NNN vs. IRM
NNN (National Retail Properties, Inc.) and IRM (Iron Mountain Incorporated) are both stocks. Both are in the Real Estate sector — NNN in REIT - Retail, IRM in REIT - Specialty. Over the past 10 years, NNN returned 4.59%/yr vs 19.20%/yr for IRM. At a 0.34 correlation, their price movements are largely independent.
Performance
NNN vs. IRM - Performance Comparison
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Returns By Period
In the year-to-date period, NNN achieves a 16.81% return, which is significantly lower than IRM's 56.42% return. Over the past 10 years, NNN has underperformed IRM with an annualized return of 4.59%, while IRM has yielded a comparatively higher 19.20% annualized return.
NNN
- 1D
- -0.29%
- 1M
- -0.66%
- YTD
- 16.81%
- 6M
- 16.43%
- 1Y
- 11.62%
- 3Y*
- 7.70%
- 5Y*
- 4.49%
- 10Y*
- 4.59%
IRM
- 1D
- 1.91%
- 1M
- 2.30%
- YTD
- 56.42%
- 6M
- 62.01%
- 1Y
- 28.77%
- 3Y*
- 35.45%
- 5Y*
- 28.55%
- 10Y*
- 19.20%
NNN vs. IRM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NNN National Retail Properties, Inc. | 16.81% | 2.81% | -0.06% | -0.60% | -0.01% | 23.08% | -19.29% | 14.78% | 17.82% | 2.00% |
IRM Iron Mountain Incorporated | 56.42% | -18.24% | 54.48% | 46.52% | -0.08% | 87.74% | 0.98% | 5.87% | -7.97% | 23.56% |
Correlation
The correlation between NNN and IRM is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 1996 | 0.34 |
The correlation between NNN and IRM shifts across timeframes, from 0.30 (1 year) to 0.51 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
NNN:
$8.53B
IRM:
$38.20B
NNN:
$2.05
IRM:
$0.91
NNN:
21.91
IRM:
139.72
NNN:
9.07
IRM:
5.25
NNN:
$935.78M
IRM:
$7.25B
NNN:
$761.54M
IRM:
$2.94B
NNN:
$870.06M
IRM:
$2.40B
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Return for Risk
NNN vs. IRM — Risk / Return Rank
NNN
IRM
NNN vs. IRM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Retail Properties, Inc. (NNN) and Iron Mountain Incorporated (IRM). 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.
| NNN | IRM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.18 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.15 | +0.17 |
| Martin ratioReturn relative to average drawdown | 3.03 | 2.75 | +0.28 |
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Drawdowns
NNN vs. IRM - Drawdown Comparison
The maximum NNN drawdown since its inception was -56.17%, roughly equal to the maximum IRM drawdown of -55.71%. Use the drawdown chart below to compare losses from any high point for NNN and IRM.
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Drawdown Indicators
| NNN | IRM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.17% | -55.71% | -0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -8.83% | -25.15% | +16.32% |
Max Drawdown (3Y)Largest decline over 3 years | -22.03% | -39.03% | +17.00% |
Max Drawdown (5Y)Largest decline over 5 years | -25.22% | -39.03% | +13.81% |
Max Drawdown (10Y)Largest decline over 10 years | -54.99% | -39.03% | -15.96% |
Current DrawdownCurrent decline from peak | -3.41% | -2.54% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -9.81% | -13.15% | +3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.84% | 10.48% | -6.64% |
Volatility
NNN vs. IRM - Volatility Comparison
The current volatility for National Retail Properties, Inc. (NNN) is 5.84%, while Iron Mountain Incorporated (IRM) has a volatility of 8.09%. This indicates that NNN experiences smaller price fluctuations and is considered to be less risky than IRM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NNN | IRM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 8.09% | -2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.73% | 23.40% | -11.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 32.13% | -15.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.67% | 29.69% | -10.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.10% | 29.65% | -1.55% |
Dividends
NNN vs. IRM - Dividend Comparison
NNN's dividend yield for the trailing twelve months is around 5.33%, more than IRM's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IRM Iron Mountain Incorporated | 2.64% | 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. | 5.33% | 5.96% | 5.61% | 5.17% | 4.72% | 4.37% | 5.06% | 3.79% | 4.02% | 4.31% | 4.03% | 4.27% |
Financials
NNN vs. IRM - Financials Comparison
This section allows you to compare key financial metrics between National Retail Properties, Inc. and Iron Mountain Incorporated. 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
NNN vs. IRM - Profitability Comparison
NNN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Retail Properties, Inc. reported a gross profit of 230.63M and revenue of 240.42M. Therefore, the gross margin over that period was 95.9%.
IRM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Iron Mountain Incorporated reported a gross profit of 0.00 and revenue of 1.94B. 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 Jun 2026, National Retail Properties, Inc. reported an operating income of 146.65M and revenue of 240.42M, resulting in an operating margin of 61.0%.
IRM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Iron Mountain Incorporated reported an operating income of 395.23M and revenue of 1.94B, resulting in an operating margin of 20.4%.
NNN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Retail Properties, Inc. reported a net income of 93.95M and revenue of 240.42M, resulting in a net margin of 39.1%.
IRM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Iron Mountain Incorporated reported a net income of 143.67M and revenue of 1.94B, resulting in a net margin of 7.4%.
Frequently Asked Questions
NNN and IRM have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IRM has higher volatility (8.09%) compared to NNN (5.84%). In terms of maximum drawdown, NNN dropped -56.17% vs IRM's -55.71%.
IRM currently has the higher Sharpe Ratio (0.90 vs 0.70), 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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