Relative Intelligence · Net Lease REITs
How Realty Income (O) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on O alone. It places O (Realty Income Corporation) against 19 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where O stands in the market, and of the alternatives worth a closer look.
Period covered: O's full trading record, from October 1994 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, O fell 10.9% while the S&P 500 rose 9.1%. Its net lease reit peers split over the past 6 months: EPR (EPR Properties) rose 0.3%, while VICI (VICI Properties) fell 15.9%. Consistency ↓
- Stock or market?Not a move of its own: the net lease reits ETF VNQ (Vanguard Real Estate ETF) fell 6.4% over the past 3 months, with VICI (VICI Properties, down 11.3%) and WPC (W. P. Carey, down 13.4%), while the S&P 500 rose 3.9%.
- Past 1 to 3 yearsO has gone against the market, falling 2.0% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (34.8% against 89.3%). The last two calendar years both went the same way: O rose 12.2% in 2025, while the S&P 500 rose 15.8%. By year ↓
- Long termO turned $10,000 into $15,000 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashO fell less than the S&P 500 in five of seven sell-offs, but the Covid crash broke the pattern: it fell 48.3%, more than the S&P 500's 33.7%. Crash tests ↓
- DiversificationAgainst the S&P 500, O has a correlation of 0.53 over 5 years, more closely than 80% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years O took more of the market's losses than of its gains: 57% of the S&P 500's gains in rising months and 93% of its losses in falling ones, with a beta of 0.73. Market capture ↓
- Better options
- Popular alternatives
- WMT (Walmart) earned more for the risk it took than O over the past 5 years, and its worst fall in 10 years was 25.7%, against 48.3% for O.
- Nearby categories and themes
- EGP (EastGroup Properties, industrial reits) earned more for the risk it took than O over the past 5 years, and its worst fall in 10 years was 38.1%, against 48.3% for O.
- Whole market
- 483 of the 3,633 stocks and funds worth at least $500 million earned more than O with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in O have grown?
This chart tracks a hypothetical $10,000 investment in O over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of O over the same span and O's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
- $10,000 invested in O at the end of September 1997 would have grown to $219,839 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of O, and AAPL finished highest, at $20,534,853.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 273 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of O; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AAPL$21M+205,249% total · +30.1% a year
- RY$442,765+4,328% total · +14.0% a year
- EGP$344,587+3,346% total · +13.0% a year
- WMT$272,033+2,620% total · +12.1% a year
- SPG$257,044+2,470% total · +11.8% a year
- O$219,839+2,098% total · +11.2% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- REG$109,562+996% total · +8.6% a year
- KIM$79,607+696% total · +7.4% a year
- CTO$64,636+546% total · +6.6% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,284 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of O; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- WMT$23,813+138% total · +18.9% a year
- SPG$20,152+102% total · +15.0% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- CTO$17,118+71.2% total · +11.4% a year
- PSTL$16,609+66.1% total · +10.7% a year
- EPR$16,264+62.6% total · +10.2% a year
- KIM$13,396+34.0% total · +6.0% a year
- REG$13,066+30.7% total · +5.5% a year
- NNN$12,425+24.2% total · +4.4% a year
- O$11,205+12.1% total · +2.3% a year
O at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- O's deepest decline since it began trading in 1994 was 48.5%, from September 2008 to March 2009. It took ten months from the low to climb back to its old high.
- Over 29 full calendar years, O's best was 2010, when it returned 39.4%, and its worst was 2020, when it lost 11.6%. It lost money in eight of those years.
- O is 14.0% below its all-time high.
The company
- Market value
- $53B
- Industry
- REIT - Retail
- Price history from
- October 1994
Returns
- Past 1 year
- −2.0%total return
- Past 3 years
- +34.8%+10.5% a year
- Past 5 years
- +5.7%+1.1% a year
- Past 10 years
- +50.1%+4.1% a year
- Best calendar year
- +39.4%2010
- Worst calendar year
- −11.6%2020
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 19.0%typical yearly swing, 5 years
- Sharpe ratio
- 0.15return per unit of risk, 5 years
- Worst decline ever
- −48.5%Sep 2008 to Mar 2009
- From its all-time high
- −14.0%below the peak
O against the whole market
Where O ranks among every stock and fund, and what across the market has done better.
How does O rank among all stocks?
This section ranks O on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how O stacks up against its peers, these rankings show where it stands in the market as a whole.
- O is among the steadier stocks: its price swings rank in the top 2% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | O | Rank | Standing |
|---|---|---|---|
| 1-year return | −2.0% | 2,064 of 3,287 | bottom 38% |
| 3-year return | +34.8% | 1,778 of 3,017 | bottom 42% |
| 5-year return | +5.7% | 1,646 of 2,893 | bottom 44% |
| 10-year return | +50.1% | 1,578 of 2,202 | bottom 29% |
| Volatility, 5 years | 19.0% | 65 of 2,893 | top 2% |
| Sharpe ratio, 5 years | 0.15 | 1,979 of 2,893 | bottom 33% |
| Worst decline, past 10 years | −48.3% | 388 of 2,187 | top 18% |
What has beaten O on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). O sits where the dashed lines cross. Anything in the green box above and to the left earned more than O with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 17 stocks and 466 ETFs worth at least $500 million sit in the green region: each earned more than O over the past 5 years with smaller price swings. That is 13% of the 3,633 screened.
- Among those with at least half O's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 42% less than O's 19.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.15 for O.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to O; faint dots are 93 more of the 483 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than O?
Investments that beat O over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among O's popular alternatives, WMT earned more for the risk it took than O over the past 5 years, and its worst fall in 10 years was 25.7%, against 48.3% for O.
- Looking beyond its popular alternatives, EGP (industrial reits) earned more for the risk it took than O over the past 5 years, and its worst fall in 10 years was 38.1%, against 48.3% for O.
