How Can I Beat the S&P 500? What the Evidence Says
The honest answer to the most asked question in investing: how many people beat the index, why it is so hard, why investors trail even their own funds, and how daily market context fits in.
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DLR Stock vs the S&P 500: Returns, Risk and Crash History
Digital Realty Trust, Inc., real estate (market value $65.3 billion), an S&P 500 member: how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns and what analysts said. Data as of Oct 30, 2026.
What changed since Oct 26
Exent re-checks this page every day. Ratings appear 30 days after they are published; the top‑ranked analysts’ calls are not counted here, they are in Gems.
83% Buy ratings (was 82%)+9.1% 1‑year return through Oct 30 (was +4.4%)
Key takeaways
- DLR returned +35.7% over the 5 years to Oct 30, 2026 versus +75.9% for the S&P 500: it lagged the index.
- Its 5-year Sharpe ratio was 0.22 against 0.58 for the S&P 500.
- Its deepest crisis drawdown was −56.8% in the global financial crisis (2007–09) (S&P 500: −56.5%).
- Five‑year volatility was 29.3% and beta 0.97.
- 30 analysts rated it in the past year; 83% of their latest calls were Buy.
- DLR beat earnings estimates in 6 of its last 12 reports; the stock moved 4.5% on average, up or down, around each report.
What do the best‑ranked analysts on DLR say now? See it in Exent Gems →
In this article
- Did DLR beat the S&P 500?
- What Wall Street analysts say about DLR
- DLR returns by year vs the S&P 500
- DLR risk-adjusted returns: Sharpe, Sortino and volatility
- How DLR behaved in past crashes
- What moves with DLR, and what doesn’t
- Latest DLR upgrades, downgrades and price‑target changes
- Do analysts get DLR right?
- How DLR moves after earnings
- Where DLR’s revenue comes from
- Members of Congress who traded DLR
- Are DLR insiders buying or selling?
- How much of DLR is sold short?
- How many institutions own DLR?
- Is DLR diluting shareholders?
- DLR financial health scores
- What DLR talks about on earnings calls
- Which ETFs hold DLR?
- The right benchmark for DLR
- Other real estate stocks
- Data and methodology
Did DLR beat the S&P 500?
Over the 5 years to Oct 30, 2026, Digital Realty Trust, Inc. (DLR) returned +35.7% including dividends, versus +75.9% for the S&P 500 (SPY). It lagged the index by 40.2 percentage points, or +6.3% a year against +12.0%.
| Period | DLR | S&P 500 | DLR per year | S&P 500 per year | Result |
|---|---|---|---|---|---|
| 1 year | +9.1% | +12.0% | +9.1% | +12.0% | Lagged |
| 3 years | +59.1% | +87.4% | +16.7% | +23.3% | Lagged |
| 5 years | +35.7% | +75.9% | +6.3% | +12.0% | Lagged |
| 10 years | +171.8% | +316.3% | +10.5% | +15.3% | Lagged |
- 1 year
- DLR
- +9.1%
- S&P 500
- +12.0%
- DLR per year
- +9.1%
- S&P 500 per year
- +12.0%
- Result
- Lagged
- 3 years
- DLR
- +59.1%
- S&P 500
- +87.4%
- DLR per year
- +16.7%
- S&P 500 per year
- +23.3%
- Result
- Lagged
- 5 years
- DLR
- +35.7%
- S&P 500
- +75.9%
- DLR per year
- +6.3%
- S&P 500 per year
- +12.0%
- Result
- Lagged
- 10 years
- DLR
- +171.8%
- S&P 500
- +316.3%
- DLR per year
- +10.5%
- S&P 500 per year
- +15.3%
- Result
- Lagged
Total return with dividends reinvested, from month-end prices to Oct 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.
DLR is in the S&P 500 (members as of Oct 20, 2026); the list shows every member’s return against the index.
