# How Realty Income (O) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/o
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over 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%.
- **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 years:** O 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%.
- **Long term:** O turned $10,000 into $15,000 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** O 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%.
- **Diversification:** Against 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.
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Real Estate (REIT - Retail)
- Trading since: October 18, 1994
- Market value: $53B
- Volatility (5 years): 19.0%; Sharpe ratio: 0.15
- Worst decline ever: −48.5%, from September 18, 2008 to March 6, 2009; back at its high by January 8, 2010

| Period | O total return |
| --- | --- |
| 1 month | −0.1% |
| 3 months | −12.4% |
| 6 months | −10.9% |
| year to date | +2.3% |
| 1 year | −2.0% |
| 3 years | +34.8% |
| 5 years | +5.7% |
| 10 years | +50.1% |

## 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.

- 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.

| Measure | O | Rank |
| --- | --- | --- |
| 1-year return | −2.0% | 2,064 of 3,287 (top 63%) |
| 3-year return | +34.8% | 1,778 of 3,017 (top 59%) |
| 5-year return | +5.7% | 1,646 of 2,893 (top 57%) |
| 10-year return | +50.1% | 1,578 of 2,202 (top 72%) |
| Volatility, 5 years | 19.0% | 65 of 2,893 (top 3%) |
| Sharpe ratio, 5 years | 0.15 | 1,979 of 2,893 (top 69%) |
| 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).

- 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.

### Is there a better investment than O?

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.

- 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.

The 15 strongest of 483 investments that beat O over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with O | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| O: Realty Income Corporation (this page) |  | +1.1% | 19.0% | 0.15 | −48.3% | +50.1% |  |  |
| FLRT: Pacer Aristotle Pacific Floating Rate High Income ETF | Financials | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.53 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SRLN: State Street Blackstone Senior Loan ETF | Bank Loans | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FTSL: First Trust Senior Loan Fund | Bonds | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| SPHY: State Street SPDR Portfolio High Yield Bond ETF | High Yield Bonds | +3.7% | 7.2% | 0.54 | −22.0% | +55.0% | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.64 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.66 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | International Equity | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.70 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VEA](https://easycompare.io/research/vea): Vanguard FTSE Developed Markets ETF | Developed International Equity | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.69 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AOM: iShares Core 40/60 Moderate Allocation ETF | Multi-Asset | +4.4% | 8.3% | 0.56 | −20.0% | +77.8% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| LQDH: iShares Interest Rate Hedged Corporate Bond ETF | Bonds | +5.3% | 4.4% | 1.21 | −24.6% | +55.5% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of O | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| O: Realty Income Corporation (this page) | −2.0% | +34.8% | +5.7% | +50.1% |  |  | 0.15 |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | +11.0% | +130% | +158% | +508% | 5/5 short-term, 3/3 long-term | all-weather | 0.96 |
| [SPG](https://easycompare.io/research/spg): Simon Property Group, Inc. | +21.4% | +126% | +86.3% | +74.3% | 5/5 short-term, 3/3 long-term | all-weather | 0.61 |
| CTO: CTO Realty Growth, Inc. | +37.7% | +64.0% | +67.2% | +159% | 4/5 short-term, 3/3 long-term | all-weather | 0.57 |
| KIM: Kimco Realty Corporation | +9.5% | +58.8% | +23.9% | +31.2% | 5/5 short-term, 2/3 long-term | consistent | 0.30 |
| REG: Regency Centers Corporation | +5.6% | +39.6% | +25.9% | +46.6% | 4/5 short-term, 2/3 long-term | consistent | 0.32 |
| EPR: EPR Properties | +6.8% | +66.7% | +51.9% | +35.4% | 4/5 short-term, 2/3 long-term | consistent | 0.46 |
| PSTL: Postal Realty Trust, Inc. | +49.2% | +95.9% | +55.4% | — | 4/5 short-term, 2/3 long-term | consistent | 0.50 |
| NNN: NNN REIT, Inc. | +3.0% | +39.5% | +17.1% | +44.2% | 3/5 short-term, 2/3 long-term | consistent | 0.26 |
| FRT: Federal Realty Investment Trust | +11.6% | +38.6% | +7.6% | +7.0% | 3/5 short-term, 2/3 long-term | consistent | 0.18 |
| WPC: W. P. Carey Inc. | −1.2% | +47.5% | +12.8% | +89.1% | 2/5 short-term, 3/3 long-term |  | 0.22 |
| ADC: Agree Realty Corporation | −7.6% | +39.8% | +18.0% | +110% | 0/5 short-term, 3/3 long-term |  | 0.27 |
| GTY: Getty Realty Corp. | +8.9% | +27.9% | +18.5% | +114% | 2/5 short-term, 2/3 long-term |  | 0.27 |
| GLPI: Gaming and Leisure Properties, Inc. | −6.7% | +6.0% | +9.8% | +125% | 1/5 short-term, 2/3 long-term |  | 0.19 |
| EPRT: Essential Properties Realty Trust, Inc. | −14.3% | +39.8% | +8.6% | — | 0/5 short-term, 2/3 long-term |  | 0.19 |
| BNL: Broadstone Net Lease, Inc. | +0.3% | +54.6% | −6.0% | — | 3/5 short-term, 1/3 long-term |  | 0.06 |
| FCPT: Four Corners Property Trust, Inc. | −5.9% | +23.2% | −1.2% | +72.4% | 0/5 short-term, 1/3 long-term |  | 0.09 |
| NTST: NETSTREIT Corp. | −8.6% | +42.6% | −12.8% | — | 0/5 short-term, 1/3 long-term |  | 0.00 |
| VICI: VICI Properties Inc. | −19.9% | +1.4% | +1.9% | — | 1/5 short-term, 0/3 long-term |  | 0.12 |
| SAFE: Safehold Inc. | −23.8% | −16.8% | −81.6% | −69.8% | 0/5 short-term, 0/3 long-term |  | -0.64 |

