SeriesMagCorrOverlapThrough
These move together about 71% of the time
Strong positive
Strong enough to use as a signal — read the stability and regime notes below before relying on it.
American Tower owns and operates about 150,000 wireless towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 30 data centers in 11 US markets after acquiring CoreSite. The company's customer base in the tower business is very concentrated, with most revenue in each market generated by the top three or four mobile carriers. The company operates more than 40,000 towers in the US, which accounted for about half of total revenue in 2025. Outside the US, American Tower operates about 47,000 towers in Latin America (dominated by Brazil), 33,000 towers in Europe, and 28,000 towers in Africa. American Tower operates as a REIT.
Market cap 81.8B · 4,866 employees
Realty Income owns roughly 15,500 properties, most of which are freestanding, single-tenant, triple-net-leased retail properties. Its properties are located in 49 states and Puerto Rico and are leased to 250 tenants from 47 industries. Recent acquisitions have added industrial, gaming, office, manufacturing, and distribution properties, which make up roughly 20% of revenue.
What to Watch
Unusual right now
Recent correlation (-47%) is 4.1σ from the long-run average of +80% — pair is behaving differently than usual.
Holds across regimes
Correlation is similar when markets rise (+58%) and fall (+63%) — reliable in both directions.
Regime-dependent
The correlation has flipped sign across time windows — not reliable as a standalone signal.
Time Series
Time-Shifted Correlation
See how correlation changes when one series is offset in time. A taller bar at a non-zero shift means the two move together better when one leads the other — that's a potential lead/lag signal.
Correlation by shift
Click a bar to inspect. Range: -6 to 6 days.
Selected shift
No shift
Correlation at this shift
+80%
No shift — both series at their actual dates.
1,255 overlapping points at this shift
Time series with Realty Income Corporation at original dates
Indexed to 100 at start
Deep Dive
Stability
How the correlation evolves over time. A stable line means the relationship is reliable; large swings signal regime-dependent behavior.
Corr
+80%
Pearson correlation
95% CI
+78% → +82%
Likely range
R²
64.0%
Variance explained
Trend agreement
70.7%
Same-direction moves
Significance
p < 0.001
Statistical confidence
Data points
1,255
Deep
Pipeline
Pipeline Summary
1,255 paired data points survived the daily window.
Raw input
1,255
1,255
Normalized
1,255
1,255
Prepared
1,255
1,255
Aligned
1,255
1,255
Invalid removed
Explore
The strongest positive and inverse pairs we’ve saved for each side of this comparison — good jumping-off points if this result raised a question.
Market cap 58.5B · 544 employees
Do They Crash Together?
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
+58%
105 periods · Return correlation when both series rose
Both Falling
+63%
102 periods · Return correlation when both series fell
Diverging
-44%
42 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
0
A: 0 / B: 0
Series A
American Tower Corporation
AMT
Market cap 81.8B · 4,866 employees
Stock · 1,255 raw → 1,255 prepared
Series B
Realty Income Corporation
O
Market cap 58.5B · 544 employees
Stock · 1,255 raw → 1,255 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
37
Estimated crossover points between normalized spreads.
Slope
0.1473
Linear regression slope.
Intercept
29.4326
Linear regression intercept.
Saved 1 hour ago · ID: stock-amt_stock-o_5y
O
Realty Income Corporation
Strongest positive