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

> Source: BetterThanSPY research, https://betterthanspy.com/research/cci
> Data as of November 2, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

## 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.
- **Risk:** More volatile than the S&P 500: volatility 28.6% against 17.2%; worst decline in 10 years −59.7% against −33.7%.
- **Better options:** 5 of its 11 popular alternatives earned more with less volatility over the past 5 years, including CSCO, VNQ and TMUS.
- **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.

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.

## Key findings

- **Right now:** CCI is 47.0% below its high, bear-market territory, while the S&P 500 sits 3.5% below a record. Even so, over the past 3 months, CCI rose 15.1% while the S&P 500 fell 0.5%.
- **Stock or market?:** CCI held up far better than its industry: it rose 15.1% over the past 3 months while the telecom tower reits ETF SRVR (Pacer Data & Infrastructure Real Estate ETF) fell 9.1%. The S&P 500 fell 0.5%. Last month cut against the tape: CCI rose 31.0% while the S&P 500 fell 2.3%.
- **Past 1 to 3 years:** CCI has trailed the market, rising 2.2% over the past year against 11.3% for the S&P 500 and 8.3% for the Nasdaq 100. The same gap shows up over 3 years (4.9% against 81.0%). On the flip side, CCI lagged its telecom tower reit peers in 2023, then moved up the pack in 2025.
- **Long term:** CCI turned $10,000 into $15,100 over the past decade, against $42,000 in the S&P 500.
- **In a crash:** In the 2022 bear market, CCI fell 34.5%, against 24.5% for the S&P 500. That was more than IRM (Iron Mountain, 22.6%) but less than EQIX (Equinix, 36.3%). Even so, CCI fell less than the S&P 500 in three of the last four sell-offs, including the late-2018 sell-off (10.7% against 19.3%).
- **Diversification:** Over 10 years, CCI's beta versus the S&P 500 was 0.66: 54% of the S&P 500's gains in rising months and 80% of its losses in falling ones. Against the S&P 500, CCI has a correlation of 0.43 over 5 years, more closely than 59% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** CSCO (Cisco Systems), VNQ (Vanguard Real Estate ETF) and TMUS (T-Mobile US) 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%.
  - **Nearby categories and themes:** CHT (Chunghwa Telecom, integrated telecommunications) and MSI (Motorola Solutions, 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%.
  - **Whole market:** 1,383 of the 3,627 stocks and funds worth at least $500 million earned more than CCI 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 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.

- $10,000 invested in CCI at the end of October 1998 would have grown to $115,618 by October 2026, more than the $111,495 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CCI, and AAPL finished highest, at $12,414,301.

## 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.

- CCI is still 47.0% below its all-time high.
- 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.
- Over 27 full calendar years, CCI's best was 2003, when it returned 195%, and its worst was 2002, when it lost 64.9%. It lost money in seven of those years.

- Type: Stock, Real Estate (REIT - Specialty)
- Trading since: August 18, 1998
- Market value: $38B
- Volatility (5 years): 28.6%; Sharpe ratio: -0.20
- Worst decline ever: −97.6%, from March 3, 2000 to August 12, 2002; back at its high by December 3, 2007

| Period | CCI total return |
| --- | --- |
| 1 month | +31.0% |
| 3 months | +15.1% |
| 6 months | −1.0% |
| year to date | +2.0% |
| 1 year | +2.2% |
| 3 years | +4.9% |
| 5 years | −39.0% |
| 10 years | +51.3% |

## 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.

- On return for the risk taken (the Sharpe ratio), CCI ranks in the bottom 7% of the 2,886 stocks worth at least $300 million.
- CCI is among the steadier stocks: its price swings rank in the top 21% of the 2,886 stocks worth at least $300 million, where the top is the calmest.

| Measure | CCI | Rank |
| --- | --- | --- |
| 1-year return | +2.2% | 2,012 of 3,272 (top 62%) |
| 3-year return | +4.9% | 2,229 of 2,999 (top 75%) |
| 5-year return | −39.0% | 2,267 of 2,886 (top 79%) |
| 10-year return | +51.3% | 1,612 of 2,186 (top 74%) |
| Volatility, 5 years | 28.6% | 596 of 2,886 (top 21%) |
| Sharpe ratio, 5 years | -0.20 | 2,696 of 2,886 (top 94%) |
| Worst decline, past 10 years | −59.7% | 870 of 2,183 (top 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).