### 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.

- 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.

| Year | O | SPY |
| --- | --- | --- |
| 2025 | +12.2% | +17.7% |
| 2024 | −2.1% | +24.9% |
| 2023 | −4.5% | +26.2% |
| 2022 | −7.4% | −18.2% |
| 2021 | +24.1% | +28.7% |
| 2020 | −11.6% | +18.3% |
| 2019 | +21.3% | +31.2% |
| 2018 | +15.9% | −4.6% |
| 2017 | +3.7% | +21.7% |
| 2016 | +15.8% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −48.5% | September 18, 2008 | March 6, 2009 | January 8, 2010 | −41.8% | 2008 financial crisis |
| −48.3% | February 21, 2020 | March 18, 2020 | April 14, 2022 | −28.0% | Covid crash |
| −34.5% | August 15, 2022 | October 30, 2023 | February 4, 2026 | −1.2% | 2022 bear market |
| −31.3% | May 17, 2013 | December 5, 2013 | January 7, 2015 | +8.3% |  |
| −29.6% | August 1, 2016 | February 8, 2018 | December 6, 2018 | +22.4% | February 2018 volatility shock |

### 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.

- 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%.

| Crash | Dates | O fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −20.6% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −48.5% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −18.5% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −10.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −9.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −48.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −22.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −4.9% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| O: Realty Income Corporation (this page) | 57.0% | 93.0% | 0.73 |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | 74.0% | 36.0% | 0.53 |
| [SPG](https://easycompare.io/research/spg): Simon Property Group, Inc. | 94.0% | 151% | 1.40 |
| CTO: CTO Realty Growth, Inc. | 62.0% | 60.0% | 0.71 |
| KIM: Kimco Realty Corporation | 74.0% | 131% | 1.22 |
| REG: Regency Centers Corporation | 62.0% | 100% | 0.95 |
| EPR: EPR Properties | 83.0% | 144% | 1.41 |
| NNN: NNN REIT, Inc. | 60.0% | 100% | 0.82 |
| FRT: Federal Realty Investment Trust | 63.0% | 122% | 1.03 |
| WPC: W. P. Carey Inc. | 63.0% | 83.0% | 0.75 |
| ADC: Agree Realty Corporation | 44.0% | 39.0% | 0.40 |
| GTY: Getty Realty Corp. | 73.0% | 96.0% | 0.77 |
| GLPI: Gaming and Leisure Properties, Inc. | 71.0% | 88.0% | 0.83 |
| FCPT: Four Corners Property Trust, Inc. | 71.0% | 105% | 0.85 |
| SAFE: Safehold Inc. | 38.0% | 148% | 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).

- 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.

| Investment | Correlation with O | 5Y return | Volatility | Sharpe | Rose in O's 8 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.20 | +225% | 19.1% | 1.34 | 5 of 8 |
| FTLS: First Trust Long/Short Equity ETF | 0.43 | +62.9% | 10.4% | 0.99 | 3 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.26 | +323% | 36.9% | 0.97 | 5 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.41 | +126% | 18.9% | 0.96 | 5 of 8 |
| IOO: iShares Global 100 ETF | 0.49 | +107% | 17.2% | 0.94 | 5 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.31 | +136% | 20.8% | 0.93 | 3 of 8 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.33 | +177% | 25.5% | 0.93 | 5 of 8 |
| EWT: iShares MSCI Taiwan ETF | 0.31 | +153% | 24.2% | 0.89 | 5 of 8 |

## 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.

## More research

- [Walmart (WMT) Performance, Alternatives and Market Rank](https://easycompare.io/research/wmt)
- [Simon Property Group (SPG) Performance, Alternatives and Market Rank](https://easycompare.io/research/spg)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)
- [Taiwan Semiconductor Manufacturing (TSM) Performance, Alternatives and Market Rank](https://easycompare.io/research/tsm)
- [Space Exploration Technologies (SPCX) Performance, Alternatives and Market Rank](https://easycompare.io/research/spcx)
- [Meta Platforms (META) Performance, Alternatives and Market Rank](https://easycompare.io/research/meta)

## Explore further

- Full page with charts: https://easycompare.io/research/o
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against O live: https://betterthanspy.com/?b=O&utm_source=easycompare&utm_medium=research