124 of 123 of 1211 of 124 of 118 of 118 of 113 of 119 of 117 of 111 of 1111 of 113 of 109 of 103 of 104 of 84 of 86 of 86 of 85 of 73 of 6
SPY S&P 500State Street SPDR S&P 500 ETF13 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
CSCO Cisco Systems, Inc.14 of 27+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%
AMT American Tower Corporation17 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%
VNQ Vanguard Real Estate ETF11 of 21+3.2%+4.8%+11.8%−26.2%+40.6%−4.6%+28.9%−6.0%+4.9%+8.6%+2.4%+30.4%+2.3%+17.6%+8.6%+28.4%+30.1%−37.0%−16.5%+35.2%+12.0%——————
IRM Iron Mountain Incorporated13 of 27−18.3%+54.5%+46.5%−0.1%+87.8%+1.0%+5.9%−8.0%+23.6%+27.4%−25.7%+33.9%+1.1%+15.6%+26.5%+11.4%−8.0%−33.2%+34.4%−2.1%+38.4%+15.8%+19.7%+13.1%+18.0%−5.5%+69.4%
EQIX Equinix, Inc.15 of 25−16.9%+19.4%+25.4%−21.1%+20.3%+24.2%+68.9%−20.4%+29.2%+20.7%+42.3%+32.8%−13.9%+103%+24.8%−23.4%+99.6%−47.4%+33.7%+85.5%−4.6%+51.5%+395%−93.9%−33.7%——
DLR Digital Realty Trust, Inc.10 of 21−10.1%+35.9%+39.9%−41.0%+30.7%+20.4%+16.5%−3.0%+18.7%+34.9%+20.2%+42.6%−23.5%+6.1%+35.4%+6.1%+58.8%−11.4%+15.7%+57.2%+77.9%——————
VZ Verizon Communications Inc.13 of 27+8.9%+13.1%+2.7%−20.0%−7.5%−0.1%+13.8%+11.3%+4.0%+20.7%+3.6%−0.5%+18.6%+13.2%+18.2%+23.0%+3.8%−20.1%+22.1%+34.0%−22.2%+20.1%−5.7%−15.3%−2.6%−16.9%+17.0%
TMUS T-Mobile US, Inc.9 of 18−6.6%+39.7%+15.0%+20.7%−14.0%+72.0%+23.3%+0.1%+10.4%+47.0%+45.2%−19.9%+69.2%+14.5%−31.3%+65.5%−48.6%−23.7%—————————
T AT&T Inc.14 of 27+14.0%+44.0%−2.8%+6.5%−5.9%−19.6%+48.5%−20.8%−2.4%+32.0%+10.3%+2.4%+11.6%+19.4%+11.1%+14.0%+6.9%−26.9%+22.1%+55.6%+1.9%+5.5%+3.6%−27.6%−15.4%+0.6%−6.7%
SBAC SBA Communications Corporation17 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%—
UNIT Uniti Group Inc.4 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 CCI 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 CCI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CCI's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringCCI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−97.6%−33.9%Mar 2000Aug 20022.4 yearsDec 20075.3 years
2008 financial crisis−76.1%−45.0%Dec 2007Nov 200811 monthsSep 201022 months
2022 bear market−59.7%+71.4%Dec 2021Oct 20264.8 yearsNot yet—
No named crash−52.1%−10.2%Aug 1998Oct 19982 monthsNov 19981 month
No named crash−39.5%−5.8%Jul 1999Aug 19991 monthDec 19994 months

How did CCI do in stock market crashes?

This section measures how far CCI, 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 CCI.

