BXP vs. VNO
BXP (Boston Properties, Inc.) and VNO (Vornado Realty Trust) are both stocks. Both operate in the REIT - Office industry within the Real Estate sector. Over the past 10 years, BXP returned -2.74%/yr vs -3.35%/yr for VNO. A 0.75 correlation means they provide meaningful diversification when combined.
Performance
BXP vs. VNO - Performance Comparison
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Returns By Period
In the year-to-date period, BXP achieves a -3.35% return, which is significantly lower than VNO's 13.13% return. Over the past 10 years, BXP has outperformed VNO with an annualized return of -2.74%, while VNO has yielded a comparatively lower -3.35% annualized return.
BXP
- 1D
- -0.88%
- 1M
- 6.72%
- YTD
- -3.35%
- 6M
- -4.23%
- 1Y
- -4.96%
- 3Y*
- 13.90%
- 5Y*
- -6.90%
- 10Y*
- -2.74%
VNO
- 1D
- 0.19%
- 1M
- 17.73%
- YTD
- 13.13%
- 6M
- 14.06%
- 1Y
- -2.77%
- 3Y*
- 39.61%
- 5Y*
- -1.58%
- 10Y*
- -3.35%
BXP vs. VNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BXP Boston Properties, Inc. | -3.35% | -4.75% | 12.28% | 10.98% | -38.57% | 26.21% | -28.33% | 26.09% | -10.86% | 5.91% |
VNO Vornado Realty Trust | 13.13% | -19.09% | 51.32% | 39.50% | -46.66% | 17.78% | -40.43% | 14.93% | -17.75% | -4.53% |
Correlation
The correlation between BXP and VNO is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 1997 | 0.75 |
The correlation between BXP and VNO has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.
Fundamentals
BXP:
$10.21B
VNO:
$7.14B
BXP:
$2.00
VNO:
$4.03
BXP:
32.18
VNO:
9.35
BXP:
0.07
VNO:
0.00
BXP:
2.93
VNO:
4.03
BXP:
1.98
VNO:
1.19
BXP:
$3.49B
VNO:
$1.81B
BXP:
$2.10B
VNO:
$1.56B
BXP:
$1.88B
VNO:
$1.21B
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Return for Risk
BXP vs. VNO — Risk / Return Rank
BXP
VNO
BXP vs. VNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Boston Properties, Inc. (BXP) and Vornado Realty Trust (VNO). 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.
| BXP | VNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.01 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | -0.07 | -0.08 |
| Martin ratioReturn relative to average drawdown | -0.30 | -0.13 | -0.16 |
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Drawdowns
BXP vs. VNO - Drawdown Comparison
The maximum BXP drawdown since its inception was -72.80%, smaller than the maximum VNO drawdown of -80.89%. Use the drawdown chart below to compare losses from any high point for BXP and VNO.
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Drawdown Indicators
| BXP | VNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.80% | -80.89% | +8.09% |
Max Drawdown (1Y)Largest decline over 1 year | -33.56% | -41.22% | +7.66% |
Max Drawdown (3Y)Largest decline over 3 years | -39.03% | -43.88% | +4.85% |
Max Drawdown (5Y)Largest decline over 5 years | -62.57% | -71.63% | +9.06% |
Max Drawdown (10Y)Largest decline over 10 years | -63.59% | -80.89% | +17.30% |
Current DrawdownCurrent decline from peak | -40.42% | -38.96% | -1.46% |
Average DrawdownAverage peak-to-trough decline | -16.76% | -20.61% | +3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.79% | 21.16% | -4.37% |
Volatility
BXP vs. VNO - Volatility Comparison
The current volatility for Boston Properties, Inc. (BXP) is 8.49%, while Vornado Realty Trust (VNO) has a volatility of 9.88%. This indicates that BXP experiences smaller price fluctuations and is considered to be less risky than VNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BXP | VNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.49% | 9.88% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 20.96% | 24.16% | -3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.47% | 33.72% | -5.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.97% | 41.72% | -8.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.12% | 39.20% | -7.08% |
Dividends
BXP vs. VNO - Dividend Comparison
BXP's dividend yield for the trailing twelve months is around 4.79%, more than VNO's 1.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BXP Boston Properties, Inc. | 4.79% | 4.98% | 5.27% | 5.59% | 5.80% | 3.40% | 4.15% | 2.78% | 3.11% | 2.35% | 2.15% | 3.02% |
VNO Vornado Realty Trust | 1.97% | 2.22% | 1.76% | 2.39% | 10.19% | 5.06% | 6.37% | 6.90% | 4.06% | 3.00% | 2.41% | 14.41% |
Financials
BXP vs. VNO - Financials Comparison
This section allows you to compare key financial metrics between Boston Properties, Inc. and Vornado Realty Trust. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BXP vs. VNO - Profitability Comparison
BXP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Boston Properties, Inc. reported a gross profit of 515.21M and revenue of 872.15M. Therefore, the gross margin over that period was 59.1%.
VNO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Vornado Realty Trust reported a gross profit of 212.47M and revenue of 459.11M. Therefore, the gross margin over that period was 46.3%.
BXP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Boston Properties, Inc. reported an operating income of 227.78M and revenue of 872.15M, resulting in an operating margin of 26.1%.
VNO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Vornado Realty Trust reported an operating income of 170.23M and revenue of 459.11M, resulting in an operating margin of 37.1%.
BXP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Boston Properties, Inc. reported a net income of 101.58M and revenue of 872.15M, resulting in a net margin of 11.7%.
VNO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Vornado Realty Trust reported a net income of -22.84M and revenue of 459.11M, resulting in a net margin of -5.0%.
Frequently Asked Questions
BXP and VNO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNO has higher volatility (9.88%) compared to BXP (8.49%). In terms of maximum drawdown, BXP dropped -72.80% vs VNO's -80.89%.
VNO currently has the higher Sharpe Ratio (-0.08 vs -0.17), 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.
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