BNL vs. NNN

Last updated Jun 3, 2026

BNL (Broadstone Net Lease, Inc.) and NNN (National Retail Properties, Inc.) are both stocks. Both are in the Real Estate sector — BNL in REIT - Diversified, NNN in REIT - Retail. Over the past 5 years, BNL returned 3.32%/yr vs 3.52%/yr for NNN. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

BNL vs. NNN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Broadstone Net Lease, Inc. (BNL) and National Retail Properties, Inc. (NNN). 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 NNN's 14.71% return.

BNL

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

NNN

• 1D: 0.84%
• 1M: 0.30%
• YTD: 14.71%
• 6M: 10.58%
• 1Y: 12.62%
• 3Y*: 6.64%
• 5Y*: 3.52%
• 10Y*: 4.44%

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

BNL vs. NNN - 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%
NNN National Retail Properties, Inc.	14.71%	2.81%	-0.06%	-0.60%	-0.01%	15.54%

Correlation

The correlation between BNL and NNN is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 23, 2021	0.68

The correlation between BNL and NNN has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Fundamentals

Market Cap BNL : $4.04B NNN : $8.37B
EPS BNL : $0.41 NNN : $2.05
PE Ratio BNL : 48.88 NNN : 21.51
PS Ratio BNL : 8.54 NNN : 8.90
PB Ratio BNL : 1.40 NNN : 1.90
Total Revenue (TTM) BNL : $468.77M NNN : $935.78M
Gross Profit (TTM) BNL : $80.71M NNN : $761.54M
EBITDA (TTM) BNL : $332.30M NNN : $870.06M

Return for Risk

BNL vs. NNN — 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

NNN

NNN Risk / Return Rank: 62
NNN Sharpe Ratio Rank: 65
NNN Sortino Ratio Rank: 57
NNN Omega Ratio Rank: 55
NNN Calmar Ratio Rank: 67
NNN Martin Ratio Rank: 67

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. NNN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Broadstone Net Lease, Inc. (BNL) and National Retail Properties, Inc. (NNN). 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	NNN	Difference
Sharpe ratio Return per unit of total volatility	1.93	0.78	+1.15
Sortino ratio Return per unit of downside risk	2.63	1.17	+1.46
Omega ratio Gain probability vs. loss probability	1.33	1.14	+0.19
Calmar ratio Return relative to maximum drawdown	4.29	1.44	+2.85
Martin ratio Return relative to average drawdown	10.75	3.31	+7.45
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. NNN - Sharpe Ratio Comparison

The current BNL Sharpe Ratio is 1.93, which is higher than the NNN Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of BNL and NNN, 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	NNN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	0.78	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.18	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.40	-0.02

Drawdowns

BNL vs. NNN - Drawdown Comparison

The maximum BNL drawdown since its inception was -43.56%, smaller than the maximum NNN drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for BNL and NNN.

Drawdown Indicators

	BNL	NNN	Difference
Max Drawdown Largest peak-to-trough decline	-43.56%	-56.17%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-8.83%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-19.51%	-22.03%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-43.56%	-25.22%	-18.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.99%	—
Current Drawdown Current decline from peak	-2.04%	-2.45%	+0.41%
Average Drawdown Average peak-to-trough decline	-22.75%	-9.82%	-12.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.82%	-0.49%

Volatility

BNL vs. NNN - Volatility Comparison

Broadstone Net Lease, Inc. (BNL) and National Retail Properties, Inc. (NNN) have volatilities of 4.48% and 4.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNL	NNN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.61%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	12.84%	11.44%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	16.32%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.18%	19.66%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.06%	28.08%	-5.02%

Dividends

BNL vs. NNN - Dividend Comparison

BNL's dividend yield for the trailing twelve months is around 5.75%, more than NNN's 5.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NNN National Retail Properties, Inc.	5.43%	5.96%	5.61%	5.17%	4.72%	4.37%	5.06%	3.79%	4.02%	4.31%	4.03%	4.27%

Financials

BNL vs. NNN - Profitability Comparison

The chart below illustrates the profitability comparison between Broadstone Net Lease, Inc. and National Retail Properties, Inc. 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%.

NNN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Retail Properties, Inc. reported a gross profit of 230.63M and revenue of 240.42M. Therefore, the gross margin over that period was 95.9%.

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%.

NNN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Retail Properties, Inc. reported an operating income of 146.65M and revenue of 240.42M, resulting in an operating margin of 61.0%.

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%.

NNN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Retail Properties, Inc. reported a net income of 93.95M and revenue of 240.42M, resulting in a net margin of 39.1%.

Frequently Asked Questions

Can I hold both BNL and NNN in my portfolio?

BNL and NNN have a correlation of 0.66, 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 NNN?

NNN has higher volatility (4.61%) compared to BNL (4.48%). In terms of maximum drawdown, BNL dropped -43.56% vs NNN's -56.17%.

Which has better risk-adjusted returns?

BNL currently has the higher Sharpe Ratio (1.93 vs 0.78), 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.