- Across the whole market, 483 of the 3,633 stocks and funds worth at least $500 million earned more than O with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat O over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks O's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than O follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than O's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× O's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than O's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with O?lower diversifies more | Expenseper year | |||
| ORealty Income Corporation · this page | +1.1% | 19.0% | 0.15 | −48.3% | +50.1% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.53 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against O. 10 of 19 passed at least one test. | |||||||||
 WMTWalmart Inc. · Discount Retail | Higher Sharpe, smaller worst declineHigher return in most periods | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.33 | — | |
PSTLPostal Realty Trust, Inc. · REIT - Office | Higher Sharpe, smaller worst declineHigher return in most periods | +9.2% | 23.0% | 0.50 | −29.9% | — | 0.60 | — | |
 SPGSimon Property Group, Inc. · Retail REITs | Higher return in most periods | +13.2% | 25.9% | 0.61 | −75.3% | +74.3% | 0.65 | — | |
KIMKimco Realty Corporation · Retail REITs | Higher return in most periods | +4.4% | 25.1% | 0.30 | −66.2% | +31.2% | 0.70 | — | |
REGRegency Centers Corporation · Retail REITs | Higher return in most periods | +4.7% | 21.9% | 0.32 | −52.9% | +46.6% | 0.70 | — | |
EPREPR Properties · Specialty REITs | Higher return in most periods | +8.7% | 25.3% | 0.46 | −82.0% | +35.4% | 0.64 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Net Lease REITs and the categories next to it (Retail REITs, Specialty REITs, Industrial REITs, Gaming REITs), plus O's specific themes. 7 of 14 passed at least one test. | |||||||||
EGPEastGroup Properties, Inc. · Industrial REITs | Higher Sharpe, smaller worst declineHigher return in most periods | +4.4% | 23.3% | 0.30 | −38.1% | +285% | 0.67 | — | |
LAMRLamar Advertising Company · Specialty REITs | Higher return in most periods | +10.7% | 26.5% | 0.52 | −65.8% | +278% | 0.64 | — | |
BRXBrixmor Property Group Inc. · Retail REITs | Higher return in most periods | +7.7% | 24.2% | 0.43 | −64.7% | +71.1% | 0.68 | — | |
KRGKite Realty Group Trust · Retail REITs | Higher return in most periods | +7.2% | 25.9% | 0.40 | −64.4% | +61.4% | 0.52 | — | |
FRFirst Industrial Realty Trust, Inc. · Industrial REITs | Higher return in most periods | +3.1% | 22.9% | 0.25 | −41.1% | +187% | 0.68 | — | |
PECOPhillips Edison & Co. · Retail REITs | Higher Sharpe, smaller worst decline | +7.4% | 22.3% | 0.43 | −23.1% | — | 0.53 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,202 of 3,600 passed at least one test. | |||||||||
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.28 | 0.60% | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.54 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.53 | 0.03% | |
SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.28 | 0.70% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.46 | — | |
FTSLFirst Trust Senior Loan Fund · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.27 | 0.70% | |
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.52 | — | |
ANGLVanEck Fallen Angel High Yield Bond ETF · Multi-Asset | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.9% | 7.7% | 0.28 | −29.3% | +60.5% | 0.61 | 0.25% | |
What these numbers mean for O
- Annual return
- O returned 1.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $10,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- O's volatility over the past 5 years was 19.0%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, O's return lands within 19.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- O's Sharpe ratio over the past 5 years was 0.15, against 0.79 for the S&P 500, so O earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- O's worst fall from a peak to a low over the past 10 years was 48.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 48.3% fall takes a 93.3% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, O's monthly returns had a correlation of 0.53 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against O instead: the lower it is, the more that option would diversify a O holding. Guide: Correlation and diversification →
Show all 483 stocks and funds worth at least $500 million that earned more than O with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with O | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.28 | 0.60% |
| 2 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.54 | 0.03% |
| 3 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.53 | 0.03% |
| 4 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.28 | 0.70% |
| 5 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.46 | — |
| 6 | FTSLFirst Trust Senior Loan Fund · Bonds | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.27 | 0.70% |
| 7 | SPHYState Street SPDR Portfolio High Yield Bond ETF · High Yield Bonds | Whole market | +3.7% | 7.2% | 0.54 | −22.0% | +55.0% | 0.58 | 0.05% |
| 8 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.44 | — |
| 9 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.64 | 0.40% |
| 10 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.66 | — |
| 11 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.67 | 0.05% |
| 12 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.70 | 0.03% |
| 13 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.69 | 0.03% |
| 14 | AOMiShares Core 40/60 Moderate Allocation ETF · Multi-Asset | Whole market | +4.4% | 8.3% | 0.56 | −20.0% | +77.8% | 0.67 | 0.20% |
| 15 | LQDHiShares Interest Rate Hedged Corporate Bond ETF · Bonds | Whole market | +5.3% | 4.4% | 1.21 | −24.6% | +55.5% | 0.37 | 0.44% |
| 16 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 0.66 | 0.03% |
| 17 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.68 | 0.04% |
| 18 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.70 | 0.06% |
| 19 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.62 | 0.06% |
| 20 |  VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity | Whole market | +5.2% | 17.5% | 0.38 | −36.4% | +102% | 0.54 | 0.06% |
| 21 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.55 | 0.79% |
| 22 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.70 | 0.20% |
| 23 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.52 | 0.85% |
| 24 |  DUKDuke Energy Corporation · Electric Utilities | Whole market | +7.5% | 18.0% | 0.50 | −37.4% | +132% | 0.69 | — |
| 25 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.50 | 0.26% |
| 26 |  JEPIJPMorgan Equity Premium Income ETF · Equity Income | Whole market | +7.5% | 11.0% | 0.71 | −13.7% | — | 0.70 | 0.35% |
| 27 | EFViShares MSCI EAFE Value ETF · International Equity | Whole market | +13.6% | 15.9% | 0.88 | −43.2% | +157% | 0.67 | 0.31% |
