REIT Comparison
O vs VICI: A Diversified Net-Lease REIT, or Gaming Real Estate?
A head-to-head of Realty Income Corporation and VICI Properties covering property mix, payout, and cost.
Updated October 16, 2026
How these figures are calculated: methodology.
Best for
- OInvestors who want real-estate income and inflation sensitivity.
- VICIInvestors who want higher current income (7.80% vs 5.81% for O).
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
O has outpaced VICI over the trailing twelve months, posting a -0.20% total return against -17.82%. The lead holds up over 5 years too: O has compounded at 1.50% a year, against 0.72% for VICI. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | Since Oct 2017 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| O | 3.49% | -0.20% | 9.29% | 1.50% | 5.30% | 18.1% | 0.26 | 0.36 | -19.3% |
| VICI | -11.62% | -17.82% | -1.29% | 0.72% | 8.32% | 18.9% | -0.29 | -0.41 | -27.9% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2017” measures every fund from October 18, 2017 — the start of shared available history — 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.
Side-by-side snapshot
| Metric |  O |  VICI |
|---|---|---|
| Full name | Realty Income Corporation | VICI Properties |
| Issuer | Realty Income | VICI Properties |
| Last Close | $56.08 as of October 16, 2026 | $23.60 as of October 16, 2026 |
| Distribution rate | 5.81% | 7.80% |
| Trailing 12-month yield | 5.79% | 7.67% |
| Distribution Safety Score™ | 95 | 95 |
| Safety-Adjusted Yield | 5.52% | 7.41% |
| Expense ratio | — | — |
| AUM | — | — |
| Distribution frequency | Monthly | Quarterly |
| Underlying index | — | — |
| Objective | 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. | A real estate investment trust focused on income-producing properties. |
| Asset class | Real Estate | Real Estate |
| Inception date | N/A | N/A |
| Beta | 0.696 | 0.674 |
| Last dividend | $0.2715 declared, pays 11/13/2026 | $0.46 |
| Ex-dividend date | 10/30/2026 upcoming | 09/17/2026 |
Bottom lineChoose O if you want real-estate income and inflation sensitivity. Choose VICI if you want higher current income (7.80% vs 5.81% for O).
Diversified net-lease versus gaming real estate
Realty Income is a diversified net-lease REIT. VICI owns gaming and experiential properties. Mix is the split.
| O | VICI | |
|---|---|---|
| Property mix | Diversified net-lease | Gaming and experiential |
| Expense ratio | — | — |
| Distribution rate | 5.81% | 7.80% |
| Fund size | — | — |
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Quick verdict
O (Realty Income Corporation) and VICI (VICI Properties) are both dividend-paying real estate investment trusts (REITs), but they take different approaches.
VICI offers the higher yield at 7.80% vs 5.81% for O. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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Deep dive
Yield & income
On a $10,000 investment, O would generate roughly $48.42 cash per distribution, while VICI would produce $195.00 cash per distribution, at current distribution rates.
Strategy & risk
O is a real estate investment trust built around net lease REIT exposure, while VICI is a real estate investment trust built around diversified REIT exposure. Beta is 0.696 for O and 0.674 for VICI — effectively similar market sensitivity.
Security details
O (Realty Income Corporation) is a real estate investment trust. VICI (VICI Properties) is a real estate investment trust.
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Frequently asked questions
Does VICI have an expense ratio?
VICI (VICI Properties) is a REIT — a listed company, not a fund — so it does not charge an ETF expense ratio. O (Realty Income Corporation) is also a REIT. Compare property mix and payout instead of a fund fee. Distributions are 5.81% and 7.80% as of October 2026.
What is the current distribution rate for O and VICI?
O currently distributes 5.81% and VICI 7.80%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is O or VICI better for dividend income?
It depends on your goals. VICI 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 O and VICI?
O (Realty Income Corporation) is a real estate investment trust built around net lease REIT exposure, while VICI (VICI Properties) is a real estate investment trust built around diversified REIT exposure. They are issued by Realty Income and VICI Properties respectively.
Can I hold both O and VICI?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is O or VICI safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: O scores 95, VICI scores 95. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
How much income does $10,000 in O vs VICI generate?
At current rates, $10,000 in O would generate roughly $48.42 cash per distribution ($581.00 annually). The same in VICI would produce about $195.00 cash per distribution ($780.00 annually).
Which has performed better historically, O or VICI?
O has outpaced VICI over the trailing twelve months, posting a -0.20% total return against -17.82%. The lead holds up over 5 years too: O has compounded at 1.50% a year, against 0.72% for VICI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Learn the method
The metrics behind this comparison, explained in the Academy.
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These comparisons follow the Dividend Vision methodology.