BRSP vs. BNL

Last updated Jun 26, 2026

BRSP (BrightSpire Capital, Inc.) and BNL (Broadstone Net Lease, Inc.) are both stocks. Both operate in the REIT - Diversified industry within the Real Estate sector. Over the past 5 years, BRSP returned 0.13%/yr vs 4.21%/yr for BNL. At a 0.47 correlation, their price movements are largely independent.

Performance

BRSP vs. BNL - Performance Comparison

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

Returns By Period

In the year-to-date period, BRSP achieves a 0.73% return, which is significantly lower than BNL's 22.95% return.

BRSP

• 1D: -0.90%
• 1M: -3.52%
• YTD: 0.73%
• 6M: -1.49%
• 1Y: 18.50%
• 3Y*: 5.99%
• 5Y*: 0.13%
• 10Y*: —

BNL

• 1D: -0.33%
• 1M: 1.94%
• YTD: 22.95%
• 6M: 24.16%
• 1Y: 39.52%
• 3Y*: 18.63%
• 5Y*: 4.21%
• 10Y*: —

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

BRSP vs. BNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BRSP BrightSpire Capital, Inc.	0.73%	11.61%	-14.45%	34.92%	-32.42%	20.06%
BNL Broadstone Net Lease, Inc.	22.95%	17.27%	-1.08%	14.00%	-30.75%	39.13%

Correlation

The correlation between BRSP and BNL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 22, 2021	0.47

Over the past year, the correlation between BRSP and BNL has dropped to 0.23 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Fundamentals

Market Cap BRSP : $706.49M BNL : $4.20B
EPS BRSP : -$0.25 BNL : $0.41
PS Ratio BRSP : 2.82 BNL : 8.88
PB Ratio BRSP : 0.77 BNL : 1.45
Total Revenue (TTM) BRSP : $248.92M BNL : $468.77M
Gross Profit (TTM) BRSP : $107.84M BNL : $80.71M
EBITDA (TTM) BRSP : -$13.14M BNL : $332.30M

Return for Risk

BRSP vs. BNL — Risk / Return Rank

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

BRSP

BRSP Risk / Return Rank: 67
BRSP Sharpe Ratio Rank: 69
BRSP Sortino Ratio Rank: 63
BRSP Omega Ratio Rank: 61
BRSP Calmar Ratio Rank: 71
BRSP Martin Ratio Rank: 71

BNL

BNL Risk / Return Rank: 90
BNL Sharpe Ratio Rank: 91
BNL Sortino Ratio Rank: 89
BNL Omega Ratio Rank: 88
BNL Calmar Ratio Rank: 92
BNL Martin Ratio Rank: 91

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.

BRSP vs. BNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrightSpire Capital, Inc. (BRSP) and Broadstone Net Lease, Inc. (BNL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BRSP	BNL	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.17	-1.34
Sortino ratio: Return per unit of downside risk	1.27	2.89	-1.62
Omega ratio: Gain probability vs. loss probability	1.15	1.37	-0.22
Calmar ratio: Return relative to maximum drawdown	1.53	4.76	-3.23
Martin ratio: Return relative to average drawdown	3.42	11.91	-8.49

BRSP vs. BNL - Sharpe Ratio Comparison

The current BRSP Sharpe Ratio is 0.83, which is lower than the BNL Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of BRSP and BNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRSP vs. BNL - Drawdown Comparison

The maximum BRSP drawdown since its inception was -85.71%, which is greater than BNL's maximum drawdown of -43.56%. Use the drawdown chart below to compare losses from any high point for BRSP and BNL.

Drawdown Indicators

	BRSP	BNL	Difference
Max Drawdown Largest peak-to-trough decline	-85.71%	-43.56%	-42.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-8.34%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-35.31%	-19.51%	-15.80%
Max Drawdown (5Y) Largest decline over 5 years	-41.28%	-43.56%	+2.28%
Current Drawdown Current decline from peak	-50.38%	-0.33%	-50.05%
Average Drawdown Average peak-to-trough decline	-47.03%	-22.47%	-24.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.42%	3.33%	+2.09%

Volatility

BRSP vs. BNL - Volatility Comparison

BrightSpire Capital, Inc. (BRSP) has a higher volatility of 6.77% compared to Broadstone Net Lease, Inc. (BNL) at 5.45%. This indicates that BRSP's price experiences larger fluctuations and is considered to be riskier than BNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRSP	BNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	5.45%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	16.11%	13.26%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	22.52%	18.40%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.70%	22.94%	+9.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.39%	23.02%	+28.37%

Dividends

BRSP vs. BNL - Dividend Comparison

BRSP's dividend yield for the trailing twelve months is around 11.68%, more than BNL's 5.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BNL Broadstone Net Lease, Inc.	5.53%	6.68%	7.28%	6.50%	6.66%	4.13%	0.00%	0.00%	0.00%
BRSP BrightSpire Capital, Inc.	11.68%	11.43%	12.77%	10.75%	12.68%	5.65%	4.00%	12.54%	10.10%

Financials

Frequently Asked Questions

Can I hold both BRSP and BNL in my portfolio?

BRSP and BNL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRSP or BNL?

BRSP has higher volatility (6.77%) compared to BNL (5.45%). In terms of maximum drawdown, BRSP dropped -85.71% vs BNL's -43.56%.

Which has better risk-adjusted returns?

BNL currently has the higher Sharpe Ratio (2.17 vs 0.83), 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.