KREF vs. O

Last updated Apr 1, 2026

Compare and contrast key facts about KKR Real Estate Finance Trust Inc. (KREF) and Realty Income Corporation (O).

Performance

KREF vs. O - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KKR Real Estate Finance Trust Inc. (KREF) and Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

KREF vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KREF KKR Real Estate Finance Trust Inc.	-22.46%	-9.25%	-15.80%	9.15%	-25.89%	27.86%	-2.82%	16.15%	4.26%	-5.19%
O Realty Income Corporation	9.95%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.78%

Fundamentals

EPS KREF : -$0.73 O : $1.75
PS Ratio KREF : 1.10 O : 6.45
Total Revenue (TTM) KREF : $369.54M O : $5.75B
Gross Profit (TTM) KREF : $330.34M O : -$3.85B
EBITDA (TTM) KREF : $205.65M O : $4.22B

Returns By Period

In the year-to-date period, KREF achieves a -22.46% return, which is significantly lower than O's 9.95% return.

KREF

• 1D: 1.66%
• 1M: -8.29%
• YTD: -22.46%
• 6M: -27.02%
• 1Y: -35.70%
• 3Y*: -8.64%
• 5Y*: -10.51%
• 10Y*: —

O

• 1D: 0.49%
• 1M: -8.28%
• YTD: 9.95%
• 6M: 3.87%
• 1Y: 11.95%
• 3Y*: 4.50%
• 5Y*: 4.55%
• 10Y*: 4.95%

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

Return for Risk

KREF vs. O — Risk / Return Rank

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

KREF

KREF Risk / Return Rank: 4
KREF Sharpe Ratio Rank: 2
KREF Sortino Ratio Rank: 4
KREF Omega Ratio Rank: 5
KREF Calmar Ratio Rank: 7
KREF Martin Ratio Rank: 3

O

O Risk / Return Rank: 65
O Sharpe Ratio Rank: 67
O Sortino Ratio Rank: 58
O Omega Ratio Rank: 56
O Calmar Ratio Rank: 70
O Martin Ratio Rank: 73

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.

KREF vs. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KKR Real Estate Finance Trust Inc. (KREF) and Realty Income Corporation (O). 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.

	KREF	O	Difference
Sharpe ratio Return per unit of total volatility	-1.20	0.71	-1.91
Sortino ratio Return per unit of downside risk	-1.72	1.05	-2.77
Omega ratio Gain probability vs. loss probability	0.80	1.13	-0.33
Calmar ratio Return relative to maximum drawdown	-0.91	1.33	-2.24
Martin ratio Return relative to average drawdown	-1.89	3.97	-5.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KREF vs. O - Sharpe Ratio Comparison

The current KREF Sharpe Ratio is -1.20, which is lower than the O Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of KREF and O, 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

	KREF	O	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.20	0.71	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.24	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.49	-0.63

Correlation

The correlation between KREF and O is 0.38, 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

KREF vs. O - Dividend Comparison

KREF's dividend yield for the trailing twelve months is around 16.34%, more than O's 5.72% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KREF KKR Real Estate Finance Trust Inc.	16.34%	12.17%	9.90%	13.00%	12.32%	9.53%	9.60%	8.42%	8.83%	4.95%	0.00%	0.00%
O Realty Income Corporation	5.72%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%

Drawdowns

KREF vs. O - Drawdown Comparison

The maximum KREF drawdown since its inception was -57.33%, which is greater than O's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for KREF and O.

Drawdown Indicators

	KREF	O	Difference
Max Drawdown Largest peak-to-trough decline	-57.33%	-48.45%	-8.88%
Max Drawdown (1Y) Largest decline over 1 year	-37.65%	-11.10%	-26.55%
Max Drawdown (5Y) Largest decline over 5 years	-57.33%	-34.48%	-22.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.28%	—
Current Drawdown Current decline from peak	-55.41%	-9.04%	-46.37%
Average Drawdown Average peak-to-trough decline	-18.85%	-9.22%	-9.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.58%	3.71%	+14.87%

Volatility

KREF vs. O - Volatility Comparison

KKR Real Estate Finance Trust Inc. (KREF) has a higher volatility of 8.87% compared to Realty Income Corporation (O) at 4.40%. This indicates that KREF's price experiences larger fluctuations and is considered to be riskier than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KREF	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.87%	4.40%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	20.70%	11.26%	+9.44%
Volatility (1Y) Calculated over the trailing 1-year period	29.85%	16.98%	+12.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.40%	18.92%	+10.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.47%	25.70%	+4.77%

Financials