What Wall Street analysts say about DLR
In the 12 months to 30 days ago, 30 analysts published 241 ratings on DLR. Their latest calls were 83% Buy, 17% Hold and 0% Sell. 9 of them rank 4★ or higher in Exent’s analyst scoring, which is based on each analyst’s past price‑target hit rate and returns.
The consensus 12‑month price target was $198.38 (range $170.00–$220.00), +12.7% from the last price. Remember that the average analyst’s target is hit only about half the time: how accurate are price targets?
| Top‑ranked analyst covering | Firm | Stars | Price‑target hit rate |
|---|---|---|---|
| ??? | ??? | 4.9★ | 51.3% |
| ??? | ??? | 4.8★ | 37.2% |
| ??? | ??? | 4.8★ | 55.6% |
| ??? | ??? | 4.7★ | 56.1% |
| ??? | ??? | 4.6★ | 35.9% |
Ratings are shown with a 30‑day delay. Who the top‑ranked analysts on DLR are, their live calls and the median target of only the top‑rated analysts are in Exent Gems.
The average analyst’s target is reached about 53.1% of the time; Exent Gems is built on the top 50 of Exent’s ranking,where some reached 90% or more over the last two years. Unlock the top 50 analysts.
DLR returns by year vs the S&P 500
DLR beat the S&P 500 in 5 of the 9 full calendar years shown.
| Year | DLR | S&P 500 | Difference |
|---|---|---|---|
| 2026 (to Oct 30, 2026) | +19.2% | +11.7% | +7.5% |
| 2025 | −10.1% | +17.7% | −27.8% |
| 2024 | +35.9% | +24.9% | +11.0% |
| 2023 | +39.9% | +26.2% | +13.7% |
| 2022 | −41.0% | −18.2% | −22.8% |
| 2021 | +30.7% | +28.7% | +2.0% |
| 2020 | +20.4% | +18.3% | +2.1% |
| 2019 | +16.5% | +31.2% | −14.7% |
| 2018 | −3.0% | −4.6% | +1.6% |
| 2017 | +19.8% | +21.7% | −1.9% |
DLR risk-adjusted returns: Sharpe, Sortino and volatility
Over 5 years, DLR had a Sharpe ratio of 0.22 against 0.58 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 25.3% and its beta 0.97: it tended to move about 1.0× as much as the market.
| Metric | DLR | S&P 500 |
|---|---|---|
| Annual return | +6.3% | +12.0% |
| Volatility (annualized) | 25.3% | 15.5% |
| Sharpe ratio | 0.22 | 0.58 |
| Sortino ratio | 0.32 | 0.91 |
| Max drawdown (month-end) | −42.3% | −23.9% |
| Beta to the S&P 500 | 0.97 | 1.00 |
Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.
How DLR behaved in past crashes
DLR’s deepest fall in the crises below was −56.8% in the global financial crisis (2007–09), against −56.5% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.
| Crisis | DLR | S&P 500 | Loss on $100,000 |
|---|---|---|---|
| Global financial crisis (2007–09) | −56.8% | −56.5% | −$56,800 |
| 2018 trade-war selloff | −15.9% | −20.2% | −$15,950 |
| COVID crash (Feb–Mar 2020) | −24.7% | −34.1% | −$24,720 |
| 2022 inflation bear market | −49.0% | −25.4% | −$49,040 |
| 2025 tariff selloff | −20.9% | −19.0% | −$20,870 |
| Window | DLR max drawdown |
|---|---|
| Last 1 year | −15.0% |
| Last 3 years | −29.4% |
| Last 5 years | −48.5% |
| Last 10 years | −51.1% |
Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.
What moves with DLR, and what doesn’t
Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, DLR’s correlation with the S&P 500 was 0.59, with the Nasdaq‑100 0.53, with long Treasuries (TLT) 0.34 and with gold (GLD) 0.17.
Adding a 5% DLR position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.5% to 15.5%.
| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
|---|---|---|---|
| MRK | −0.14 | EQIX | 0.73 |
| ABBV | −0.11 | COST | 0.58 |
| REGN | −0.09 | MCO | 0.57 |
| XOM | −0.03 | CSX | 0.56 |
| RTX | 0.00 | NVDA | 0.52 |
Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.
