NLOP vs. NLY

Last updated Jul 14, 2026

NLOP (Net Lease Office Properties) and NLY (Annaly Capital Management, Inc.) are both stocks. Both are in the Real Estate sector — NLOP in REIT - Office, NLY in REIT - Mortgage. Over the past year, NLOP returned 4.28% vs 30.28% for NLY. At a 0.31 correlation, their price movements are largely independent.

Performance

NLOP vs. NLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Net Lease Office Properties (NLOP) and Annaly Capital Management, Inc. (NLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NLOP achieves a 5.59% return, which is significantly lower than NLY's 7.68% return.

NLOP

• 1D: 0.00%
• 1M: -4.76%
• 6M: 8.58%
• YTD: 5.59%
• 1Y: 4.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NLY

• 1D: -1.44%
• 1M: 5.84%
• 6M: 3.83%
• YTD: 7.68%
• 1Y: 30.28%
• 3Y*: 19.03%
• 5Y*: 5.63%
• 10Y*: 6.22%

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

NLOP vs. NLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NLOP Net Lease Office Properties	5.59%	5.88%	68.89%	50.32%
NLY Annaly Capital Management, Inc.	7.68%	40.00%	8.07%	23.10%

Correlation

The correlation between NLOP and NLY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	0.31

The correlation between NLOP and NLY shifts across timeframes, from 0.16 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NLOP : $165.92M NLY : $16.51B
EPS NLOP : -$8.15 NLY : $3.21
PS Ratio NLOP : 1.83 NLY : 2.95
PB Ratio NLOP : 0.98 NLY : 1.13
Total Revenue (TTM) NLOP : $90.78M NLY : $5.21B
Gross Profit (TTM) NLOP : -$8.77M NLY : $5.17B
EBITDA (TTM) NLOP : -$563.00K NLY : $5.65B

Return for Risk

NLOP vs. NLY — Risk / Return Rank

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

NLOP

NLOP Risk / Return Rank: 49
NLOP Sharpe Ratio Rank: 52
NLOP Sortino Ratio Rank: 45
NLOP Omega Ratio Rank: 44
NLOP Calmar Ratio Rank: 51
NLOP Martin Ratio Rank: 52

NLY

NLY Risk / Return Rank: 83
NLY Sharpe Ratio Rank: 87
NLY Sortino Ratio Rank: 83
NLY Omega Ratio Rank: 81
NLY Calmar Ratio Rank: 79
NLY Martin Ratio Rank: 82

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.

NLOP vs. NLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Net Lease Office Properties (NLOP) and Annaly Capital Management, Inc. (NLY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NLOP	NLY	Difference
Sharpe ratio: Return per unit of total volatility	0.19	1.58	-1.39
Sortino ratio: Return per unit of downside risk	0.42	2.22	-1.80
Omega ratio: Gain probability vs. loss probability	1.05	1.27	-0.22
Calmar ratio: Return relative to maximum drawdown	0.24	2.04	-1.80
Martin ratio: Return relative to average drawdown	0.61	5.88	-5.26

NLOP vs. NLY - Sharpe Ratio Comparison

The current NLOP Sharpe Ratio is 0.19, which is lower than the NLY Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of NLOP and NLY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NLOP vs. NLY - Drawdown Comparison

The maximum NLOP drawdown since its inception was -19.23%, smaller than the maximum NLY drawdown of -60.09%. Use the drawdown chart below to compare losses from any high point for NLOP and NLY.

Drawdown Indicators

	NLOP	NLY	Difference
Max Drawdown Largest peak-to-trough decline	-19.23%	-60.09%	+40.86%
Max Drawdown (1Y) Largest decline over 1 year	-17.65%	-14.88%	-2.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-50.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.09%	—
Current Drawdown Current decline from peak	-16.23%	-2.00%	-14.23%
Average Drawdown Average peak-to-trough decline	-6.08%	-13.80%	+7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.99%	5.17%	+1.82%

Volatility

NLOP vs. NLY - Volatility Comparison

Net Lease Office Properties (NLOP) has a higher volatility of 6.26% compared to Annaly Capital Management, Inc. (NLY) at 5.52%. This indicates that NLOP's price experiences larger fluctuations and is considered to be riskier than NLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLOP	NLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	5.52%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	20.05%	15.21%	+4.84%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	19.34%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.31%	25.56%	+13.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.31%	28.17%	+11.14%

Dividends

NLOP vs. NLY - Dividend Comparison

NLOP's dividend yield for the trailing twelve months is around 199.55%, more than NLY's 12.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLOP Net Lease Office Properties	199.55%	27.92%	0.00%	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NLY Annaly Capital Management, Inc.	12.65%	12.52%	14.21%	13.42%	16.70%	11.25%	10.77%	11.15%	12.22%	10.09%	12.04%	12.79%

Financials

Frequently Asked Questions

Can I hold both NLOP and NLY in my portfolio?

NLOP and NLY have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NLOP or NLY?

NLOP has higher volatility (6.26%) compared to NLY (5.52%). In terms of maximum drawdown, NLOP dropped -19.23% vs NLY's -60.09%.

Which has better risk-adjusted returns?

NLY currently has the higher Sharpe Ratio (1.58 vs 0.19), 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.