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
CCI This pageCrown Castle Inc.—−2.4%−34.5%−29.8%−10.7%−7.4%−11.1%−11.9%−2.1%−76.1%−97.6%
SPY S&P 500State Street SPDR S&P 500 ETF5 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.5 of 10−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
AMT American Tower Corporation3 of 10−2.3%−34.2%−28.8%−8.4%−8.0%−19.2%−13.6%−2.9%−56.5%−98.7%
VNQ Vanguard Real Estate ETF3 of 9−5.5%−31.8%−42.4%−12.8%−6.2%−11.5%−22.6%−1.7%−70.0%—
IRM Iron Mountain Incorporated5 of 10−4.7%−22.6%−33.4%−15.1%−4.7%−22.6%−19.5%0.0%−55.7%−34.9%
EQIX Equinix, Inc.4 of 9−4.1%−36.3%−25.1%−22.8%−6.3%−15.8%−22.5%−1.1%−69.9%—
DLR Digital Realty Trust, Inc.3 of 9−3.1%−45.7%−24.1%−14.6%−8.1%−8.4%−20.2%−1.7%−56.8%—
VZ Verizon Communications Inc.7 of 10−2.6%−33.2%−13.6%−12.5%−7.4%−10.5%−9.9%0.0%−43.9%−55.2%
TMUS T-Mobile US, Inc.3 of 9−2.6%−12.1%−26.0%−13.7%−7.4%−21.2%−52.5%−11.3%−57.5%—
T AT&T Inc.8 of 10−1.6%−29.2%−30.6%−18.3%−6.5%−8.6%−9.1%−0.3%−44.4%−63.5%
SBAC SBA Communications Corporation4 of 10−3.9%−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 CCI 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 CCI 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 CCI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CCI This pageCrown Castle Inc.54%80%0.670.66
TMUS T-Mobile US, Inc.63%44%1.430.47
IRM Iron Mountain Incorporated98%73%1.350.98
EQIX Equinix, Inc.76%66%1.150.67
DLR Digital Realty Trust, Inc.64%59%1.070.59
CSCO Cisco Systems, Inc.101%97%1.050.97
AMT American Tower Corporation61%72%0.850.59
SBAC SBA Communications Corporation55%70%0.800.63
VZ Verizon Communications Inc.44%56%0.780.36
T AT&T Inc.47%64%0.730.50
VNQ Vanguard Real Estate ETF69%100%0.690.88
UNIT Uniti Group Inc.47%213%0.221.23
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What diversifies CCI?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420232022200820022001200080/20 mix volatility80/20 mix annual return
CCI Crown Castle Inc. (this page)1.00−39.0%-0.20−16.4%−10.2%−32.6%−57.8%−64.9%−60.5%−15.7%32.0%−8.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.48+119%1.48+15.9%+17.4%+3.8%————26.6%−3.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.08+220%1.32+29.8%+42.0%+6.0%−20.8%———25.9%−1.8%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.38+147%1.02+42.9%+15.8%+21.5%————27.3%−2.8%
MGV Broad MarketVanguard Morningstar Mega Cap Value ETF0.47+82.7%0.97+16.9%+9.2%−1.2%−35.6%———27.0%−4.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.36+82.4%0.94+13.4%+20.1%−5.1%————26.5%−4.2%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.37+58.7%0.94+18.8%+16.9%−5.6%————26.3%−4.7%
AMLP EnergyAlerian MLP ETF0.23+120%0.93+22.8%+21.4%+25.5%————26.7%−3.2%
XLE EnergyState Street Energy Select Sector SPDR ETF0.20+177%0.93+5.6%−0.6%+64.4%−39.0%−14.8%−18.2%+24.4%27.2%−2.0%

Stocks

InvestmentCorrelation5Y returnSharpe202420232022200820022001200080/20 mix volatility80/20 mix annual return
CCI Crown Castle Inc. (this page)1.00−39.0%-0.20−16.4%−10.2%−32.6%−57.8%−64.9%−60.5%−15.7%32.0%−8.8%
CAH Medical - DistributionCardinal Health, Inc.0.26+476%1.54+19.0%+34.1%+54.1%−39.6%−8.3%−2.5%+108%27.5%+0.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.13+644%1.37−4.0%+30.4%+86.6%————27.2%+2.2%
MCK Medical - DistributionMcKesson Corporation0.29+368%1.37+23.7%+24.1%+51.8%−40.4%−27.2%+4.9%+61.2%27.6%0.0%
CLS Hardware, Equipment & PartsCelestica Inc.-0.10+2,294%1.36+215%+160%+1.3%−20.5%−65.1%−25.6%−2.3%27.2%+10.2%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.28+604%1.35+103%+37.8%+24.2%−67.4%−33.1%+9.8%−15.9%28.4%+1.6%
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Common questions

What was CCI's worst drawdown?

CCI's deepest decline since it began trading in 1998 was 97.6%, from March 2000 to August 2002. It took about five years from the low to climb back to its old high.

What were CCI's best and worst years?

Over 27 full calendar years, CCI's best year was 2003, when it returned 195%. Its worst was 2002, with a return of -64.9%.

Is there a better investment than CCI?

Among CCI's popular alternatives, CSCO, VNQ and TMUS earned more than CCI with less volatility over the past 5 years. CSCO returned 15.1% a year at 26.3% volatility, against a loss of 9.4% a year at 28.6%. Looking beyond its popular alternatives, CHT (integrated telecommunications) and MSI (communications equipment) earned more than CCI with less volatility over the past 5 years. CHT returned 8.4% a year at 13.3% volatility, against a loss of 9.4% a year at 28.6%.

Is CCI more volatile than the S&P 500?

Yes. CCI's volatility over the past 5 years was 28.6%, 1.7 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CCI's return lands within 28.6% 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 CCI's Sharpe ratio?

CCI's Sharpe ratio over the past 5 years was -0.20, against 0.73 for the S&P 500, so CCI 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 CCI with the S&P 500?

Over the past 5 years, CCI's monthly returns had a correlation of 0.43 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 CCI instead: the lower it is, the more that option would diversify a CCI holding.

What are the best alternatives to CCI?

Of the 11 popular alternatives we compared, three outperformed CCI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CSCO, AMT and VNQ.

Did CCI outperform the S&P 500?

CCI finished ahead of the S&P 500 (SPY) in 13 of 27 full calendar years. In 2025, it returned +3.0%, against +17.7% for the index.

How did CCI do in stock market crashes?

CCI fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in five. The clearest case was the late-2018 sell-off, when CCI fell 10.7% and the S&P 500 fell 19.3%.

What diversifies CCI?

These had a low correlation with CCI over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.08) and MLPX (correlation 0.38); among large stocks, CAH (correlation 0.26), MPC (correlation 0.13) and MCK (correlation 0.29). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CCI

Other stocks and ETFs