Latest DLR upgrades, downgrades and price‑target changes
| Date | Rating and target | Analyst |
|---|---|---|
| Oct 30 | Target raised Buy | Brett Knoblauch |
| Sep 14 | Target cut Buy | Madison Rezaei |
| Sep 10 | Target raised Buy | Tom Catherwood |
Named analysts’ rating and price‑target changes on DLR in the 5 weeks to Oct 4, 2026, shown 30 days after publication (the free analysts’ calls 3 days after). The top‑ranked analysts’ calls are in Exent Gems. See all of the latest analyst upgrades and downgrades.
Do analysts get DLR right?
Of the 386 analyst price targets on DLR set from 2019 until a year ago, 61.1% were reached within 12 months (data to Oct 20, 2026), 7.5 points below the 68.6% hit rate of the median stock in Exent’s study of 794 stocks. Targets that were reached took a median of 91 days. The median target sat 11.8% above the share price on the day it was set.
Where analysts said DLR would be by now: a year ago, 14 analysts had a price target on DLR, and the median of their latest targets was $200.00. On Oct 20, 2026 DLR closed at $175.34, 12.3% below it.
61.1%of targets reached within 12 monthsMedian stock: 68.6%
91 daysmedian time to reach a target
−12.3%price now vs the median target set a year ago
| After | Calls | Move on the call | 3 months vs S&P 500 |
|---|---|---|---|
| Upgrades of DLR | 26 | +1.6% | +0.6% |
| Upgrades, all stocks | 11,514 | +2.5% | +3.4% |
| Downgrades of DLR | 17 | −1.7% | −0.5% |
| Downgrades, all stocks | 10,700 | −3.0% | −1.6% |
The move on the call runs from the close before the rating change to the close after it; the last column is the stock’s return minus the S&P 500’s over the next three months. Averages of rating changes on DLR through Sep 15, 2026; analysts are not named here. Do analyst upgrades move stocks?
How DLR moves after earnings
DLR beat the consensus earnings‑per‑share estimate in 6 of its last 12 quarterly reports, through the one on Jul 23, 2026, and the revenue estimate in 7 of 12. From the close before each report to the close after it, the stock moved 4.5% on average, up or down, against 6.8% for the average report across the 1,002 US stocks Exent tracks. It rose after 8 of the 12 reports. In 2 of the 6 beats the stock still fell.
6/12earnings beats
±4.5%average move per report
8/12reports followed by a rise
| Report | EPS vs estimate | Revenue vs estimate | Stock move |
|---|---|---|---|
| Jul 23, 2026 | $1.21 vs $0.48 | +16.1% | +11.6% |
| Apr 23, 2026 | $0.46 vs $0.44 | +2.1% | −0.4% |
| Feb 5, 2026 | $0.24 vs $0.29 | +3.7% | +2.9% |
| Oct 23, 2025 | $0.17 vs $0.31 | +3.2% | +4.0% |
| Jul 24, 2025 | $2.94 vs $0.41 | +3.2% | −0.7% |
| Apr 24, 2025 | $0.27 vs $1.73 | −1.2% | +5.5% |
| Feb 13, 2025 | $0.51 vs $0.27 | −1.5% | +0.6% |
| Oct 24, 2024 | $0.12 vs $0.26 | +0.0% | +9.2% |
Reported earnings per share against the consensus estimate, revenue surprise in percent, and the stock’s price change over the two sessions around the report. How stocks move after earnings
Where DLR’s revenue comes from
In fiscal 2025 (the year to Dec 31, 2025), DLR’s largest reported region was the United States, with 51.8% of its $6.1 billion revenue. By region: United States 51.8%; Non-US 48.2%.
