EXR vs. NNN

Last updated Apr 1, 2026

Compare and contrast key facts about Extra Space Storage Inc. (EXR) and National Retail Properties, Inc. (NNN).

Performance

EXR vs. NNN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Extra Space Storage Inc. (EXR) and National Retail Properties, Inc. (NNN). The values are adjusted to include any dividend payments, if applicable.

EXR vs. NNN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EXR Extra Space Storage Inc.	1.87%	-8.92%	-2.81%	13.86%	-32.82%	100.98%	13.64%	20.71%	7.29%	17.83%
NNN National Retail Properties, Inc.	7.60%	2.81%	-0.06%	-0.60%	-0.01%	23.08%	-19.29%	14.78%	17.82%	2.00%

Fundamentals

Market Cap EXR : $28.99B NNN : $7.95B
EPS EXR : $4.55 NNN : $2.07
PE Ratio EXR : 28.82 NNN : 20.30
PS Ratio EXR : 8.50 NNN : 8.54
PB Ratio EXR : 2.16 NNN : 1.80
Total Revenue (TTM) EXR : $3.32B NNN : $926.21M
Gross Profit (TTM) EXR : $1.52B NNN : $888.83M
EBITDA (TTM) EXR : $2.52B NNN : $856.49M

Returns By Period

In the year-to-date period, EXR achieves a 1.87% return, which is significantly lower than NNN's 7.60% return. Over the past 10 years, EXR has outperformed NNN with an annualized return of 7.42%, while NNN has yielded a comparatively lower 4.00% annualized return.

EXR

• 1D: 2.22%
• 1M: -12.17%
• YTD: 1.87%
• 6M: -4.73%
• 1Y: -7.57%
• 3Y*: -2.81%
• 5Y*: 3.31%
• 10Y*: 7.42%

NNN

• 1D: 0.33%
• 1M: -7.26%
• YTD: 7.60%
• 6M: 1.66%
• 1Y: 4.40%
• 3Y*: 4.03%
• 5Y*: 3.86%
• 10Y*: 4.00%

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

Return for Risk

EXR vs. NNN — Risk / Return Rank

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

EXR

EXR Risk / Return Rank: 29
EXR Sharpe Ratio Rank: 29
EXR Sortino Ratio Rank: 26
EXR Omega Ratio Rank: 26
EXR Calmar Ratio Rank: 32
EXR Martin Ratio Rank: 31

NNN

NNN Risk / Return Rank: 49
NNN Sharpe Ratio Rank: 51
NNN Sortino Ratio Rank: 42
NNN Omega Ratio Rank: 41
NNN Calmar Ratio Rank: 54
NNN Martin Ratio Rank: 57

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.

EXR vs. NNN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Extra Space Storage Inc. (EXR) 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.

	EXR	NNN	Difference
Sharpe ratio Return per unit of total volatility	-0.28	0.25	-0.53
Sortino ratio Return per unit of downside risk	-0.21	0.46	-0.68
Omega ratio Gain probability vs. loss probability	0.97	1.06	-0.08
Calmar ratio Return relative to maximum drawdown	-0.34	0.49	-0.82
Martin ratio Return relative to average drawdown	-0.71	1.48	-2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EXR vs. NNN - Sharpe Ratio Comparison

The current EXR Sharpe Ratio is -0.28, which is lower than the NNN Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of EXR and NNN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EXR	NNN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.28	0.25	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.20	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.14	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.40	+0.10

Correlation

The correlation between EXR and NNN is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EXR vs. NNN - Dividend Comparison

EXR's dividend yield for the trailing twelve months is around 4.94%, less than NNN's 5.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EXR Extra Space Storage Inc.	4.94%	4.98%	4.33%	4.04%	4.08%	1.98%	3.11%	3.37%	3.71%	3.57%	3.79%	2.54%
NNN National Retail Properties, Inc.	5.66%	5.96%	5.61%	5.17%	4.72%	4.37%	5.06%	3.79%	4.02%	4.31%	4.03%	4.27%

Drawdowns

EXR vs. NNN - Drawdown Comparison

The maximum EXR drawdown since its inception was -71.22%, which is greater than NNN's maximum drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for EXR and NNN.

Drawdown Indicators

	EXR	NNN	Difference
Max Drawdown Largest peak-to-trough decline	-71.22%	-56.17%	-15.05%
Max Drawdown (1Y) Largest decline over 1 year	-16.70%	-11.62%	-5.08%
Max Drawdown (5Y) Largest decline over 5 years	-51.36%	-25.22%	-26.14%
Max Drawdown (10Y) Largest decline over 10 years	-51.36%	-54.99%	+3.63%
Current Drawdown Current decline from peak	-31.02%	-8.29%	-22.73%
Average Drawdown Average peak-to-trough decline	-13.27%	-9.85%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.96%	3.90%	+4.06%

Volatility

EXR vs. NNN - Volatility Comparison

Extra Space Storage Inc. (EXR) has a higher volatility of 6.87% compared to National Retail Properties, Inc. (NNN) at 4.56%. This indicates that EXR's price experiences larger fluctuations and is considered to be riskier than NNN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXR	NNN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	4.56%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	17.09%	11.36%	+5.73%
Volatility (1Y) Calculated over the trailing 1-year period	26.87%	17.99%	+8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.07%	19.87%	+8.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.90%	28.12%	-1.22%

Financials

EXR vs. NNN - Profitability Comparison

The chart below illustrates the profitability comparison between Extra Space Storage Inc. and National Retail Properties, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

EXR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Extra Space Storage Inc. reported a gross profit of 0.00 and revenue of 857.47M. 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 Apr 2026, National Retail Properties, Inc. reported a gross profit of 228.36M and revenue of 238.40M. Therefore, the gross margin over that period was 95.8%.

EXR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Extra Space Storage Inc. reported an operating income of 370.87M and revenue of 857.47M, resulting in an operating margin of 43.3%.

NNN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, National Retail Properties, Inc. reported an operating income of 148.56M and revenue of 238.40M, resulting in an operating margin of 62.3%.

EXR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Extra Space Storage Inc. reported a net income of 287.40M and revenue of 857.47M, resulting in a net margin of 33.5%.

NNN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, National Retail Properties, Inc. reported a net income of 95.95M and revenue of 238.40M, resulting in a net margin of 40.3%.