ETF Comparison

NNN vs O: Which Is the Better Pick in 2026?

A head-to-head comparison of NNN REIT, Inc. and Realty Income Corporation covering yield, cost, risk, and income potential.

Data updated July 5, 2026

NNN REIT

ETFs1

Total AUM—

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

National Retail Properties, Inc. (NNN) is a real estate investment trust specializing in single-tenant retail properties leased to established tenants across the United States. The company's fund lineup focuses on income generation through its sole ETF offering. NNN is known for providing regular distributions to shareholders seeking exposure to net lease retail real estate investments.

See our curated list of related YouTube videos on NNN.

See all NNN REIT ETFs

Realty Income

ETFs1

Total AUM—

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Realty Income is known as "The Monthly Dividend Company" for its focus on providing consistent income streams to investors through real estate investments. The company operates a single ETF (ticker: O) that falls within the income fund family, designed to deliver regular monthly dividend payments. With its concentrated fund lineup and emphasis on commercial real estate holdings, Realty Income serves investors seeking predictable cash flow generation rather than capital appreciation.

See our curated list of related YouTube videos on O.

See all Realty Income ETFs

Side-by-side snapshot

	NNN	O
Full name	NNN REIT, Inc.	Realty Income Corporation
Issuer	NNN REIT	Realty Income
Last Close	$47.53 as of July 5, 2026	$63.84 as of July 5, 2026
Distribution yield	5.15%	5.26%
Distribution Safety Score	100	100
Expense ratio	—	—
AUM	—	—
Distribution frequency	Quarterly	Monthly
Underlying index	—	—
Objective	A net lease REIT that acquires, owns, and manages single-tenant retail properties under long-term net leases. A Dividend Aristocrat with over 35 consecutive years of dividend increases.	A real estate investment trust that invests in freestanding, single-tenant commercial properties subject to long-term net lease agreements. Known as "The Monthly Dividend Company," Realty Income has a long track record of monthly dividend payments and consistent dividend growth.
Asset class	Real Estate	Real Estate
Inception date	N/A	N/A
Beta	0.782	0.729
Last dividend	$0.6000	$0.2710
Ex-dividend date	04/30/2026	06/30/2026

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Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

NNN and O are virtually tied over the trailing twelve months, at 15.57% and 15.57% total returns. Over the past 10 years, O has compounded at 4.20% a year, ahead of NNN at 4.14%. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	5Y	10Y	Since Oct 1994	Volatility	Sharpe	Sortino	Max drawdown
NNN	23.69%	15.57%	9.34%	5.66%	4.14%	11.44%	18.7%	0.24	0.33	-22.0%
O	13.33%	15.57%	7.51%	4.72%	4.20%	13.56%	18.3%	0.15	0.21	-26.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 1994” measures every fund from October 18, 1994 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

NNN (NNN REIT, Inc.) and O (Realty Income Corporation) are both dividend-paying real estate investment trusts (REITs), but they take different approaches.

O offers the higher yield at 5.26% vs 5.15% for NNN. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

Deep dive

Yield & income

On a $10,000 investment, NNN would generate roughly $42.92/month, while O would produce $43.83/month, at current distribution rates.

NNN yield5.15%

O yield5.26%

Monthly diff on $10K$0.92

Cost & efficiency

Over 10 years on $10,000, NNN would cost approximately $0 in fees vs $0 for O (simplified, not compounded). Both charge the same expense ratio.

NNN ER—

O ER—

Strategy & risk

NNN is a real estate investment trust, while O is a real estate investment trust. Beta is 0.782 for NNN and 0.729 for O, indicating O is less volatile relative to the market.

NNN beta0.782

O beta0.729

Fund details

NNN is managed by NNN REIT (launched —) with — in assets. O is managed by Realty Income (launched 10/18/1994) with — in assets.

NNN AUM—

O AUM—

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Frequently asked questions

Is NNN or O better for dividend income?

It depends on your goals. O currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between NNN and O?

NNN (NNN REIT, Inc.) is a real estate investment trust, while O (Realty Income Corporation) is a real estate investment trust. They are issued by NNN REIT and Realty Income respectively.

Can I hold both NNN and O?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, NNN or O?

NNN has an expense ratio of — while O charges —. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in NNN vs O generate?

At current rates, $10,000 in NNN would generate roughly $42.92 per month ($515.00 annually). The same in O would produce about $43.83 per month ($526.00 annually).

Which has performed better historically, NNN or O?

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NNN vs O — at a glance

Generated June 2026 from current fund data.

Overview

NNN and O are both net lease REITs that own single-tenant, freestanding commercial properties and generate income through long-term tenant leases. The key distinction is distribution cadence and portfolio breadth: NNN pays quarterly dividends and focuses on retail-specific net lease properties, while O pays monthly and operates a more diversified portfolio across retail, industrial, office, and other commercial segments. NNN is a Dividend Aristocrat with 35+ consecutive annual increases; O, which has paid continuously since 1994, emphasizes the psychological appeal of monthly income.

How they differ

The most immediate difference is payment frequency: O distributes monthly while NNN quarters, affecting reinvestment timing and cash-flow psychology for income-focused investors. O's distribution rate edges NNN's by 9 basis points (5.25% vs. 5.16%), though the difference is modest. More substantively, O operates across multiple commercial property types—retail, industrial, office, and other segments—whereas NNN's portfolio concentrates on retail net lease properties, which carries higher cyclical risk if e-commerce or retail shifts outpace omnichannel adaptation. O has a lower beta (0.734) than NNN (0.793), suggesting somewhat lower equity-market sensitivity. Both trade at single-digit P/Es consistent with mature REIT valuations; NNN trades at $46.37 while O is priced at $62.04 per share.

Who each is best for

NNN: Fits investors drawn to a pure retail net lease play with the emotional comfort of a long dividend-increase streak, and who are less concerned about single-industry concentration. Works well for those comfortable with quarterly payout cadence who want simplicity and consistency.

O: Designed for income seekers who value the behavioral appeal of monthly distributions and prefer exposure to a mixed-tenant commercial portfolio that smooths out swings in any single property type. Suits investors who see portfolio diversification across property classes as a meaningful hedge.

Key risks to know

Retail concentration in NNN: A sharp contraction in brick-and-mortar retail—whether from further e-commerce penetration, store closures, or tenant bankruptcies—poses material pressure on tenant credit quality and lease renewals. NNN lacks the diversification O has across industrial and other segments to offset that cyclical risk.

Tenant credit and lease renewal: Both REITs depend on tenants meeting obligations and renewing leases at serviceable rates. Economic recession or rapid sector shift can force concessions, vacancy spikes, or capital redeployment at unfavorable terms.

Interest-rate and cap-rate sensitivity: Rising discount rates compress REIT valuations and can pressure NAV. Higher cap-rate environments also increase competition for property acquisitions and refinancing costs for existing debt.

O's larger AUM and scale: While diversification is an advantage, O's scale means macro commercial real estate shifts affect a deeper capital base, and management complexity grows with portfolio breadth—more tenants and property types to underwrite and monitor.

Bottom line

If you prioritize simplicity and a Dividend Aristocrat pedigree, NNN appeals; if you value monthly income and property-class diversification as a buffer against retail-specific headwinds, O stands out. NNN's retail focus carries concentration risk that O's mixed portfolio mitigates, though O's higher AUM introduces its own operational and scale considerations. Past performance—including NNN's 35-year dividend streak and O's monthly-payment consistency—does not predict future real estate market conditions or tenant stability.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.