- 457 stocks and 926 ETFs worth at least $500 million sit in the green region: each earned more than CCI over the past 5 years with smaller price swings. That is 38% of the 3,627 screened.
- Among those with at least half CCI's swings, CAH has the best return for its risk: 41.9% a year at 24.8% volatility, 13% less than CCI's 28.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against -0.20 for CCI.
- Among CCI's popular alternatives, CSCO, T and TMUS are in the region. CSCO earned 15.1% a year against a loss of 9.4% a year for CCI, at 26.3% volatility, 8% less than CCI's 28.6%.

### Is there a better investment than CCI?

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.

- 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%.
- Across the whole market, 1,383 of the 3,627 stocks and funds worth at least $500 million earned more than CCI with less volatility over the past 5 years, among them VTI, VOO and BRK-A.

The 15 strongest of 1,383 investments that beat CCI over the past 5 years, out of 3,627 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with CCI | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CCI: Crown Castle Inc. (this page) |  | −9.4% | 28.6% | -0.20 | −59.7% | +51.3% |  |  |
| FLRT: Pacer Aristotle Pacific Floating Rate High Income ETF | Bank Loans | +6.0% | 2.3% | 2.54 | −20.9% | +58.7% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SGOV](https://betterthanspy.com/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bills | +3.9% | 0.3% | 15.41 | 0.0% | — | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAH](https://betterthanspy.com/research/cah): Cardinal Health, Inc. | Health Care Distribution | +41.9% | 24.8% | 1.54 | −46.1% | +388% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| JAAA: Janus Henderson AAA CLO ETF | AAA CLO Debt | +5.1% | 1.7% | 3.00 | −2.6% | — | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTI](https://betterthanspy.com/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +10.7% | 17.5% | 0.67 | −35.0% | +304% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BKLN: Invesco Senior Loan ETF | Bank Loans | +5.5% | 4.5% | 1.21 | −24.1% | +52.1% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VOO](https://betterthanspy.com/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +11.8% | 16.9% | 0.75 | −34.0% | +323% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://betterthanspy.com/research/wmt): Walmart Inc. | Discount Retail | +22.2% | 22.7% | 1.00 | −25.7% | +552% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SRLN: State Street Blackstone Senior Loan ETF | Bank Loans | +4.7% | 4.0% | 1.19 | −22.3% | +54.6% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BRK-A](https://betterthanspy.com/research/brk-a): Berkshire Hathaway Inc. | Insurance | +13.9% | 17.2% | 0.85 | −30.4% | +288% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FTSL: First Trust Senior Loan Fund | Bank Loans | +5.1% | 3.4% | 1.50 | −22.7% | +53.1% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JPM](https://betterthanspy.com/research/jpm): JPMorgan Chase & Co. | Banks | +17.7% | 24.3% | 0.80 | −43.6% | +543% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ABBV](https://betterthanspy.com/research/abbv): AbbVie Inc. | Specialty Pharmaceuticals | +24.3% | 23.4% | 1.05 | −45.1% | +665% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://betterthanspy.com/research/v): Visa Inc. | Payment Processing | +16.1% | 22.7% | 0.78 | −36.4% | +467% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CHT](https://betterthanspy.com/research/cht): Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +8.4% | 13.3% | 0.67 | −23.8% | +114% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## 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.

- Seven of the 11 popular alternatives, led by CSCO, T and TMUS, were both more rewarding and calmer than CCI over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CCI returned -9.4% a year, less than the S&P 500's 11.7%, with higher volatility (28.6% against 17.2%).

