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 May 20, 2026
Side-by-side snapshot
| NNN | O | |
|---|---|---|
| Full name | NNN REIT, Inc. | Realty Income Corporation |
| Issuer | — | — |
| Last Close | $44.33 as of May 20, 2026 | $61.71 as of May 20, 2026 |
| Distribution yield | 5.41% | 5.26% |
| 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 | — | 10/18/1994 |
| Last dividend | $0.60 | $0.27 |
| Ex-dividend date | 04/30/2026 | 04/30/2026 |
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Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
NNN (NNN REIT, Inc.) and O (Realty Income Corporation) are both dividend ETFs, but they take different approaches.
NNN offers the higher yield at 5.41% vs 5.26% for O. 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 $45.08/month, while O would produce $43.83/month, at current distribution rates.
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.
Strategy & risk
NNN tracks — with a reit approach, while O tracks — using a reit strategy.
Fund details
NNN is managed by — (launched —) with — in assets. O is managed by — (launched 10/18/1994) with — in assets.
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Frequently asked questions
Is NNN or O better for dividend income?
It depends on your goals. NNN 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.) tracks — with a reit strategy, while O (Realty Income Corporation) tracks — with a reit approach. They are issued by — and — 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 $45.08 per month ($541.00 annually). The same in O would produce about $43.83 per month ($526.00 annually).
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NNN vs O — at a glance
Generated April 2026 from current fund data.
Overview
NNN and O are both net lease REITs acquiring single-tenant retail and commercial properties under long-term leases, but they differ in scale, distribution cadence, and dividend track record. NNN is a pure Dividend Aristocrat with 35+ consecutive years of increases and pays quarterly; O, founded in 1994, is known as "The Monthly Dividend Company" and has built a 30-year reputation for consistent growth and monthly payouts. Both offer yields in the 5–5.4% range, but the mechanics of getting there—and the tax timing—are notably different.
How they differ
The single biggest difference is distribution frequency: O pays monthly ($0.27 per share), while NNN pays quarterly ($0.60 per share). That matters for reinvestment cadence and behavioral psychology, but also for tax reporting (O generates 12 1099 forms annually vs. NNN's four). NNN's yield of 5.42% slightly outpaces O's 5.07%, reflecting a tighter trading valuation—NNN trades at $44.29 versus O at $63.96. Both are seasoned net lease operators with fortress-like balance sheets and similar underlying tenant bases (drugstores, dollar stores, restaurants), so credit quality and lease-term stability are comparable. The third meaningful difference is track record framing: NNN explicitly markets itself as a Dividend Aristocrat (35+ years of annual increases), while O emphasizes the monthly payment ritual and 30-year total-return history. Neither is superior on that axis—they're selling different investor narratives around the same core business.
Who each is best for
NNN: Investors who prioritize the longest audited streak of unbroken dividend growth and are comfortable with quarterly payout timing; works well in taxable accounts where minimizing 1099 forms is a practical win.
O: Investors who value the psychological anchor and reinvestment discipline of monthly distributions, or who hold in retirement accounts and appreciate the cash-flow rhythm for lifestyle spending without tax-form clutter.
Key risks to know
- Lease maturity and refinancing risk. Both REITs face tenant turnover and rent rollover pressure; if leases renew at lower rates, dividend coverage tightens. Net lease economics have compressed in recent years as retail restructures.
- Real estate sector cyclicality. Single-tenant retail is sensitive to tenant health and consumer spending; a recession or structural retail shift (e.g., further e-commerce adoption) could pressure occupancy and rent escalation assumptions.
- Interest-rate sensitivity. Rising rates increase REIT borrowing costs and cap valuations. O has drifted from $67.94 to a 52-week low of $54.38; NNN from $46.03 to $38.90. Both show meaningful downside volatility.
- Dividend sustainability. Yields at 5+ percent imply distributions are a larger slice of underlying cash flow. If property sales slow or tenant credit weakens, distribution growth may decelerate.
Bottom line
If you want the longest-audible dividend-growth track record and are indifferent to monthly payouts, NNN's Aristocrat status and slightly higher yield offer measurable appeal. If monthly distributions match your cash-flow or reinvestment planning, and you value the narrative of 30 years of consistent monthly payments, O delivers that same net lease exposure with a different rhythm. Both are mature, transparent operators in a sector that has weathered structural headwinds; neither is a new-story investment. Past performance doesn't guarantee future results, and both carry real estate and interest-rate risk.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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