NNN vs. EXR

Last updated Apr 1, 2026

Compare and contrast key facts about National Retail Properties, Inc. (NNN) and Extra Space Storage Inc. (EXR).

Performance

NNN vs. EXR - Performance Comparison

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

NNN vs. EXR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NNN National Retail Properties, Inc.	7.60%	2.81%	-0.06%	-0.60%	-0.01%	23.08%	-19.29%	14.78%	17.82%	2.00%
EXR Extra Space Storage Inc.	1.87%	-8.92%	-2.81%	13.86%	-32.82%	100.98%	13.64%	20.71%	7.29%	17.83%

Fundamentals

Market Cap NNN : $7.95B EXR : $28.99B
EPS NNN : $2.07 EXR : $4.55
PE Ratio NNN : 20.30 EXR : 28.82
PS Ratio NNN : 8.54 EXR : 8.50
PB Ratio NNN : 1.80 EXR : 2.16
Total Revenue (TTM) NNN : $926.21M EXR : $3.32B
Gross Profit (TTM) NNN : $888.83M EXR : $1.52B
EBITDA (TTM) NNN : $856.49M EXR : $2.52B

Returns By Period

In the year-to-date period, NNN achieves a 7.60% return, which is significantly higher than EXR's 1.87% return. Over the past 10 years, NNN has underperformed EXR with an annualized return of 4.00%, while EXR has yielded a comparatively higher 7.42% annualized return.

NNN

• 1D: 0.33%
• 1M: -7.26%
• YTD: 7.60%
• 6M: 1.66%
• 1Y: 4.40%
• 3Y*: 4.03%
• 5Y*: 3.86%
• 10Y*: 4.00%

EXR

• 1D: 2.22%
• 1M: -12.17%
• YTD: 1.87%
• 6M: -4.73%
• 1Y: -7.57%
• 3Y*: -2.81%
• 5Y*: 3.31%
• 10Y*: 7.42%

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

Return for Risk

NNN vs. EXR — Risk / Return Rank

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

NNN

NNN Risk / Return Rank: 49
NNN Sharpe Ratio Rank: 51
NNN Sortino Ratio Rank: 42
NNN Omega Ratio Rank: 41
NNN Calmar Ratio Rank: 54
NNN Martin Ratio Rank: 57

EXR

EXR Risk / Return Rank: 29
EXR Sharpe Ratio Rank: 29
EXR Sortino Ratio Rank: 26
EXR Omega Ratio Rank: 26
EXR Calmar Ratio Rank: 32
EXR Martin Ratio Rank: 31

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.

NNN vs. EXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Retail Properties, Inc. (NNN) and Extra Space Storage Inc. (EXR). 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.

	NNN	EXR	Difference
Sharpe ratio Return per unit of total volatility	0.25	-0.28	+0.53
Sortino ratio Return per unit of downside risk	0.46	-0.21	+0.68
Omega ratio Gain probability vs. loss probability	1.06	0.97	+0.08
Calmar ratio Return relative to maximum drawdown	0.49	-0.34	+0.82
Martin ratio Return relative to average drawdown	1.48	-0.71	+2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NNN vs. EXR - Sharpe Ratio Comparison

The current NNN Sharpe Ratio is 0.25, which is higher than the EXR Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of NNN and EXR, 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

	NNN	EXR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	-0.28	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.12	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.28	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.50	-0.10

Correlation

The correlation between NNN and EXR is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NNN vs. EXR - Dividend Comparison

NNN's dividend yield for the trailing twelve months is around 5.66%, more than EXR's 4.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NNN National Retail Properties, Inc.	5.66%	5.96%	5.61%	5.17%	4.72%	4.37%	5.06%	3.79%	4.02%	4.31%	4.03%	4.27%
EXR Extra Space Storage Inc.	4.94%	4.98%	4.33%	4.04%	4.08%	1.98%	3.11%	3.37%	3.71%	3.57%	3.79%	2.54%

Drawdowns

NNN vs. EXR - Drawdown Comparison

The maximum NNN drawdown since its inception was -56.17%, smaller than the maximum EXR drawdown of -71.22%. Use the drawdown chart below to compare losses from any high point for NNN and EXR.

Drawdown Indicators

	NNN	EXR	Difference
Max Drawdown Largest peak-to-trough decline	-56.17%	-71.22%	+15.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-16.70%	+5.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	-51.36%	+26.14%
Max Drawdown (10Y) Largest decline over 10 years	-54.99%	-51.36%	-3.63%
Current Drawdown Current decline from peak	-8.29%	-31.02%	+22.73%
Average Drawdown Average peak-to-trough decline	-9.85%	-13.27%	+3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	7.96%	-4.06%

Volatility

NNN vs. EXR - Volatility Comparison

The current volatility for National Retail Properties, Inc. (NNN) is 4.56%, while Extra Space Storage Inc. (EXR) has a volatility of 6.87%. This indicates that NNN experiences smaller price fluctuations and is considered to be less risky than EXR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NNN	EXR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	6.87%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	17.09%	-5.73%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	26.87%	-8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	28.07%	-8.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.12%	26.90%	+1.22%

Financials

NNN vs. EXR - Profitability Comparison

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

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%.

EXR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Extra Space Storage Inc. reported a gross profit of 0.00 and revenue of 857.47M. Therefore, the gross margin over that period was 0.0%.

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%.

EXR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Extra Space Storage Inc. reported an operating income of 370.87M and revenue of 857.47M, resulting in an operating margin of 43.3%.

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%.

EXR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Extra Space Storage Inc. reported a net income of 287.40M and revenue of 857.47M, resulting in a net margin of 33.5%.