| 28 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.55 | 0.08% |
| 29 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.67 | 0.25% |
| 30 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.35 | — |
| 31 | XLIState Street Industrial Select Sector SPDR ETF · US Industrials | Whole market | +11.5% | 17.6% | 0.71 | −42.3% | +246% | 0.67 | 0.08% |
| 32 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.59 | 0.15% |
| 33 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.60 | 0.56% |
| 34 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.70 | 0.08% |
| 35 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.64 | 0.36% |
| 36 | FTSFortis Inc. · Electric Utilities | Whole market | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.66 | — |
| 37 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.69 | 0.15% |
| 38 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.54 | 0.20% |
| 39 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.53 | 0.49% |
| 40 | XLUState Street Utilities Select Sector SPDR ETF · Utilities Equity | Whole market | +7.8% | 17.4% | 0.52 | −36.0% | +138% | 0.66 | 0.08% |
| 41 | SDYState Street SPDR S&P Dividend ETF · US Dividend Equity | Whole market | +7.6% | 14.0% | 0.59 | −36.7% | +157% | 0.80 | 0.35% |
| 42 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.55 | 0.10% |
| 43 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.66 | 0.15% |
| 44 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.59 | 0.35% |
| 45 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.49 | 0.40% |
| 46 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.70 | 0.43% |
| 47 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.56 | 0.12% |
| 48 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.4% | 16.7% | 0.73 | −42.8% | — | 0.71 | 0.19% |
| 49 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.64 | 0.56% |
| 50 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.74 | 0.08% |
| 51 | IGFiShares Global Infrastructure ETF · Infrastructure Equity | Whole market | +9.0% | 13.9% | 0.69 | −42.1% | +113% | 0.76 | 0.37% |
| 52 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.53 | 0.39% |
| 53 |  SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | -0.02 | 0.09% |
| 54 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.42 | 0.60% |
| 55 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.47 | 0.12% |
| 56 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.64 | 0.60% |
| 57 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +188% | 0.71 | 0.53% |
| 58 | SPLVInvesco S&P 500 Low Volatility ETF · US Low-Volatility Equity | Whole market | +5.5% | 12.6% | 0.49 | −36.3% | +129% | 0.77 | 0.25% |
| 59 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.67 | 0.20% |
| 60 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.16 | 0.98% |
| 61 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.43 | 0.95% |
| 62 | ICVTiShares Convertible Bond ETF · Corporate Bonds | Whole market | +3.8% | 14.1% | 0.34 | −33.2% | +205% | 0.43 | 0.20% |
| 63 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | — | 0.59 | 0.29% |
| 64 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.40 | 0.60% |
| 65 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Whole market | +9.6% | 15.5% | 0.67 | −37.8% | +133% | 0.44 | 0.63% |
| 66 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.60 | 0.12% |
| 67 | INTFiShares International Equity Factor ETF · International | Whole market | +10.6% | 16.2% | 0.71 | −40.4% | +145% | 0.68 | 0.16% |
| 68 | XYLDGlobal X - S&P 500 Covered Call ETF · International | Whole market | +7.4% | 11.2% | 0.70 | −33.4% | +128% | 0.54 | 0.60% |
| 69 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.65 | 0.30% |
| 70 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.70 | 0.09% |
| 71 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.67 | 0.05% |
| 72 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | — | 0.54 | 0.79% |
| 73 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +126% | 0.52 | 0.75% |
| 74 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.53 | 0.15% |
| 75 | FHLCFidelity MSCI Health Care Index ETF · Healthcare | Whole market | +7.3% | 15.4% | 0.53 | −28.8% | +199% | 0.56 | 0.08% |
| 76 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +180% | 0.65 | 0.19% |
| 77 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.10 | 0.20% |
| 78 | FNDCSchwab Fundamental International Small Company Index ETF · International | Whole market | +7.7% | 16.0% | 0.55 | −43.2% | +121% | 0.68 | 0.39% |
| 79 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | — | 0.68 | 0.39% |
| 80 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.69 | 0.40% |
| 81 | DHSWisdomTree U.S. High Dividend Fund · Dividend & Income | Whole market | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.68 | 0.38% |
| 82 | NFRANorthern Trust STOXX Global Broad Infrastructure ETF · International | Whole market | +5.3% | 12.9% | 0.46 | −32.5% | +95.1% | 0.78 | 0.48% |
| 83 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +128% | 0.63 | 0.50% |
| 84 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | — | 0.63 | 0.55% |
| 85 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +11.8% | 17.8% | 0.72 | −21.3% | — | 0.67 | 0.85% |
| 86 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.65 | 0.15% |
| 87 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.13 | 0.90% |
| 88 | EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International | Whole market | +11.2% | 13.8% | 0.84 | −40.7% | +119% | 0.53 | 0.49% |
| 89 | VFMFVanguard U.S. Multifactor ETF · Broad Market | Whole market | +14.3% | 17.6% | 0.85 | −41.3% | — | 0.59 | 0.18% |
| 90 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | — | 0.70 | 0.50% |
| 91 | EXIiShares Global Industrials ETF · Industrials | Whole market | +10.6% | 17.3% | 0.67 | −39.6% | +203% | 0.70 | 0.38% |
| 92 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.57 | 0.36% |
| 93 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.23 | 0.65% |
| 94 | REGLProShares - S&P MidCap 400 Dividend Aristocrats ETF · Dividend & Income | Whole market | +7.2% | 16.0% | 0.52 | −36.4% | +148% | 0.72 | 0.40% |
| 95 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.50 | 0.60% |
| 96 | HLALWahed FTSE USA Shariah ETF · Broad Market | Whole market | +14.0% | 18.0% | 0.82 | −33.6% | — | 0.45 | 0.50% |
| 97 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.71 | 0.19% |
| 98 | AVESAvantis Emerging Markets Value ETF · International | Whole market | +8.0% | 17.4% | 0.53 | −27.4% | — | 0.52 | 0.36% |
| 99 | JVALJPMorgan U.S. Value Factor ETF · Broad Market | Whole market | +12.0% | 17.2% | 0.75 | −40.4% | — | 0.60 | 0.12% |
| 100 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.66 | 0.19% |
O against its popular alternatives
The investments people most often weigh against O, compared period by period and year by year.
