How Correlated Are Tower Stocks And Telecoms?

Clearly, the business of cell tower REITs like American Tower Corp AMT 0.67% and Crown Castle International Corp CCI 0.73% is closely tied to telecom companies like AT&T Inc. T 0.16% and Verizon Communications Inc. VZ 0.15%, so it stands to reason that the stocks must also tend to trade in similar directions. Right?

So far in 2016, that idea has not proven true. Verizon and AT&T have become top gainers so far this year, surging more than 12 percent in the first two months of the year and leaving Crown Castle (+2.0 percent) and American Tower (-4.9 percent) in the dust.

According to data from Portfolio Visualizer, both American Tower and Crown Castle have…

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