NNN vs O: Correlation
How closely do NNN REIT, Inc. (NNN) and Realty Income (O) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNN and O?
On 3 years of weekly data the NNN/O correlation comes out at 0.77, strong. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 249.4 %².
O is one of the assets that tracks NNN most closely: it ranks #3 out of the 34 assets we track against NNN. Their 12-month results are close: +13.1% for NNN against +11.3% for O.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NNN vs O: side by side
| NNN (NNN REIT, Inc.) | O (Realty Income) | |
|---|---|---|
| 1-year return | +13.1% | +11.3% |
| 5-year return | +25.1% | +14.5% |
| Volatility (ann.) | 18.8% | 17.3% |
| Beta vs S&P 500 | 0.31 | 0.21 |
| Max drawdown (3Y) | -22.0% | -19.3% |
| Market cap | $8.6B | $58.5B |
| P/E (trailing) | 22.3 | 45.4 |
| Dividend yield | 5.26% | 5.20% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | NNN | O |
|---|---|---|
| 2022 | -0.0% | -7.4% |
| 2023 | -0.6% | -4.5% |
| 2024 | -0.1% | -2.1% |
| 2025 | +2.8% | +12.2% |
| 2026 | +19.2% | +13.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNN and O good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NNN and O?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.82 over the last year and 0.80 over 5 years.
Is O a good diversifier for NNN?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NNN correlations · O correlations