How do O's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at O, which divides the map into what did better or worse on each measure.
- Only ADC was both more rewarding and calmer than O over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, O returned 1.1% a year, less than the S&P 500's 12.7%, with higher volatility (19.0% against 17.1%).
Green points earned more than O with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| WMT Walmart Inc. | +20.8% | 22.6% |
| SPG Simon Property Group, Inc. | +13.3% | 25.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| CTO CTO Realty Growth, Inc. | +10.8% | 22.5% |
| PSTL Postal Realty Trust, Inc. | +9.2% | 23.0% |
| EPR EPR Properties | +8.7% | 25.3% |
| REG Regency Centers Corporation | +4.7% | 21.9% |
| KIM Kimco Realty Corporation | +4.4% | 25.1% |
| GTY Getty Realty Corp. | +3.5% | 20.8% |
| ADC Agree Realty Corporation | +3.4% | 18.9% |
| NNN NNN REIT, Inc. | +3.2% | 19.6% |
| WPC W. P. Carey Inc. | +2.4% | 20.6% |
| GLPI Gaming and Leisure Properties, Inc. | +1.9% | 20.0% |
| EPRT Essential Properties Realty Trust, Inc. | +1.7% | 22.6% |
| FRT Federal Realty Investment Trust | +1.5% | 22.8% |
| O This pageRealty Income Corporation | +1.1% | 19.0% |
| VICI VICI Properties Inc. | +0.4% | 20.8% |
| FCPT Four Corners Property Trust, Inc. | −0.3% | 19.9% |
| BNL Broadstone Net Lease, Inc. | −1.2% | 22.9% |
| NTST NETSTREIT Corp. | −2.7% | 23.4% |
| SAFE Safehold Inc. | −28.8% | 40.5% |
Has O consistently beaten its popular alternatives?
This section compares O with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than O helps separate lasting outperformance from a single strong stretch.
- Nine of the 19 popular alternatives, led by WMT, SPG and CTO, outperformed O in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- WMT, SPG and CTO outperformed O in every long-term period and in all but one short-term period, the most consistent record in the group.
- WMT, CTO and PSTL earned more for the risk they took than O (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than O over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| O Realty Income Corporation (this page) | — | −0.1% | −12.4% | −10.9% | +2.3% | −2.0% | +34.8% | +5.7% | +50.1% | 19.0% | 0.15 | −48.3% | — | $53B | — |
| WMT QualifiedWalmart Inc. | 5/5 short3/3 longAll-weather | +9.7% | +5.3% | −7.5% | +5.2% | +11.0% | +130% | +158% | +508% | 22.6% | 0.96 | −25.7% | — | $938B | — |
| SPG QualifiedSimon Property Group, Inc. | 5/5 short3/3 longAll-weather | +1.0% | −8.3% | +1.9% | +16.3% | +21.4% | +126% | +86.3% | +74.3% | 25.9% | 0.61 | −75.3% | — | $67B | — |
| CTO QualifiedCTO Realty Growth, Inc. | 4/5 short3/3 longAll-weather | −0.3% | −7.8% | +4.8% | +16.8% | +37.7% | +64.0% | +67.2% | +159% | 22.5% | 0.57 | −47.9% | — | $760M | — |
| KIM QualifiedKimco Realty Corporation | 5/5 short2/3 long | +2.0% | −10.6% | −2.3% | +18.6% | +9.5% | +58.8% | +23.9% | +31.2% | 25.1% | 0.30 | −66.2% | — | $15B | — |
| REG QualifiedRegency Centers Corporation | 4/5 short2/3 long | +0.4% | −10.0% | −8.0% | +10.9% | +5.6% | +39.6% | +25.9% | +46.6% | 21.9% | 0.32 | −52.9% | — | $13B | — |
| EPR QualifiedEPR Properties | 4/5 short2/3 long | −3.1% | −9.6% | +0.3% | +14.5% | +6.8% | +66.7% | +51.9% | +35.4% | 25.3% | 0.46 | −82.0% | — | $4.2B | — |
| PSTL QualifiedPostal Realty Trust, Inc. | 4/5 short2/3 long | −8.4% | −8.0% | +3.8% | +38.8% | +49.2% | +95.9% | +55.4% | — | 23.0% | 0.50 | −29.9% | — | $861M | — |
| NNN QualifiedNNN REIT, Inc. | 3/5 short2/3 long | −0.1% | −13.9% | −5.3% | +9.6% | +3.0% | +39.5% | +17.1% | +44.2% | 19.6% | 0.26 | −55.0% | — | $7.9B | — |
| FRT QualifiedFederal Realty Investment Trust | 3/5 short2/3 long | −2.7% | −14.3% | −3.3% | +10.9% | +11.6% | +38.6% | +7.6% | +7.0% | 22.8% | 0.18 | −52.5% | — | $9.3B | — |
| WPC REIT - DiversifiedW. P. Carey Inc. | 2/5 short3/3 long | −1.6% | −13.4% | −10.5% | +3.1% | −1.2% | +47.5% | +12.8% | +89.1% | 20.6% | 0.22 | −52.4% | — | $15B | — |
| ADC REIT - RetailAgree Realty Corporation | 0/5 short3/3 long | −0.4% | −15.8% | −13.8% | −4.0% | −7.6% | +39.8% | +18.0% | +110% | 18.9% | 0.27 | −39.0% | — | $8.3B | — |