By business, the largest segment was Rental And Other Services, with 97.6% of $6.1 billion revenue (+8.9% on the year before).
| Segment | Revenue | Share | Growth |
|---|---|---|---|
| Rental And Other Services | $6.0 billion | 97.6% | +8.9% |
| Fee Income And Other | $143.8 million | 2.4% | +98.3% |
From DLR’s annual filings; segment growth compares fiscal 2025 with the year before. Regions are as each company reports them, so one company’s “Asia Pacific” is not another’s. China counts the regions a company reports as China, Greater China or Hong Kong; a separately reported Taiwan is not counted. Which S&P 500 companies depend most on China?
Members of Congress who traded DLR
As of Oct 20, 2026, 8 members of Congress had disclosed 19 trades in DLR (12 buys and 7 sales) in STOCK Act disclosures filed with the House and Senate. The latest public trade is dated Mar 27, 2026.
| Trade date | Member | Type | Amount |
|---|---|---|---|
| Mar 27, 2026 | Alan Armstrong | Buy | $1,001–$15,000 |
| Sep 11, 2025 | Marjorie Taylor Greene | Buy | $1,001–$15,000 |
| May 5, 2025 | Marjorie Taylor Greene | Buy | $1,001–$15,000 |
| Mar 17, 2025 | Marjorie Taylor Greene | Buy | $1,001–$15,000 |
| Nov 1, 2024 | Marjorie Taylor Greene | Buy | $1,001–$15,000 |
| Sep 9, 2024 | Ro Khanna | Sale | $1,001–$15,000 |
| Jan 11, 2023 | Thomas Carper | Buy | $1,001–$15,000 |
| Oct 17, 2022 | Thomas Carper | Sale | $1,001–$15,000 |
| Jan 18, 2022 | Thomas Carper | Buy | $1,001–$15,000 |
| Jan 13, 2021 | Susie Lee | Sale | $1,001–$15,000 |
Amounts are the ranges members report, not exact values. The STOCK Act gives members up to 45 days to disclose a trade, so trades appear weeks after they are made. See every member’s disclosed trades
Are DLR insiders buying or selling?
In the 12 months to Oct 20, 2026, DLR insiders made no open‑market purchases and 1 sale worth $694,604, according to SEC Form 4 filings. The last open‑market purchase on record was on Sep 15, 2022.
After the 18 insider purchases of $10,000 or more since 2012, DLR beat the S&P 500 by an average of 21.0 percentage points over the next 12 months; 83% of them were followed by a beat. Across all 17,865 insider purchases in Exent’s study, the average was +17.2% and the median +1.0% against the index.
| Date | Insider | Role | Value |
|---|---|---|---|
| Sep 15, 2022 | Stein A William | Director, officer: CHIEF EXECUTIVE OFFICER | $566,100 |
| May 18, 2022 | Stein A William | Director: CHIEF EXECUTIVE OFFICER | $629,750 |
| Feb 26, 2021 | Mercier Matt | Svp, Finance and Accounting | $3,021 |
| Aug 7, 2017 | Laperch William G | Director | $30,000 |
| Mar 4, 2016 | Earley Kathleen | Director | $25,000 |
The table lists the latest open‑market purchases on record, leaving out the last 30 days. The chart counts Form 4 purchases and sales by calendar quarter. Purchases are open‑market buys; sales include planned sales under 10b5‑1 trading plans. Do insider buys beat the market?
How much of DLR is sold short?
As of the Sep 30, 2026 settlement date, 2.57% of DLR’s float was sold short: 9.0 million shares, or 4.6 days of average trading volume to cover. A year earlier (Oct 15, 2025) it was 2.36%. The median across the 997 US stocks Exent tracks was 4.77%, so DLR is less heavily shorted than most.
From FINRA short‑interest reports, filed twice a month; the bars show the short share of the float at each month‑end. Days to cover divides the shares short by the average daily volume. The most shorted stocks
How many institutions own DLR?
At the end of Q2 2026 (Jun 30, 2026), 1,365 institutions reported holding DLR in 13F filings, up 77 from the quarter before and up from 1,283 a year earlier. Their reported holdings add up to 111.3% of DLR’s shares. In the quarter 745 institutions added to their positions and 398 cut them.
