FCPT vs. NNN

Last updated Jun 3, 2026

FCPT (Four Corners Property Trust, Inc.) and NNN (National Retail Properties, Inc.) are both stocks. Both operate in the REIT - Retail industry within the Real Estate sector. Over the past 10 years, FCPT returned 7.36%/yr vs 4.35%/yr for NNN. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

FCPT vs. NNN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Four Corners Property Trust, Inc. (FCPT) 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, FCPT achieves a 7.59% return, which is significantly lower than NNN's 13.75% return. Over the past 10 years, FCPT has outperformed NNN with an annualized return of 7.36%, while NNN has yielded a comparatively lower 4.35% annualized return.

FCPT

• 1D: 0.62%
• 1M: -3.71%
• YTD: 7.59%
• 6M: 6.79%
• 1Y: -6.04%
• 3Y*: 3.23%
• 5Y*: 2.48%
• 10Y*: 7.36%

NNN

• 1D: 1.39%
• 1M: -0.30%
• YTD: 13.75%
• 6M: 11.01%
• 1Y: 11.04%
• 3Y*: 6.34%
• 5Y*: 3.59%
• 10Y*: 4.35%

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

FCPT vs. NNN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCPT Four Corners Property Trust, Inc.	7.59%	-10.14%	13.14%	3.10%	-7.20%	3.42%	12.37%	12.21%	5.54%	30.49%
NNN National Retail Properties, Inc.	13.75%	2.81%	-0.06%	-0.60%	-0.01%	23.08%	-19.29%	14.78%	17.82%	2.00%

Correlation

The correlation between FCPT and NNN is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 11, 2015	0.69

The correlation between FCPT and NNN has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Fundamentals

Market Cap FCPT : $2.68B NNN : $8.30B
EPS FCPT : $1.11 NNN : $2.05
PE Ratio FCPT : 21.93 NNN : 21.33
PS Ratio FCPT : 8.50 NNN : 8.83
PB Ratio FCPT : 1.61 NNN : 1.89
Total Revenue (TTM) FCPT : $300.82M NNN : $935.78M
Gross Profit (TTM) FCPT : $294.71M NNN : $761.54M
EBITDA (TTM) FCPT : $204.98M NNN : $870.06M

Return for Risk

FCPT vs. NNN — Risk / Return Rank

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

FCPT

FCPT Risk / Return Rank: 24
FCPT Sharpe Ratio Rank: 25
FCPT Sortino Ratio Rank: 21
FCPT Omega Ratio Rank: 22
FCPT Calmar Ratio Rank: 27
FCPT Martin Ratio Rank: 26

NNN

NNN Risk / Return Rank: 60
NNN Sharpe Ratio Rank: 63
NNN Sortino Ratio Rank: 54
NNN Omega Ratio Rank: 52
NNN Calmar Ratio Rank: 65
NNN Martin Ratio Rank: 65

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.

FCPT vs. NNN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Four Corners Property Trust, Inc. (FCPT) 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.

	FCPT	NNN	Difference
Sharpe ratio Return per unit of total volatility	-0.36	0.68	-1.04
Sortino ratio Return per unit of downside risk	-0.40	1.05	-1.45
Omega ratio Gain probability vs. loss probability	0.95	1.12	-0.17
Calmar ratio Return relative to maximum drawdown	-0.40	1.26	-1.66
Martin ratio Return relative to average drawdown	-0.75	2.92	-3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCPT vs. NNN - Sharpe Ratio Comparison

The current FCPT Sharpe Ratio is -0.36, which is lower than the NNN Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of FCPT 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

	FCPT	NNN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	0.68	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.18	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.16	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.40	-0.03

Drawdowns

FCPT vs. NNN - Drawdown Comparison

The maximum FCPT drawdown since its inception was -57.60%, roughly equal to the maximum NNN drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for FCPT and NNN.

Drawdown Indicators

	FCPT	NNN	Difference
Max Drawdown Largest peak-to-trough decline	-57.60%	-56.17%	-1.43%
Max Drawdown (1Y) Largest decline over 1 year	-15.49%	-8.83%	-6.66%
Max Drawdown (3Y) Largest decline over 3 years	-23.97%	-22.03%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-25.96%	-25.22%	-0.74%
Max Drawdown (10Y) Largest decline over 10 years	-57.60%	-54.99%	-2.61%
Current Drawdown Current decline from peak	-12.16%	-3.27%	-8.89%
Average Drawdown Average peak-to-trough decline	-8.27%	-9.82%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.22%	3.82%	+4.40%

Volatility

FCPT vs. NNN - Volatility Comparison

Four Corners Property Trust, Inc. (FCPT) has a higher volatility of 5.05% compared to National Retail Properties, Inc. (NNN) at 4.53%. This indicates that FCPT'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

	FCPT	NNN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.53%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	11.48%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	16.30%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	19.67%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.73%	28.08%	+2.65%

Dividends

FCPT vs. NNN - Dividend Comparison

FCPT's dividend yield for the trailing twelve months is around 5.91%, more than NNN's 5.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCPT Four Corners Property Trust, Inc.	5.91%	6.21%	5.12%	5.40%	5.16%	4.37%	5.16%	4.08%	3.15%	3.90%	45.27%	0.00%
NNN National Retail Properties, Inc.	5.48%	5.96%	5.61%	5.17%	4.72%	4.37%	5.06%	3.79%	4.02%	4.31%	4.03%	4.27%

Financials

FCPT vs. NNN - Profitability Comparison

The chart below illustrates the profitability comparison between Four Corners Property Trust, Inc. and National Retail Properties, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FCPT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Four Corners Property Trust, Inc. reported a gross profit of 74.79M and revenue of 78.17M. Therefore, the gross margin over that period was 95.7%.

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%.

FCPT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Four Corners Property Trust, Inc. reported an operating income of 43.24M and revenue of 78.17M, resulting in an operating margin of 55.3%.

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%.

FCPT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Four Corners Property Trust, Inc. reported a net income of 30.33M and revenue of 78.17M, resulting in a net margin of 38.8%.

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 FCPT and NNN in my portfolio?

FCPT and NNN have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCPT or NNN?

FCPT has higher volatility (5.05%) compared to NNN (4.53%). In terms of maximum drawdown, FCPT dropped -57.60% vs NNN's -56.17%.

Which has better risk-adjusted returns?

NNN currently has the higher Sharpe Ratio (0.68 vs -0.36), 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.