| GTY REIT - RetailGetty Realty Corp. | 2/5 short2/3 long | −3.2% | −21.0% | −15.2% | +6.6% | +8.9% | +27.9% | +18.5% | +114% | 20.8% | 0.27 | −47.8% | — | $1.7B | — |
| GLPI REIT - SpecialtyGaming and Leisure Properties, Inc. | 1/5 short2/3 long | −1.3% | −10.6% | −14.6% | −7.0% | −6.7% | +6.0% | +9.8% | +125% | 20.0% | 0.19 | −69.5% | — | $11B | — |
| EPRT REIT - DiversifiedEssential Properties Realty Trust, Inc. | 0/5 short2/3 long | −2.5% | −21.8% | −20.9% | −11.4% | −14.3% | +39.8% | +8.6% | — | 22.6% | 0.19 | −73.7% | — | $5.6B | — |
| BNL REIT - DiversifiedBroadstone Net Lease, Inc. | 3/5 short1/3 long | −6.4% | −20.6% | −9.8% | +6.4% | +0.3% | +54.6% | −6.0% | — | 22.9% | 0.06 | −43.6% | — | $3.4B | — |
| FCPT REIT - RetailFour Corners Property Trust, Inc. | 0/5 short1/3 long | −2.8% | −16.2% | −11.4% | −1.6% | −5.9% | +23.2% | −1.2% | +72.4% | 19.9% | 0.09 | −57.6% | — | $2.4B | — |
| NTST REIT - RetailNETSTREIT Corp. | 0/5 short1/3 long | −6.1% | −20.8% | −16.5% | −0.8% | −8.6% | +42.6% | −12.8% | — | 23.4% | 0.00 | −43.8% | — | $1.7B | — |
| VICI REIT - DiversifiedVICI Properties Inc. | 1/5 short0/3 long | −2.8% | −11.3% | −15.9% | −12.6% | −19.9% | +1.4% | +1.9% | — | 20.8% | 0.12 | −60.2% | — | $26B | — |
| SAFE REIT - DiversifiedSafehold Inc. | 0/5 short0/3 long | −14.8% | −30.4% | −26.0% | −14.3% | −23.8% | −16.8% | −81.6% | −69.8% | 40.5% | -0.64 | −85.4% | — | $796M | — |
How did O do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where O ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with O and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- O finished ahead of the S&P 500 in 14 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, BNL came out ahead of O most often, in four of the five years both traded.
- Ranked against its popular alternatives each year, O finished in the top quarter in seven of 29 years and in the bottom quarter in three. In 2025, it ranked 8 of 20.
Newest year first. Green marks a year in which the fund came out ahead of O; gray means the two finished within a fraction of a point. The rank row places O among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of O | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| O This pageRealty Income Corporation | — | +12.2% | −2.1% | −4.5% | −7.4% | +24.1% | −11.6% | +21.3% | +15.9% | +3.7% | +15.8% | +13.5% | +34.4% | −2.2% | +20.3% | +7.5% | +39.4% | +20.9% | −8.3% | +3.3% | +35.8% | −9.4% | +33.3% | +21.6% | +27.5% | +27.5% | +32.5% | −8.8% | +5.5% | +13.9% |
| Rank among alternatives | Top quarter in 7 of 29 | 8 of 20 | 15 of 20 | 16 of 20 | 10 of 20 | 9 of 20 | 12 of 18 | 9 of 17 | 3 of 16 | 8 of 15 | 7 of 15 | 2 of 14 | 5 of 14 | 13 of 13 | 8 of 13 | 5 of 13 | 3 of 13 | 7 of 13 | 2 of 13 | 4 of 13 | 7 of 13 | 10 of 13 | 6 of 13 | 12 of 13 | 4 of 13 | 10 of 13 | 3 of 13 | 5 of 13 | 4 of 12 | 5 of 11 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 15 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| WMT Walmart Inc. | 14 of 29 | +24.5% | +74.0% | +12.9% | −0.5% | +1.9% | +23.4% | +30.1% | −3.4% | +46.6% | +16.1% | −26.6% | +11.8% | +18.2% | +17.1% | +13.8% | +3.1% | −2.5% | +20.0% | +4.9% | +0.2% | −10.2% | +0.6% | +5.6% | −11.8% | +8.9% | −22.7% | +70.5% | +107% | +74.6% |
| SPG Simon Property Group, Inc. | 13 of 29 | +13.0% | +26.9% | +29.3% | −21.9% | +95.7% | −38.6% | −6.7% | +2.5% | −0.1% | −5.5% | +10.2% | +31.2% | −0.9% | +26.0% | +33.4% | +28.5% | +55.4% | −36.1% | −11.4% | +36.9% | +23.2% | +45.6% | +44.4% | +24.0% | +31.8% | +13.5% | −13.1% | −6.6% | +12.6% |
| CTO CTO Realty Growth, Inc. | 12 of 29 | +1.6% | +23.6% | +3.7% | −4.0% | +56.6% | −7.9% | +15.6% | −17.0% | +19.4% | +1.6% | −5.5% | +53.9% | +17.3% | +14.6% | −6.2% | −17.2% | −7.6% | −38.6% | −12.9% | +2.6% | +65.6% | +32.3% | +71.4% | −2.4% | +69.9% | −5.5% | −7.1% | −19.3% | +12.4% |
| KIM Kimco Realty Corporation | 12 of 29 | −9.2% | +15.0% | +6.0% | −10.7% | +69.4% | −23.9% | +49.9% | −13.2% | −25.7% | −1.3% | +9.4% | +32.5% | +6.5% | +24.0% | −6.0% | +38.7% | −19.6% | −46.8% | −16.0% | +44.9% | +15.5% | +35.5% | +54.4% | +0.2% | +18.2% | +39.7% | −8.8% | +18.9% | +6.3% |