1,36513F holders
159new positions
86positions closed
111.3%of shares held by 13F filers
Investment managers with over $100 million in US equities file 13F reports within 45 days of each quarter end, so this is the latest complete quarter. Holdings can add up to more than 100% when shares are lent and counted twice. Which stocks institutions are buying and selling
Is DLR diluting shareholders?
DLR’s diluted share count rose 33.9% over the five fiscal years to fiscal 2025 and rose 6.0% in fiscal 2025 alone. Each share now owns a smaller slice of the company. The median change across the 1,005 US stocks Exent tracks was −0.1%.
DLR did not buy back shares in fiscal 2025.
+6.0%share count, 1 year
+33.9%share count, 5 years
0.0%stock pay as % of revenue
0.00%buyback yield
Weighted‑average diluted shares from DLR’s annual income statements; stock‑based compensation and buybacks from its cash‑flow statement. Stock dilution and stock‑based compensation, explained
DLR financial health scores
In Exent’s Oct 20, 2026 snapshot, DLR’s Piotroski F‑score was 6 out of 9; 62% of scored stocks reach 6 or more. The Altman Z‑score is not meaningful for real estate companies, so it is left out.
The Altman Z‑score combines five balance‑sheet and earnings ratios into one bankruptcy‑risk score: below 1.81 is the distress zone, 1.81–2.99 grey, above 2.99 safe. It is not meaningful for banks, insurers and REITs. The Piotroski F‑score counts nine yes/no tests of profitability, leverage and efficiency; 8–9 is strong, 0–2 weak. Both come from the latest annual statements. Which stocks have the highest bankruptcy risk?
What DLR talks about on earnings calls
On its latest earnings call (Jul 23, 2026), DLR’s executives and analysts mentioned AI 30 times, against 35 on the call before (Apr 23, 2026); the average across 455 S&P 500 calls that quarter was 12.9. After AI, the most mentioned topic was data centers (25). Tariffs and recession did not come up.
| Mentions | Jul ’26 | Apr ’26 | Feb ’26 | Oct ’25 |
|---|---|---|---|---|
| AI | 30 | 35 | 34 | 34 |
| AI agents | 3 | 0 | 0 | 0 |
| Data centers | 25 | 21 | 37 | 26 |
| Tariffs | 0 | 0 | 0 | 0 |
| China | 0 | 0 | 0 | 0 |
| Recession | 0 | 0 | 0 | 0 |
- AI
- Jul ’26
- 30
- Apr ’26
- 35
- Feb ’26
- 34
- Oct ’25
- 34
- AI agents
- Jul ’26
- 3
- Apr ’26
- 0
- Feb ’26
- 0
- Oct ’25
- 0
- Data centers
- Jul ’26
- 25
- Apr ’26
- 21
- Feb ’26
- 37
- Oct ’25
- 26
- Tariffs
- Jul ’26
- 0
- Apr ’26
- 0
- Feb ’26
- 0
- Oct ’25
- 0
- China
- Jul ’26
- 0
- Apr ’26
- 0
- Feb ’26
- 0
- Oct ’25
- 0
- Recession
- Jul ’26
- 0
- Apr ’26
- 0
- Feb ’26
- 0
- Oct ’25
- 0
Word counts in the full transcript of each call, prepared remarks and Q&A, newest first. “AI” also counts generative AI and large language models; “AI agents” counts agentic AI. Which companies talk most about AI?
Which ETFs hold DLR?
As of Oct 20, 2026, 42 of the 304 ETFs Exent tracks held DLR. Its largest weight is in DTCR (Global X Data Center & Digital Infrastructure ETF), at 12.50% of the fund.
| ETF | Fund | Weight of DLR |
|---|---|---|
| DTCR | Global X Data Center & Digital Infrastructure ETF | 12.50% |
| SCHH | Schwab U.S. REIT ETF | 4.46% |
| VNQ | Vanguard Real Estate Index Fund ETF Shares | 4.32% |
| VOE | Vanguard Mid-Cap Value Index Fund | 1.11% |
| IGPT | Invesco AI and Next Gen Software ETF | 1.00% |
| VO | Vanguard Mid-Cap Index Fund ETF Shares | 0.64% |
| IWS | iShares Russell Mid-Cap Value ETF | 0.64% |
| IWR | iShares Russell Mid-Cap ETF | 0.48% |
Owning several of these funds stacks the same position. How much do VOO, QQQ and VTI overlap?
