BNL vs. ADC

Last updated Jun 3, 2026

BNL (Broadstone Net Lease, Inc.) and ADC (Agree Realty Corporation) are both stocks. Both are in the Real Estate sector — BNL in REIT - Diversified, ADC in REIT - Retail. Over the past 5 years, BNL returned 3.32%/yr vs 4.50%/yr for ADC. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

BNL vs. ADC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Broadstone Net Lease, Inc. (BNL) and Agree Realty Corporation (ADC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNL achieves a 18.15% return, which is significantly higher than ADC's 1.77% return.

BNL

• 1D: 1.71%
• 1M: 2.85%
• YTD: 18.15%
• 6M: 19.73%
• 1Y: 34.83%
• 3Y*: 15.60%
• 5Y*: 3.32%
• 10Y*: —

ADC

• 1D: -0.89%
• 1M: -4.88%
• YTD: 1.77%
• 6M: -1.21%
• 1Y: 0.57%
• 3Y*: 8.22%
• 5Y*: 4.50%
• 10Y*: 9.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BNL vs. ADC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BNL Broadstone Net Lease, Inc.	18.15%	17.27%	-1.08%	14.00%	-30.75%	42.88%
ADC Agree Realty Corporation	1.77%	6.62%	17.20%	-7.07%	3.50%	11.37%

Correlation

The correlation between BNL and ADC is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Mar 23, 2021	0.59

The correlation between BNL and ADC has been stable across timeframes, ranging from 0.52 to 0.60 - a consistent structural relationship.

Fundamentals

Market Cap BNL : $4.04B ADC : $8.67B
EPS BNL : $0.41 ADC : $1.91
PE Ratio BNL : 48.88 ADC : 37.62
PS Ratio BNL : 8.54 ADC : 10.91
PB Ratio BNL : 1.40 ADC : 1.43
Total Revenue (TTM) BNL : $468.77M ADC : $750.05M
Gross Profit (TTM) BNL : $80.71M ADC : $667.57M
EBITDA (TTM) BNL : $332.30M ADC : $639.27M

Return for Risk

BNL vs. ADC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNL

BNL Risk / Return Rank: 86
BNL Sharpe Ratio Rank: 86
BNL Sortino Ratio Rank: 84
BNL Omega Ratio Rank: 82
BNL Calmar Ratio Rank: 88
BNL Martin Ratio Rank: 88

ADC

ADC Risk / Return Rank: 38
ADC Sharpe Ratio Rank: 41
ADC Sortino Ratio Rank: 33
ADC Omega Ratio Rank: 33
ADC Calmar Ratio Rank: 41
ADC Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNL vs. ADC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Broadstone Net Lease, Inc. (BNL) and Agree Realty Corporation (ADC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BNL	ADC	Difference
Sharpe ratio Return per unit of total volatility	1.93	0.04	+1.89
Sortino ratio Return per unit of downside risk	2.63	0.17	+2.47
Omega ratio Gain probability vs. loss probability	1.33	1.02	+0.31
Calmar ratio Return relative to maximum drawdown	4.29	0.05	+4.24
Martin ratio Return relative to average drawdown	10.75	0.13	+10.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNL vs. ADC - Sharpe Ratio Comparison

The current BNL Sharpe Ratio is 1.93, which is higher than the ADC Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of BNL and ADC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BNL	ADC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	0.04	+1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.24	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.38	0.00

Drawdowns

BNL vs. ADC - Drawdown Comparison

The maximum BNL drawdown since its inception was -43.56%, smaller than the maximum ADC drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for BNL and ADC.

Drawdown Indicators

	BNL	ADC	Difference
Max Drawdown Largest peak-to-trough decline	-43.56%	-70.25%	+26.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-11.14%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.51%	-21.08%	+1.57%
Max Drawdown (5Y) Largest decline over 5 years	-43.56%	-29.52%	-14.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.00%	—
Current Drawdown Current decline from peak	-2.04%	-11.14%	+9.10%
Average Drawdown Average peak-to-trough decline	-22.75%	-9.64%	-13.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	4.37%	-1.04%

Volatility

BNL vs. ADC - Volatility Comparison

Broadstone Net Lease, Inc. (BNL) has a higher volatility of 4.48% compared to Agree Realty Corporation (ADC) at 3.87%. This indicates that BNL's price experiences larger fluctuations and is considered to be riskier than ADC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNL	ADC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	3.87%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	12.84%	12.04%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	15.92%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.18%	18.79%	+4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.06%	23.64%	-0.58%

Dividends

BNL vs. ADC - Dividend Comparison

BNL's dividend yield for the trailing twelve months is around 5.75%, more than ADC's 4.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADC Agree Realty Corporation	4.35%	4.28%	4.26%	4.64%	3.95%	3.65%	3.61%	3.25%	3.65%	3.94%	4.17%	5.43%
BNL Broadstone Net Lease, Inc.	5.75%	6.68%	7.28%	6.50%	6.66%	4.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

BNL vs. ADC - Profitability Comparison

The chart below illustrates the profitability comparison between Broadstone Net Lease, Inc. and Agree Realty Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BNL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Broadstone Net Lease, Inc. reported a gross profit of 0.00 and revenue of 121.40M. Therefore, the gross margin over that period was 0.0%.

ADC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Agree Realty Corporation reported a gross profit of 186.09M and revenue of 200.81M. Therefore, the gross margin over that period was 92.7%.

BNL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Broadstone Net Lease, Inc. reported an operating income of 0.00 and revenue of 121.40M, resulting in an operating margin of 0.0%.

ADC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Agree Realty Corporation reported an operating income of 98.55M and revenue of 200.81M, resulting in an operating margin of 49.1%.

BNL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Broadstone Net Lease, Inc. reported a net income of -27.00K and revenue of 121.40M, resulting in a net margin of -0.0%.

ADC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Agree Realty Corporation reported a net income of 60.19M and revenue of 200.81M, resulting in a net margin of 30.0%.

Frequently Asked Questions

Can I hold both BNL and ADC in my portfolio?

BNL and ADC have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNL or ADC?

BNL has higher volatility (4.48%) compared to ADC (3.87%). In terms of maximum drawdown, BNL dropped -43.56% vs ADC's -70.25%.

Which has better risk-adjusted returns?

BNL currently has the higher Sharpe Ratio (1.93 vs 0.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.