| REG Regency Centers Corporation | 11 of 29 | −2.8% | +14.9% | +11.8% | −13.6% | +71.4% | −23.9% | +11.4% | −12.0% | +3.6% | +4.0% | +10.0% | +42.5% | +1.8% | +30.3% | −6.8% | +26.7% | −19.9% | −23.3% | −14.6% | +37.7% | +10.8% | +46.2% | +30.5% | +24.9% | +27.0% | +29.4% | −2.0% | −13.5% | +12.2% |
| EPR EPR Properties | 13 of 28 | +20.5% | −1.2% | +38.9% | −14.6% | +50.6% | −52.1% | +17.2% | +4.8% | −3.4% | +29.7% | +8.1% | +24.9% | +13.4% | +12.9% | +0.8% | +39.3% | +31.4% | −31.6% | −14.8% | +52.0% | −3.0% | +35.8% | +57.3% | +32.1% | +95.0% | −3.4% | −13.3% | −4.4% | — |
| PSTL Postal Realty Trust, Inc. | 3 of 6 | +32.6% | −4.2% | +6.9% | −22.4% | +22.8% | +4.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| NNN NNN REIT, Inc. | 14 of 29 | +2.8% | −0.1% | −0.6% | 0.0% | +23.1% | −19.3% | +14.8% | +17.8% | +2.1% | +14.8% | +6.2% | +36.0% | +1.7% | +23.4% | +5.5% | +33.3% | +34.3% | −21.0% | +8.0% | +19.6% | +5.6% | +24.4% | +25.2% | +28.7% | +41.0% | +15.2% | −17.2% | −20.1% | +21.6% |
| FRT Federal Realty Investment Trust | 11 of 29 | −5.9% | +12.1% | +6.6% | −22.7% | +66.0% | −30.7% | +12.5% | −8.1% | −3.6% | −0.2% | +12.3% | +35.2% | +0.4% | +17.8% | +20.2% | +19.1% | +14.4% | −21.7% | −0.6% | +44.9% | +21.9% | +40.6% | +44.5% | +31.3% | +32.4% | +10.8% | −13.3% | −1.3% | +1.3% |
| WPC W. P. Carey Inc. | 13 of 27 | +25.0% | −10.6% | −9.8% | +0.5% | +22.8% | −6.0% | +28.8% | +1.1% | +23.9% | +6.6% | −10.4% | +20.9% | +24.2% | +33.9% | +38.2% | +21.1% | +28.8% | −24.0% | +18.0% | +26.5% | −23.0% | +22.0% | +31.1% | +14.3% | +39.0% | +17.9% | −4.7% | — | — |
| ADC Agree Realty Corporation | 13 of 29 | +6.6% | +17.2% | −7.1% | +3.5% | +11.3% | −1.4% | +22.7% | +19.7% | +16.4% | +41.5% | +15.9% | +13.5% | +14.6% | +17.6% | −0.3% | +21.9% | +42.4% | −34.2% | −6.8% | +26.2% | −2.3% | +19.7% | +81.2% | +0.7% | +48.4% | +8.6% | −13.8% | −6.9% | +11.0% |
| GTY Getty Realty Corp. | 13 of 29 | −2.9% | +9.9% | −8.8% | +11.7% | +22.7% | −11.3% | +16.7% | +13.6% | +11.3% | +55.6% | +0.7% | +4.5% | +6.2% | +32.0% | −51.8% | +43.0% | +22.4% | −12.6% | −7.6% | +25.2% | −2.4% | +17.3% | +48.3% | +9.5% | +124% | +42.6% | −20.4% | −31.4% | +37.2% |
| GLPI Gaming and Leisure Properties, Inc. | 7 of 12 | −0.8% | +3.9% | +0.9% | +13.5% | +22.1% | +2.3% | +42.7% | −5.9% | +29.7% | +18.7% | +1.5% | −17.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| EPRT Essential Properties Realty Trust, Inc. | 5 of 7 | −1.3% | +27.4% | +14.2% | −14.6% | +41.2% | −9.8% | +86.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BNL Broadstone Net Lease, Inc. | 4 of 5 | +17.2% | −1.1% | +14.0% | −30.8% | +32.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| FCPT Four Corners Property Trust, Inc. | 5 of 10 | −10.1% | +13.2% | +3.1% | −7.2% | +3.4% | +12.4% | +12.3% | +5.5% | +30.5% | +40.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| NTST NETSTREIT Corp. | 2 of 5 | +31.1% | −16.7% | +2.2% | −16.8% | +21.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| VICI VICI Properties Inc. | 4 of 8 | +1.9% | −3.1% | +3.6% | +13.0% | +23.8% | +6.1% | +43.1% | −3.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SAFE Safehold Inc. | 10 of 29 | −22.4% | −18.3% | −14.2% | −62.8% | +13.2% | +86.4% | +128% | +13.7% | −70.3% | +5.4% | −14.1% | −4.4% | +75.1% | +54.0% | −32.3% | +205% | +14.9% | −90.8% | −42.3% | +40.1% | −17.7% | +21.0% | +44.7% | +18.5% | +34.1% | +28.2% | −69.4% | +68.2% | +250% |
Risk and diversification
How O has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were O's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents O's five deepest drawdowns since it began trading in 1994, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all five of O's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: O fell 34.5% from August 2022 to October 2023, while the S&P 500 slipped only 1.2%.
- The slowest recovery came after O fell 34.5% from August 2022 to October 2023; it did not regain that peak until February 2026, two years later.