### 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.

- Three of the 11 popular alternatives, CSCO, AMT and VNQ, outperformed CCI in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- IRM, CSCO and T earned more for the risk they took than CCI (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- TMUS outperformed CCI over all three long-term periods but in none of the five short-term ones, so CCI has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CCI | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CCI: Crown Castle Inc. (this page) | +2.2% | +4.9% | −39.0% | +51.3% |  |  | -0.20 |
| [CSCO](https://betterthanspy.com/research/csco): Cisco Systems, Inc. | +39.0% | +108% | +102% | +348% | 3/5 short-term, 3/3 long-term | consistent | 0.67 |
| [AMT](https://betterthanspy.com/research/amt): American Tower Corporation | +10.9% | +13.7% | −21.6% | +116% | 3/5 short-term, 3/3 long-term | consistent | -0.04 |
| [VNQ](https://betterthanspy.com/research/vnq): Vanguard Real Estate ETF | +10.8% | +41.1% | +4.9% | +79.7% | 3/5 short-term, 3/3 long-term | consistent | 0.14 |
| IRM: Iron Mountain Incorporated | +14.8% | +114% | +198% | +516% | 2/5 short-term, 3/3 long-term |  | 0.88 |
| [EQIX](https://betterthanspy.com/research/eqix): Equinix, Inc. | +21.9% | +38.7% | +31.2% | +248% | 2/5 short-term, 3/3 long-term |  | 0.33 |
| [DLR](https://betterthanspy.com/research/dlr): Digital Realty Trust, Inc. | +5.3% | +47.9% | +32.0% | +178% | 2/5 short-term, 3/3 long-term |  | 0.34 |
| [VZ](https://betterthanspy.com/research/vz): Verizon Communications Inc. | +21.7% | +52.6% | +18.0% | +65.0% | 2/5 short-term, 3/3 long-term |  | 0.26 |
| [TMUS](https://betterthanspy.com/research/tmus): T-Mobile US, Inc. | −19.6% | +15.0% | +45.5% | +243% | 0/5 short-term, 3/3 long-term |  | 0.42 |
| [T](https://betterthanspy.com/research/t): AT&T Inc. | −8.4% | +58.3% | +50.0% | +56.2% | 0/5 short-term, 3/3 long-term |  | 0.45 |
| SBAC: SBA Communications Corporation | −2.0% | −9.5% | −43.9% | +90.0% | 0/5 short-term, 1/3 long-term |  | -0.23 |
| UNIT: Uniti Group Inc. | −19.4% | −39.7% | −76.5% | −83.1% | 0/5 short-term, 0/3 long-term |  | -0.25 |

### 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.

- CCI finished ahead of the S&P 500 in 13 of its 27 full calendar years, and behind it in each of the last four.
- Among its popular alternatives, SBAC came out ahead of CCI most often, in 17 of the 26 years both traded.
- Ranked against its popular alternatives each year, CCI finished in the top quarter in five of 27 years and in the bottom quarter in six. In 2025, it ranked 5 of 12.

| Year | CCI | SPY |
| --- | --- | --- |
| 2025 | +3.0% | +17.7% |
| 2024 | −16.4% | +24.9% |
| 2023 | −10.2% | +26.2% |
| 2022 | −32.6% | −18.2% |
| 2021 | +35.1% | +28.7% |
| 2020 | +15.5% | +18.3% |
| 2019 | +35.4% | +31.2% |
| 2018 | +1.8% | −4.6% |
| 2017 | +33.0% | +21.7% |
| 2016 | +4.5% | +12.0% |

## 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.

- In all five of CCI's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CCI fell 59.7% from December 2021 to October 2026, while the S&P 500 rose 71.4%.
- The slowest recovery came after CCI fell 97.6% from March 2000 to August 2002; it did not regain that peak until December 2007, five years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −97.6% | March 3, 2000 | August 12, 2002 | December 3, 2007 | −33.9% | dot-com bust |
| −76.1% | December 3, 2007 | November 21, 2008 | September 21, 2010 | −45.0% | 2008 financial crisis |
| −59.7% | December 31, 2021 | October 1, 2026 | not yet | +71.4% | 2022 bear market |
| −52.1% | August 19, 1998 | October 9, 1998 | November 5, 1998 | −10.2% |  |
| −39.5% | July 14, 1999 | August 31, 1999 | December 13, 1999 | −5.8% |  |

