REIT Comparison
O vs VICI: Which Is the Better Pick in 2026?
A head-to-head comparison of Realty Income Corporation and VICI Properties covering yield, cost, risk, and income potential.
Data updated September 4, 2026
Best for
- OInvestors who want real-estate income and inflation sensitivity.
- VICIInvestors who want higher current income (7.08% vs 5.31% 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
O has outpaced VICI over the trailing twelve months, posting a 10.98% total return against -18.97%. The lead holds up over 5 years too: O has compounded at 2.42% a year, against 0.80% for VICI. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | 3Y | 5Y | Since Oct 2017 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| O | 10.15% | 10.98% | 9.26% | 2.42% | 6.31% | 18.2% | 0.24 | 0.34 | -19.3% |
| VICI | -6.69% | -18.97% | -0.67% | 0.80% | 9.11% | 19.0% | -0.27 | -0.38 | -20.2% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Oct 2017” measures every fund from October 18, 2017 — 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.
Side-by-side snapshot
| Metric |  O |  VICI |
|---|---|---|
| Full name | Realty Income Corporation | VICI Properties |
| Issuer | Realty Income | VICI Properties |
| Last Close | $61.25 as of September 4, 2026 | $25.42 as of September 4, 2026 |
| Distribution yield | 5.31% | 7.08% |
| Distribution Safety Score™ | 100 | 100 |
| Safety-Adjusted Yield | 5.31% | 7.08% |
| 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 | 0.72 | 0.687 |
| Last dividend | $0.271 declared, pays 09/15/2026 | $0.45 |
| Ex-dividend date | 08/31/2026 | 06/18/2026 |
Bottom lineChoose O if you want real-estate income and inflation sensitivity. Choose VICI if you want higher current income (7.08% vs 5.31% for O).
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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 7.08% vs 5.31% 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 $44.25/month, while VICI would produce $59.00/month, 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 0.72 for O and 0.687 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
What is the current distribution yield for O and VICI?
O currently distributes 5.31% and VICI 7.08%, based on fund data updated September 2026. Distribution yield 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 100, VICI scores 100. 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 $44.25 per month ($531.00 annually). The same in VICI would produce about $59.00 per month ($708.00 annually).
Which has performed better historically, O or VICI?
O has outpaced VICI over the trailing twelve months, posting a 10.98% total return against -18.97%. The lead holds up over 5 years too: O has compounded at 2.42% a year, against 0.80% for VICI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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O vs VICI — at a glance
Generated August 29, 2026.
The yield gap—5.31% for O versus 7.08% for VICI—reflects differences in underlying asset risk and leverage strategy.
How they differ
O invests exclusively in net lease properties where tenants bear maintenance and operating costs, creating predictable, long-duration cash flows; VICI takes a broader, diversified real estate approach with higher yield but less transparency about property type and tenant obligation splits. VICI's yield is 172 basis points higher, suggesting either higher leverage, lower property quality, or a different capital structure—a gap that typically reflects incremental risk. Both have betas below 0.75, indicating lower volatility relative to the broader market, though VICI's beta of 0.687 edges slightly lower than O's 0.72.
Who each is best for
- O: Fits investors who prioritize stable, predictable monthly cash flow and want exposure to a single, well-defined property strategy (net lease) with a long operating history and limited leverage surprises.
- VICI: Designed for investors who can accept higher yield in exchange for diversified property exposure and are comfortable with quarterly payout timing and less granular disclosure about underlying assets.
Key risks to know
- Net lease rent roll concentration (O): While net lease structure shifts maintenance burden to tenants, O's returns depend heavily on tenant creditworthiness and lease renewal success. Tenant bankruptcies or closures could force O to renegotiate or release properties at lower rates.
- Diversified REIT opacity (VICI): VICI's broader asset mix makes it harder to assess property-level credit risk and capital expenditure exposure compared to O's transparent, single-strategy focus. Changes in leverage or property mix can shift cash flow quality without advance visibility.
- Rate sensitivity for both: Net lease and diversified REIT valuations are highly sensitive to interest rate changes. Rising rates increase cap rates and discount future distributions more steeply for longer-duration cash flows, potentially pressing NAV. O's lower yield makes it more price-sensitive to rate moves than VICI.
- Distribution yield sustainability: VICI's 7.08% yield significantly exceeds typical REIT dividend growth rates, suggesting either temporary tailwinds or higher reliance on leverage to support distributions. O's lower, more mature yield implies less risk of distribution cuts but also slower growth potential. Both trade with moderate market sensitivity, but rate risk and yield sustainability should be verified against each REIT's latest leverage metrics and lease roll schedules—historical yield is not a predictor of future distributions in a rising-rate environment.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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