Green means O fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | O fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −48.5% | −41.8% | Sep 2008 | Mar 2009 | 6 months | Jan 2010 | 10 months |
| Covid crash | −48.3% | −28.0% | Feb 2020 | Mar 2020 | 1 month | Apr 2022 | 2.1 years |
| 2022 bear market | −34.5% | −1.2% | Aug 2022 | Oct 2023 | 14 months | Feb 2026 | 2.3 years |
| No named crash | −31.3% | +8.3% | May 2013 | Dec 2013 | 7 months | Jan 2015 | 13 months |
| February 2018 volatility shock | −29.6% | +22.4% | Aug 2016 | Feb 2018 | 18 months | Dec 2018 | 10 months |
How did O do in stock market crashes?
This section measures how far O, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- Among its popular alternatives, PSTL held up best, falling less than O in two of the three crashes they both traded through.
- O fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when O fell 20.6% and the S&P 500 fell 47.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than O.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| O This pageRealty Income Corporation | — | −4.9% | −22.7% | −48.3% | −9.2% | −7.2% | −10.1% | −18.5% | 0.0% | −48.5% | −20.6% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 4 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| WMT Walmart Inc. | 5 of 10 | −0.8% | −25.7% | −13.1% | −18.3% | −4.9% | −22.3% | −10.5% | −1.5% | −26.2% | −31.8% |
| SPG Simon Property Group, Inc. | 2 of 10 | −7.4% | −44.0% | −68.4% | −15.7% | −2.8% | −12.5% | −18.5% | 0.0% | −73.7% | −17.6% |
| CTO CTO Realty Growth, Inc. | 4 of 10 | −5.0% | −21.1% | −41.4% | −20.8% | −2.6% | −27.9% | −14.8% | −0.2% | −68.5% | −40.6% |
| KIM Kimco Realty Corporation | 2 of 10 | −6.1% | −30.2% | −50.6% | −16.1% | −5.8% | −13.3% | −29.7% | −0.3% | −83.9% | −15.3% |
| REG Regency Centers Corporation | 2 of 10 | −5.5% | −30.1% | −45.2% | −15.3% | −7.6% | −10.8% | −28.5% | −1.8% | −69.9% | −13.0% |
| EPR EPR Properties | 1 of 10 | −6.8% | −35.6% | −79.8% | −11.0% | −5.7% | −12.2% | −27.8% | −0.8% | −77.5% | −28.5% |
| PSTL Postal Realty Trust, Inc. | 2 of 3 | −2.8% | −25.1% | −25.4% | — | — | — | — | — | — | — |
| NNN NNN REIT, Inc. | 4 of 10 | −4.7% | −19.5% | −55.0% | −10.9% | −5.3% | −9.8% | −11.3% | −0.1% | −56.2% | −17.0% |
| FRT Federal Realty Investment Trust | 4 of 10 | −7.1% | −34.9% | −47.8% | −14.9% | −6.4% | −9.6% | −16.6% | −1.0% | −56.6% | −15.3% |
| WPC W. P. Carey Inc. | 5 of 10 | −2.5% | −21.9% | −50.3% | −8.1% | −6.1% | −18.4% | −20.3% | −2.5% | −48.6% | −13.2% |
| ADC Agree Realty Corporation | 6 of 10 | −4.3% | −19.6% | −39.0% | −8.3% | −6.7% | −9.1% | −12.5% | 0.0% | −69.8% | −26.0% |
| GTY Getty Realty Corp. | 3 of 10 | −2.7% | −20.6% | −46.8% | −9.4% | −10.8% | −10.4% | −45.8% | −0.4% | −49.3% | −29.4% |
| GLPI Gaming and Leisure Properties, Inc. | 1 of 6 | −5.5% | −16.1% | −69.5% | −9.6% | −8.6% | −23.2% | — | — | — | — |
| EPRT Essential Properties Realty Trust, Inc. | 0 of 4 | −5.4% | −32.6% | −71.3% | −8.9% | — | — | — | — | — | — |
| BNL Broadstone Net Lease, Inc. | 0 of 2 | −7.0% | −36.1% | — | — | — | — | — | — | — | — |
| FCPT Four Corners Property Trust, Inc. | 3 of 5 | −3.8% | −21.6% | −57.6% | −10.7% | −5.1% | — | — | — | — | — |
| NTST NETSTREIT Corp. | 0 of 2 | −5.4% | −24.9% | — | — | — | — | — | — | — | — |
| VICI VICI Properties Inc. | 2 of 5 | −5.6% | −16.3% | −60.2% | −18.6% | −5.3% | — | — | — | — | — |
| SAFE Safehold Inc. | 2 of 10 | −5.2% | −69.0% | −36.8% | −12.0% | −4.8% | −44.4% | −39.5% | −11.5% | −97.6% | −20.9% |
How closely does O move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares O with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Seven of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than O's 0.62, led by WMT, ADC and CTO.
- WMT took just 36% of the S&P 500's losses, against 93% for O, while still keeping 74% of its gains.
- Over the past 10 years, O captured 57% of the S&P 500's gains in rising months and 93% of its losses in falling months, with a beta of 0.73. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than O's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| O This pageRealty Income Corporation | 57% | 93% | 0.62 | 0.73 |
| WMT Walmart Inc. | 74% | 36% | 2.08 | 0.53 |
| ADC Agree Realty Corporation | 44% | 39% | 1.13 | 0.40 |
| CTO CTO Realty Growth, Inc. | 62% | 60% | 1.04 | 0.71 |
| GLPI Gaming and Leisure Properties, Inc. | 71% | 88% | 0.80 | 0.83 |
| WPC W. P. Carey Inc. | 63% | 83% | 0.76 | 0.75 |
| GTY Getty Realty Corp. | 73% | 96% | 0.76 | 0.77 |
| FCPT Four Corners Property Trust, Inc. | 71% | 105% | 0.68 | 0.85 |
| SPG Simon Property Group, Inc. | 94% | 151% | 0.62 | 1.40 |
| REG Regency Centers Corporation | 62% | 100% | 0.62 | 0.95 |
| NNN NNN REIT, Inc. | 60% | 100% | 0.60 | 0.82 |
| EPR EPR Properties | 83% | 144% | 0.58 | 1.41 |
| KIM Kimco Realty Corporation | 74% | 131% | 0.57 | 1.22 |
| FRT Federal Realty Investment Trust | 63% | 122% | 0.52 | 1.03 |
| SAFE Safehold Inc. | 38% | 148% | 0.26 | 0.80 |
What diversifies O?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with O's. Because such investments tend not to fall at the same time, pairing O with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in O into DXJ would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+2.3% for O alone, +7.2% for the mix).
