ESRT vs. WELL

Last updated Jun 3, 2026

ESRT (Empire State Realty Trust, Inc.) and WELL (Welltower Inc.) are both stocks. Both are in the Real Estate sector — ESRT in REIT - Diversified, WELL in REIT - Healthcare Facilities. Over the past 10 years, ESRT returned -9.63%/yr vs 14.69%/yr for WELL. At a 0.45 correlation, their price movements are largely independent.

Performance

ESRT vs. WELL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Empire State Realty Trust, Inc. (ESRT) and Welltower Inc. (WELL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESRT achieves a -11.99% return, which is significantly lower than WELL's 5.98% return. Over the past 10 years, ESRT has underperformed WELL with an annualized return of -9.63%, while WELL has yielded a comparatively higher 14.69% annualized return.

ESRT

• 1D: -0.52%
• 1M: 1.42%
• YTD: -11.99%
• 6M: -16.54%
• 1Y: -24.76%
• 3Y*: -1.36%
• 5Y*: -12.60%
• 10Y*: -9.63%

WELL

• 1D: -1.02%
• 1M: -9.63%
• YTD: 5.98%
• 6M: -3.19%
• 1Y: 27.79%
• 3Y*: 39.99%
• 5Y*: 23.56%
• 10Y*: 14.69%

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

ESRT vs. WELL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESRT Empire State Realty Trust, Inc.	-11.99%	-35.68%	7.97%	46.32%	-22.82%	-3.53%	-31.48%	0.90%	-28.91%	3.77%
WELL Welltower Inc.	5.98%	49.86%	43.07%	41.79%	-21.18%	36.98%	-17.19%	23.04%	15.31%	0.22%

Correlation

The correlation between ESRT and WELL is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.45

Over the past year, the correlation between ESRT and WELL has dropped to 0.11 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Fundamentals

Market Cap ESRT : $1.54B WELL : $141.87B
EPS ESRT : $0.14 WELL : $2.02
PE Ratio ESRT : 39.91 WELL : 96.80
PEG Ratio ESRT : 126.99 WELL : 2.14
PS Ratio ESRT : 1.98 WELL : 11.72
PB Ratio ESRT : 0.84 WELL : 3.24
Total Revenue (TTM) ESRT : $778.07M WELL : $11.63B
Gross Profit (TTM) ESRT : $77.93M WELL : $3.25B
EBITDA (TTM) ESRT : $306.57M WELL : $3.00B

Return for Risk

ESRT vs. WELL — Risk / Return Rank

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

ESRT

ESRT Risk / Return Rank: 15
ESRT Sharpe Ratio Rank: 9
ESRT Sortino Ratio Rank: 11
ESRT Omega Ratio Rank: 13
ESRT Calmar Ratio Rank: 20
ESRT Martin Ratio Rank: 20

WELL

WELL Risk / Return Rank: 75
WELL Sharpe Ratio Rank: 78
WELL Sortino Ratio Rank: 72
WELL Omega Ratio Rank: 71
WELL Calmar Ratio Rank: 77
WELL Martin Ratio Rank: 77

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.

ESRT vs. WELL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Empire State Realty Trust, Inc. (ESRT) and Welltower Inc. (WELL). 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.

	ESRT	WELL	Difference
Sharpe ratio Return per unit of total volatility	-0.77	1.33	-2.10
Sortino ratio Return per unit of downside risk	-0.95	1.86	-2.81
Omega ratio Gain probability vs. loss probability	0.89	1.24	-0.35
Calmar ratio Return relative to maximum drawdown	-0.57	2.27	-2.84
Martin ratio Return relative to average drawdown	-1.01	5.71	-6.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESRT vs. WELL - Sharpe Ratio Comparison

The current ESRT Sharpe Ratio is -0.77, which is lower than the WELL Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of ESRT and WELL, 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

	ESRT	WELL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	1.33	-2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	1.00	-1.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.27	0.46	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.55	-0.69

Drawdowns

ESRT vs. WELL - Drawdown Comparison

The maximum ESRT drawdown since its inception was -72.91%, which is greater than WELL's maximum drawdown of -63.33%. Use the drawdown chart below to compare losses from any high point for ESRT and WELL.

Drawdown Indicators

	ESRT	WELL	Difference
Max Drawdown Largest peak-to-trough decline	-72.91%	-63.33%	-9.58%
Max Drawdown (1Y) Largest decline over 1 year	-41.89%	-12.61%	-29.28%
Max Drawdown (3Y) Largest decline over 3 years	-55.39%	-12.99%	-42.40%
Max Drawdown (5Y) Largest decline over 5 years	-57.84%	-40.78%	-17.06%
Max Drawdown (10Y) Largest decline over 10 years	-72.91%	-63.33%	-9.58%
Current Drawdown Current decline from peak	-68.75%	-11.26%	-57.49%
Average Drawdown Average peak-to-trough decline	-33.55%	-10.32%	-23.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.86%	5.01%	+18.85%

Volatility

ESRT vs. WELL - Volatility Comparison

Empire State Realty Trust, Inc. (ESRT) has a higher volatility of 9.74% compared to Welltower Inc. (WELL) at 7.08%. This indicates that ESRT's price experiences larger fluctuations and is considered to be riskier than WELL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESRT	WELL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.74%	7.08%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	21.27%	16.48%	+4.79%
Volatility (1Y) Calculated over the trailing 1-year period	32.25%	20.97%	+11.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.51%	23.67%	+10.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.85%	31.86%	+3.99%

Dividends

ESRT vs. WELL - Dividend Comparison

ESRT's dividend yield for the trailing twelve months is around 2.46%, more than WELL's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESRT Empire State Realty Trust, Inc.	2.46%	2.15%	1.36%	1.44%	2.08%	1.18%	2.25%	3.01%	2.95%	2.05%	1.98%	1.88%
WELL Welltower Inc.	1.52%	1.52%	2.03%	2.71%	3.72%	2.84%	4.18%	4.26%	5.01%	5.46%	5.14%	4.85%

Financials

ESRT vs. WELL - Profitability Comparison

The chart below illustrates the profitability comparison between Empire State Realty Trust, Inc. and Welltower Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ESRT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported a gross profit of 155.71M and revenue of 190.33M. Therefore, the gross margin over that period was 81.8%.

WELL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Welltower Inc. reported a gross profit of 0.00 and revenue of 3.35B. Therefore, the gross margin over that period was 0.0%.

ESRT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported an operating income of 29.46M and revenue of 190.33M, resulting in an operating margin of 15.5%.

WELL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Welltower Inc. reported an operating income of 752.32M and revenue of 3.35B, resulting in an operating margin of 22.4%.

ESRT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported a net income of 1.24M and revenue of 190.33M, resulting in a net margin of 0.7%.

WELL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Welltower Inc. reported a net income of 728.67M and revenue of 3.35B, resulting in a net margin of 21.7%.

Frequently Asked Questions

Can I hold both ESRT and WELL in my portfolio?

ESRT and WELL have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESRT or WELL?

ESRT has higher volatility (9.74%) compared to WELL (7.08%). In terms of maximum drawdown, ESRT dropped -72.91% vs WELL's -63.33%.

Which has better risk-adjusted returns?

WELL currently has the higher Sharpe Ratio (1.33 vs -0.77), 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.