NNN vs. WPC

Last updated Apr 1, 2026

Compare and contrast key facts about National Retail Properties, Inc. (NNN) and W. P. Carey Inc. (WPC).

Performance

NNN vs. WPC - Performance Comparison

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

NNN vs. WPC - 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%
WPC W. P. Carey Inc.	7.06%	24.99%	-10.59%	-7.93%	0.47%	22.88%	-5.99%	28.84%	1.08%	25.68%

Fundamentals

Market Cap NNN : $7.95B WPC : $15.03B
EPS NNN : $2.07 WPC : $2.11
PE Ratio NNN : 20.30 WPC : 32.21
PEG Ratio NNN : 2.30 WPC : 17.22
PS Ratio NNN : 8.54 WPC : 7.73
PB Ratio NNN : 1.80 WPC : 1.85
Total Revenue (TTM) NNN : $926.21M WPC : $1.94B
Gross Profit (TTM) NNN : $888.83M WPC : $1.47B
EBITDA (TTM) NNN : $856.49M WPC : $1.39B

Returns By Period

In the year-to-date period, NNN achieves a 7.60% return, which is significantly higher than WPC's 7.06% return. Over the past 10 years, NNN has underperformed WPC with an annualized return of 4.00%, while WPC has yielded a comparatively higher 7.68% 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%

WPC

• 1D: 1.46%
• 1M: -7.70%
• YTD: 7.06%
• 6M: 3.43%
• 1Y: 13.87%
• 3Y*: 3.12%
• 5Y*: 5.50%
• 10Y*: 7.68%

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

Return for Risk

NNN vs. WPC — 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

WPC

WPC Risk / Return Rank: 67
WPC Sharpe Ratio Rank: 69
WPC Sortino Ratio Rank: 60
WPC Omega Ratio Rank: 58
WPC Calmar Ratio Rank: 71
WPC Martin Ratio Rank: 76

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. WPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Retail Properties, Inc. (NNN) and W. P. Carey Inc. (WPC). 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	WPC	Difference
Sharpe ratio Return per unit of total volatility	0.25	0.75	-0.51
Sortino ratio Return per unit of downside risk	0.46	1.15	-0.68
Omega ratio Gain probability vs. loss probability	1.06	1.14	-0.09
Calmar ratio Return relative to maximum drawdown	0.49	1.47	-0.98
Martin ratio Return relative to average drawdown	1.48	4.60	-3.12
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. WPC - Sharpe Ratio Comparison

The current NNN Sharpe Ratio is 0.25, which is lower than the WPC Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of NNN and WPC, 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	WPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	0.75	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.27	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.30	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.45	-0.05

Correlation

The correlation between NNN and WPC is 0.45, 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. WPC - Dividend Comparison

NNN's dividend yield for the trailing twelve months is around 5.66%, more than WPC's 5.39% 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%
WPC W. P. Carey Inc.	5.39%	5.62%	6.41%	7.93%	5.43%	5.12%	5.91%	5.17%	6.26%	7.26%	6.65%	6.48%

Drawdowns

NNN vs. WPC - Drawdown Comparison

The maximum NNN drawdown since its inception was -56.17%, which is greater than WPC's maximum drawdown of -52.45%. Use the drawdown chart below to compare losses from any high point for NNN and WPC.

Drawdown Indicators

	NNN	WPC	Difference
Max Drawdown Largest peak-to-trough decline	-56.17%	-52.45%	-3.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-10.96%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-25.22%	-36.81%	+11.59%
Max Drawdown (10Y) Largest decline over 10 years	-54.99%	-52.45%	-2.54%
Current Drawdown Current decline from peak	-8.29%	-7.70%	-0.59%
Average Drawdown Average peak-to-trough decline	-9.85%	-10.33%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	3.53%	+0.37%

Volatility

NNN vs. WPC - Volatility Comparison

National Retail Properties, Inc. (NNN) has a higher volatility of 4.56% compared to W. P. Carey Inc. (WPC) at 4.32%. This indicates that NNN's price experiences larger fluctuations and is considered to be riskier than WPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NNN	WPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	4.32%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	11.85%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	18.57%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	20.71%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.12%	25.81%	+2.31%

Financials

NNN vs. WPC - Profitability Comparison

The chart below illustrates the profitability comparison between National Retail Properties, Inc. and W. P. Carey 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%.

WPC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, W. P. Carey Inc. reported a gross profit of 254.12M and revenue of 444.55M. Therefore, the gross margin over that period was 57.2%.

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%.

WPC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, W. P. Carey Inc. reported an operating income of 2.52M and revenue of 444.55M, resulting in an operating margin of 0.6%.

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%.

WPC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, W. P. Carey Inc. reported a net income of 148.32M and revenue of 444.55M, resulting in a net margin of 33.4%.