- MCK made money in six of the eight calendar years in which O lost money.
- Among large ETFs, DXJ, FTLS and SMH have moved largely independently of O over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which O lost money. The last two columns show a portfolio that is 80% O and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2023 | 2022 | 2020 | 2013 | 2008 | 2005 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| O Realty Income Corporation (this page) | 1.00 | +5.7% | 0.15 | −2.1% | −4.5% | −7.4% | −11.6% | −2.2% | −8.3% | −9.4% | −8.8% | 20.2% | +2.3% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.20 | +225% | 1.34 | +29.8% | +42.0% | +6.0% | +3.9% | +41.3% | −20.8% | — | — | 16.9% | +7.2% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.43 | +62.9% | 0.99 | +18.8% | +16.9% | −5.6% | +2.6% | — | — | — | — | 17.0% | +4.3% |
| SMH TechnologyVanEck Semiconductor ETF | 0.26 | +323% | 0.97 | +39.1% | +73.4% | −33.5% | +55.5% | +33.4% | −44.7% | +10.8% | — | 19.2% | +9.6% |
| GLD CommoditiesSPDR Gold Shares | 0.41 | +126% | 0.96 | +26.7% | +12.7% | −0.8% | +24.8% | −28.3% | +4.9% | +17.8% | — | 17.9% | +5.7% |
| IOO InternationaliShares Global 100 ETF | 0.49 | +107% | 0.94 | +26.6% | +27.7% | −16.3% | +18.6% | +24.0% | −36.1% | +4.3% | — | 17.9% | +5.3% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.31 | +136% | 0.93 | +45.8% | +17.6% | −10.4% | +28.2% | — | — | — | — | 17.9% | +6.4% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.33 | +177% | 0.93 | +5.6% | −0.6% | +64.4% | −32.7% | +26.3% | −39.0% | +40.1% | +18.1% | 18.6% | +6.8% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.31 | +153% | 0.89 | +16.1% | +29.0% | −28.9% | +31.5% | +7.8% | −45.3% | +4.7% | — | 18.4% | +6.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2023 | 2022 | 2020 | 2013 | 2008 | 2005 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| O Realty Income Corporation (this page) | 1.00 | +5.7% | 0.15 | −2.1% | −4.5% | −7.4% | −11.6% | −2.2% | −8.3% | −9.4% | −8.8% | 20.2% | +2.3% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.26 | +479% | 1.55 | +19.0% | +34.1% | +54.1% | +10.1% | +66.0% | −39.6% | +18.7% | −36.8% | 18.3% | +9.3% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.04 | +3,143% | 1.47 | +215% | +160% | +1.3% | −2.4% | +27.6% | −20.5% | −25.2% | +350% | 20.4% | +21.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.30 | +1,636% | 1.46 | +107% | +79.6% | +17.0% | +6.7% | +61.7% | −15.2% | +20.1% | −58.7% | 20.7% | +17.4% |
| MCK Medical - DistributionMcKesson Corporation | 0.24 | +413% | 1.44 | +23.7% | +24.1% | +51.8% | +27.1% | +67.7% | −40.4% | +64.9% | −71.3% | 18.1% | +8.8% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.13 | +690% | 1.41 | −4.0% | +30.4% | +86.6% | −27.4% | +48.6% | — | — | — | 18.2% | +11.4% |
Common questions
What was O's worst drawdown?
O's deepest decline since it began trading in 1994 was 48.5%, from September 2008 to March 2009. It took ten months from the low to climb back to its old high.
What were O's best and worst years?
Over 29 full calendar years, O's best year was 2010, when it returned 39.4%. Its worst was 2020, with a return of -11.6%.
Is there a better investment than O?
Among O's popular alternatives, WMT earned more for the risk it took than O over the past 5 years, and its worst fall in 10 years was 25.7%, against 48.3% for O. Looking beyond its popular alternatives, EGP (industrial reits) earned more for the risk it took than O over the past 5 years, and its worst fall in 10 years was 38.1%, against 48.3% for O.
Is O more volatile than the S&P 500?
Yes. O's volatility over the past 5 years was 19.0%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, O's return lands within 19.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is O's Sharpe ratio?
O's Sharpe ratio over the past 5 years was 0.15, against 0.79 for the S&P 500, so O earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is O with the S&P 500?
Over the past 5 years, O's monthly returns had a correlation of 0.53 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against O instead: the lower it is, the more that option would diversify a O holding.
What are the best alternatives to O?
Of the 19 popular alternatives we compared, nine outperformed O in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: WMT, SPG and CTO.
Did O outperform the S&P 500?
O finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +12.2%, against +17.7% for the index.
How did O do in stock market crashes?
O fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in four. The clearest case was the dot-com bust, when O fell 20.6% and the S&P 500 fell 47.5%.
What diversifies O?
These had a low correlation with O over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.20), FTLS (correlation 0.43) and SMH (correlation 0.26); among large stocks, CAH (correlation 0.26), CLS (correlation 0.04) and FIX (correlation 0.30). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than O's. Returns within 0.5 points or 3% of O's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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