O vs WELL: Correlation
How closely do Realty Income (O) and Welltower (WELL) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are O and WELL?
Over the past 3 years, O and WELL moved with a correlation of 0.52, which is moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.52). Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 189.9 %².
Among the 44 assets we track against O, WELL ranks #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WELL outperformed by 33.6 percentage points (+11.3% for O against +44.9% for WELL). The rolling one-year correlation moved between 0.26 and 0.69 over the past three years, a moderate range.
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.
O vs WELL: side by side
| O (Realty Income) | WELL (Welltower) | |
|---|---|---|
| 1-year return | +11.3% | +44.9% |
| 5-year return | +14.5% | +214.9% |
| Volatility (ann.) | 17.3% | 21.2% |
| Beta vs S&P 500 | 0.21 | 0.30 |
| Max drawdown (3Y) | -19.3% | -13.0% |
| Market cap | $58.5B | $172.6B |
| P/E (trailing) | 45.4 | 108.9 |
| Dividend yield | 5.20% | 1.27% |
| Sector / category | Real Estate | Real Estate |
Year-by-year returns
| Year | O | WELL |
|---|---|---|
| 2022 | -7.4% | -21.2% |
| 2023 | -4.5% | +41.8% |
| 2024 | -2.1% | +43.1% |
| 2025 | +12.2% | +49.9% |
| 2026 | +13.0% | +30.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are O and WELL good diversifiers for each other?
Only partially. A correlation of 0.52 means O and WELL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between O and WELL?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.67 over the last year and 0.52 over 5 years.
Is WELL a good diversifier for O?
Only partially. A correlation of 0.52 means O and WELL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/o-vs-well.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: O correlations · WELL correlations