### 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.

- Among its popular alternatives, T held up best, falling less than CCI in eight of the ten crashes they both traded through.
- CCI fell less than the S&P 500 in five of the ten crashes it has traded through. The clearest case was the late-2018 sell-off, when CCI fell 10.7% and the S&P 500 fell 19.3%.

| Crash | Dates | CCI fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −97.6% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −76.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −11.9% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −11.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −10.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −29.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −34.5% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.4% | −3.4% |

### 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.

- Ten of the 11 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CCI's 0.67, led by TMUS, IRM and EQIX.
- TMUS took just 44% of the S&P 500's losses, against 80% for CCI, while still keeping 63% of its gains.
- Over the past 10 years, CCI captured 54% of the S&P 500's gains in rising months and 80% of its losses in falling months, with a beta of 0.66. 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 |
| --- | --- | --- | --- |
| CCI: Crown Castle Inc. (this page) | 54.0% | 80.0% | 0.66 |
| [CSCO](https://betterthanspy.com/research/csco): Cisco Systems, Inc. | 101% | 97.0% | 0.97 |
| [AMT](https://betterthanspy.com/research/amt): American Tower Corporation | 61.0% | 72.0% | 0.59 |
| [VNQ](https://betterthanspy.com/research/vnq): Vanguard Real Estate ETF | 69.0% | 100% | 0.88 |
| IRM: Iron Mountain Incorporated | 98.0% | 73.0% | 0.98 |
| [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% | 59.0% | 0.59 |
| [VZ](https://betterthanspy.com/research/vz): Verizon Communications Inc. | 44.0% | 56.0% | 0.36 |
| [TMUS](https://betterthanspy.com/research/tmus): T-Mobile US, Inc. | 63.0% | 44.0% | 0.47 |
| [T](https://betterthanspy.com/research/t): AT&T Inc. | 47.0% | 64.0% | 0.50 |
| SBAC: SBA Communications Corporation | 55.0% | 70.0% | 0.63 |
| UNIT: Uniti Group Inc. | 47.0% | 213% | 1.23 |

### 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).

- Moving a fifth of the money in CCI into DXJ would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (-8.8% for CCI alone, -1.8% for the mix).
- MCK made money in five of the seven calendar years in which CCI lost money.
- Among large ETFs, LVHI, DXJ and MLPX have moved largely independently of CCI over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CCI | 5Y return | Volatility | Sharpe | Rose in CCI's 7 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.48 | +119% | 11.1% | 1.48 | 3 of 7 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.08 | +220% | 19.1% | 1.32 | 3 of 7 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.38 | +147% | 19.8% | 1.02 | 3 of 7 |
| MGV: Vanguard Morningstar Mega Cap Value ETF | 0.47 | +82.7% | 13.4% | 0.97 | 2 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.36 | +82.4% | 13.8% | 0.94 | 2 of 7 |
| FTLS: First Trust Long/Short Equity ETF | 0.37 | +58.7% | 10.5% | 0.94 | 2 of 7 |
| AMLP: Alerian MLP ETF | 0.23 | +120% | 18.9% | 0.93 | 3 of 7 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.20 | +177% | 25.6% | 0.93 | 3 of 7 |

## 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.

## More research

- [Is CSCO Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/csco)
- [Is AMT Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/amt)
- [Is VNQ Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/vnq)
- [Is EQIX Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/eqix)
- [Is DLR Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/dlr)
- [Is VZ Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/vz)
- [Is TMUS Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/tmus)
- [Is T Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/t)
- [Is SCHD Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/schd)
- [Is AAPL Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/aapl)
- [Is NVDA Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/nvda)
- [Is MSFT Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/msft)

## Explore further

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