NLY vs. O
NLY (Annaly Capital Management, Inc.) and O (Realty Income Corporation) are both stocks. Both are in the Real Estate sector — NLY in REIT - Mortgage, O in REIT - Retail. Over the past 10 years, NLY returned 5.88%/yr vs 4.28%/yr for O. Their 0.39 correlation means their historical movements had little consistent relationship.
Performance
NLY vs. O - Performance Comparison
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Returns By Period
In the year-to-date period, NLY achieves a 8.73% return, which is significantly lower than O's 15.00% return. Over the past 10 years, NLY has outperformed O with an annualized return of 5.88%, while O has yielded a comparatively lower 4.28% annualized return.
NLY
- 1D
- -0.13%
- 1M
- 0.84%
- 6M
- 6.49%
- YTD
- 8.73%
- 1Y
- 24.07%
- 3Y*
- 19.76%
- 5Y*
- 5.89%
- 10Y*
- 5.88%
- ALL TIME*
- 9.45%
O
- 1D
- -0.91%
- 1M
- -1.06%
- 6M
- 5.01%
- YTD
- 15.00%
- 1Y
- 15.48%
- 3Y*
- 7.87%
- 5Y*
- 3.46%
- 10Y*
- 4.28%
- ALL TIME*
- 13.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $202.32M | $168.63M | $172.32M | |
| $307.48M | $324.00M | $373.23M |
NLY vs. O - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NLY Annaly Capital Management, Inc. | 8.73% | 40.00% | 8.07% | 4.94% | -21.41% | 2.48% | 2.38% | 7.22% | -7.22% | 31.92% |
O Realty Income Corporation | 15.00% | 12.20% | -2.11% | -4.55% | -7.38% | 23.95% | -11.60% | 21.27% | 15.94% | 3.67% |
Correlation
The correlation between NLY and O is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 1997 | 0.39 |
The correlation between NLY and O shifts across timeframes, from 0.29 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
NLY:
$17.15B
O:
$58.65B
NLY:
$4.25
O:
$1.32
NLY:
5.35
O:
47.72
NLY:
4.62
O:
6.45
NLY:
$3.42B
O:
$5.92B
NLY:
$3.40B
O:
$3.89B
NLY:
$8.16B
O:
$3.93B
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Return for Risk
NLY vs. O — Risk / Return Rank
NLY
O
NLY vs. O - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Annaly Capital Management, Inc. (NLY) 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.
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.
| NLY | O | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.40 | +0.22 |
| Martin ratioReturn relative to average drawdown | 4.64 | 3.18 | +1.46 |
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Drawdowns
NLY vs. O - Drawdown Comparison
The maximum NLY drawdown since its inception was -60.09%, which is greater than O's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for NLY and O.
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Drawdown Indicators
| NLY | O | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.09% | -48.45% | -11.64% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -11.10% | -3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -22.36% | -3.92% |
Max Drawdown (5Y)Largest decline over 5 years | -50.21% | -34.48% | -15.73% |
Max Drawdown (10Y)Largest decline over 10 years | -60.09% | -48.28% | -11.81% |
Current DrawdownCurrent decline from peak | -2.86% | -4.86% | +2.00% |
Average DrawdownAverage peak-to-trough decline | -13.77% | -9.18% | -4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.21% | 4.89% | +0.32% |
Volatility
NLY vs. O - Volatility Comparison
Annaly Capital Management, Inc. (NLY) and Realty Income Corporation (O) have volatilities of 5.52% and 5.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NLY | O | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.52% | 5.46% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 14.42% | 12.87% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.54% | 16.52% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.52% | 19.05% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.20% | 25.66% | +2.54% |
Dividends
NLY vs. O - Dividend Comparison
NLY's dividend yield for the trailing twelve months is around 12.53%, more than O's 5.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NLY Annaly Capital Management, Inc. | 12.53% | 12.52% | 14.21% | 13.42% | 16.70% | 11.25% | 10.77% | 11.15% | 12.22% | 10.09% | 12.04% | 12.79% |
O Realty Income Corporation | 5.15% | 6.19% | 5.37% | 5.33% | 4.68% | 3.87% | 4.51% | 3.69% | 4.19% | 4.45% | 4.18% | 4.41% |
Financials
NLY vs. O - Financials Comparison
This section allows you to compare key financial metrics between Annaly Capital Management, Inc. and Realty Income Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NLY vs. O - Profitability Comparison
NLY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Annaly Capital Management, Inc. reported a gross profit of -1.61B and revenue of -1.63B. Therefore, the gross margin over that period was 98.9%.
O - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Realty Income Corporation reported a gross profit of 0.00 and revenue of 1.55B. Therefore, the gross margin over that period was 0.0%.
NLY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Annaly Capital Management, Inc. reported an operating income of -1.56B and revenue of -1.63B, resulting in an operating margin of 95.8%.
O - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Realty Income Corporation reported an operating income of 0.00 and revenue of 1.55B, resulting in an operating margin of 0.0%.
NLY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Annaly Capital Management, Inc. reported a net income of 822.67M and revenue of -1.63B, resulting in a net margin of -50.5%.
O - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Realty Income Corporation reported a net income of -9.17M and revenue of 1.55B, resulting in a net margin of -0.6%.
Frequently Asked Questions
NLY and O have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NLY has higher volatility (5.52%) compared to O (5.46%). In terms of maximum drawdown, NLY dropped -60.09% vs O's -48.45%.
NLY currently has the higher Sharpe Ratio (1.24 vs 0.95), 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.
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