IRM vs. NNN

Last updated Apr 2, 2026

Compare and contrast key facts about Iron Mountain Incorporated (IRM) and National Retail Properties, Inc. (NNN).

Performance

IRM vs. NNN - Performance Comparison

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

IRM vs. NNN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRM Iron Mountain Incorporated	22.69%	-18.24%	54.48%	46.52%	-0.08%	87.74%	0.98%	5.87%	-7.97%	23.56%
NNN National Retail Properties, Inc.	8.68%	2.81%	-0.06%	-0.60%	-0.01%	23.08%	-19.29%	14.78%	17.82%	2.00%

Fundamentals

Market Cap IRM : $30.12B NNN : $8.03B
EPS IRM : $0.49 NNN : $2.07
PE Ratio IRM : 207.53 NNN : 20.50
PS Ratio IRM : 4.35 NNN : 8.63
Total Revenue (TTM) IRM : $6.90B NNN : $926.21M
Gross Profit (TTM) IRM : $3.82B NNN : $888.83M
EBITDA (TTM) IRM : $2.20B NNN : $856.49M

Returns By Period

In the year-to-date period, IRM achieves a 22.69% return, which is significantly higher than NNN's 8.68% return. Over the past 10 years, IRM has outperformed NNN with an annualized return of 18.28%, while NNN has yielded a comparatively lower 4.11% annualized return.

IRM

• 1D: -1.17%
• 1M: -7.76%
• YTD: 22.69%
• 6M: 0.57%
• 1Y: 20.25%
• 3Y*: 28.35%
• 5Y*: 27.05%
• 10Y*: 18.28%

NNN

• 1D: 1.00%
• 1M: -7.38%
• YTD: 8.68%
• 6M: 1.70%
• 1Y: 5.82%
• 3Y*: 4.38%
• 5Y*: 4.07%
• 10Y*: 4.11%

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

Return for Risk

IRM vs. NNN — Risk / Return Rank

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

IRM

IRM Risk / Return Rank: 59
IRM Sharpe Ratio Rank: 63
IRM Sortino Ratio Rank: 56
IRM Omega Ratio Rank: 55
IRM Calmar Ratio Rank: 60
IRM Martin Ratio Rank: 61

NNN

NNN Risk / Return Rank: 49
NNN Sharpe Ratio Rank: 53
NNN Sortino Ratio Rank: 43
NNN Omega Ratio Rank: 42
NNN Calmar Ratio Rank: 52
NNN Martin Ratio Rank: 55

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.

IRM vs. NNN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Iron Mountain Incorporated (IRM) 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.

	IRM	NNN	Difference
Sharpe ratio Return per unit of total volatility	0.62	0.33	+0.30
Sortino ratio Return per unit of downside risk	1.05	0.57	+0.48
Omega ratio Gain probability vs. loss probability	1.14	1.07	+0.07
Calmar ratio Return relative to maximum drawdown	0.85	0.47	+0.38
Martin ratio Return relative to average drawdown	2.05	1.40	+0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRM vs. NNN - Sharpe Ratio Comparison

The current IRM Sharpe Ratio is 0.62, which is higher than the NNN Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of IRM 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

	IRM	NNN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	0.33	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.21	+0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.15	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.40	+0.08

Correlation

The correlation between IRM and NNN is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IRM vs. NNN - Dividend Comparison

IRM's dividend yield for the trailing twelve months is around 3.27%, less than NNN's 5.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRM Iron Mountain Incorporated	3.27%	3.88%	2.60%	3.63%	4.96%	4.73%	8.39%	7.69%	7.32%	5.93%	6.17%	7.07%
NNN National Retail Properties, Inc.	5.61%	5.96%	5.61%	5.17%	4.72%	4.37%	5.06%	3.79%	4.02%	4.31%	4.03%	4.27%

Drawdowns

IRM vs. NNN - Drawdown Comparison

The maximum IRM drawdown since its inception was -55.71%, roughly equal to the maximum NNN drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for IRM and NNN.

Drawdown Indicators

	IRM	NNN	Difference
Max Drawdown Largest peak-to-trough decline	-55.71%	-56.17%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-25.15%	-11.44%	-13.71%
Max Drawdown (5Y) Largest decline over 5 years	-39.03%	-25.22%	-13.81%
Max Drawdown (10Y) Largest decline over 10 years	-39.03%	-54.99%	+15.96%
Current Drawdown Current decline from peak	-17.18%	-7.38%	-9.80%
Average Drawdown Average peak-to-trough decline	-13.21%	-9.85%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.48%	3.90%	+6.58%

Volatility

IRM vs. NNN - Volatility Comparison

Iron Mountain Incorporated (IRM) has a higher volatility of 8.83% compared to National Retail Properties, Inc. (NNN) at 4.74%. This indicates that IRM'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

	IRM	NNN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	4.74%	+4.09%
Volatility (6M) Calculated over the trailing 6-month period	23.35%	11.36%	+11.99%
Volatility (1Y) Calculated over the trailing 1-year period	32.71%	17.97%	+14.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.33%	19.84%	+9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.30%	28.11%	+1.19%

Financials

IRM vs. NNN - Profitability Comparison

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

IRM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Iron Mountain Incorporated reported a gross profit of 1.02B and revenue of 1.84B. Therefore, the gross margin over that period was 55.4%.

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%.

IRM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Iron Mountain Incorporated reported an operating income of 341.04M and revenue of 1.84B, resulting in an operating margin of 18.5%.

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%.

IRM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Iron Mountain Incorporated reported a net income of 89.27M and revenue of 1.84B, resulting in a net margin of 4.8%.

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%.