The right benchmark for DLR
Exent matches every holding to the index with the most similar risk. For DLR that is SPY (the S&P 500). Comparing a holding with an index that carries very different risk makes good results look bad and risky ones look clever. Read why the S&P 500 is the wrong benchmark for most portfolios.
Other real estate stocks
Data and methodology
Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Oct 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.
Company data as of Oct 20, 2026. The move around an earnings report runs from the close before it to the close after it; a price target counts as hit when the stock closed at or beyond it within 12 months (Exent analyst data). Revenue by region and segment, share counts and executive pay come from company filings; insider trades from SEC Form 4, short interest from FINRA, institutional ownership from 13F filings, Congress trades from STOCK Act disclosures filed with the House and Senate, federal contracts from USAspending.gov. Filings from the last 30 days are shown as counts only.
Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
Check DLR with Exent Gems
Wall Street’s average DLR price target is 12.7% above the latest share price. See what the best‑ranked analysts on DLR say now in Exent Gems.
- Exent ranks Wall Street analysts by their past price‑target hit rate and returns, and keeps the best‑ranked few.
- Gems shows who the top‑ranked analysts covering DLR are, their live calls and the median target of only the top‑rated analysts.
- Gems flags the stocks where several top‑ranked analysts agree: a starting point for your own research, not a promise.
Frequently asked questions
No. DLR returned +171.8% (+10.5% a year) over the 10 years to Oct 30, 2026, versus +316.3% (+15.3% a year) for the S&P 500, including dividends.
Yes. As of Oct 20, 2026, DLR (Digital Realty Trust, Inc.) is one of the 503 stocks in the S&P 500.
DLR fell −56.8% from peak to trough during the global financial crisis (2007–09), versus −56.5% for the S&P 500.
DLR fell −24.7% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.
DLR fell −49.0% from peak to trough during the 2022 inflation bear market, versus −25.4% for the S&P 500.
Over the 5 years to Oct 30, 2026, DLR’s Sharpe ratio was 0.22 and its Sortino ratio 0.32, versus 0.58 and 0.91 for the S&P 500.
DLR’s 5‑year annualized volatility was 29.3%, higher than the S&P 500’s 17.0%, with a beta of 0.97.
Among large US stocks, the lowest correlations with DLR over the last 60 months were MRK (−0.14), ABBV (−0.11), REGN (−0.09). Its correlation with long Treasuries (TLT) was 0.34 and with gold (GLD) 0.17.
DLR beat the consensus earnings-per-share estimate in 6 of its last 12 quarterly reports through Jul 23, 2026, and the revenue estimate in 7 of 12. The stock moved 4.5% on average, up or down, from the close before each report to the close after it.
Yes. As of Oct 20, 2026, 8 members of Congress had disclosed 19 trades in DLR (12 buys and 7 sales) in STOCK Act disclosures filed with the House and Senate.
As of the Sep 30, 2026 settlement date, 2.57% of DLR’s float was sold short (9.0 million shares, 4.6 days to cover), according to FINRA short-interest reports. A year earlier it was 2.36%.
Yes. DLR’s diluted share count rose 33.9% over the five fiscal years to fiscal 2025 and rose 6.0% in the latest year. Stock-based compensation was 0.0% of revenue.
What do the best‑ranked analysts say on DLR now?
Exent ranks Wall Street analysts by their track record. Gems shows who the top‑ranked analysts on DLR are, their latest calls and the stocks where several of them agree.
See this week’s GemsLimited offer$1.95 for full access· full access
Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.