NREF vs. NNN

Last updated Apr 1, 2026

Compare and contrast key facts about NexPoint Real Estate Finance, Inc. (NREF) and National Retail Properties, Inc. (NNN).

Performance

NREF vs. NNN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NexPoint Real Estate Finance, Inc. (NREF) and National Retail Properties, Inc. (NNN). The values are adjusted to include any dividend payments, if applicable.

NREF vs. NNN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NREF NexPoint Real Estate Finance, Inc.	-0.84%	2.28%	13.51%	17.36%	-8.90%	27.81%	-2.81%
NNN National Retail Properties, Inc.	7.60%	2.81%	-0.06%	-0.60%	-0.01%	23.08%	-24.57%

Fundamentals

Market Cap NREF : $656.92M NNN : $7.95B
EPS NREF : $2.43 NNN : $2.07
PE Ratio NREF : 5.55 NNN : 20.30
PEG Ratio NREF : 0.05 NNN : 2.30
PS Ratio NREF : 4.32 NNN : 8.54
PB Ratio NREF : 1.69 NNN : 1.80
Total Revenue (TTM) NREF : $137.38M NNN : $926.21M
Gross Profit (TTM) NREF : $128.63M NNN : $888.83M
EBITDA (TTM) NREF : $171.37M NNN : $856.49M

Returns By Period

In the year-to-date period, NREF achieves a -0.84% return, which is significantly lower than NNN's 7.60% return.

NREF

• 1D: 0.67%
• 1M: -3.77%
• YTD: -0.84%
• 6M: 1.86%
• 1Y: 0.85%
• 3Y*: 9.52%
• 5Y*: 5.49%
• 10Y*: —

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%

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

Return for Risk

NREF vs. NNN — Risk / Return Rank

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

NREF

NREF Risk / Return Rank: 40
NREF Sharpe Ratio Rank: 42
NREF Sortino Ratio Rank: 36
NREF Omega Ratio Rank: 35
NREF Calmar Ratio Rank: 44
NREF Martin Ratio Rank: 44

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

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.

NREF vs. NNN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Real Estate Finance, Inc. (NREF) and National Retail Properties, Inc. (NNN). 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.

	NREF	NNN	Difference
Sharpe ratio Return per unit of total volatility	0.03	0.25	-0.22
Sortino ratio Return per unit of downside risk	0.24	0.46	-0.23
Omega ratio Gain probability vs. loss probability	1.03	1.06	-0.03
Calmar ratio Return relative to maximum drawdown	0.09	0.49	-0.40
Martin ratio Return relative to average drawdown	0.23	1.48	-1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NREF vs. NNN - Sharpe Ratio Comparison

The current NREF Sharpe Ratio is 0.03, which is lower than the NNN Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of NREF and NNN, 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

	NREF	NNN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	0.25	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.20	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.40	-0.24

Correlation

The correlation between NREF and NNN is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NREF vs. NNN - Dividend Comparison

NREF's dividend yield for the trailing twelve months is around 14.85%, more than NNN's 5.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NREF NexPoint Real Estate Finance, Inc.	14.85%	14.20%	12.75%	17.40%	12.59%	9.87%	8.59%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Drawdowns

NREF vs. NNN - Drawdown Comparison

The maximum NREF drawdown since its inception was -66.09%, which is greater than NNN's maximum drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for NREF and NNN.

Drawdown Indicators

	NREF	NNN	Difference
Max Drawdown Largest peak-to-trough decline	-66.09%	-56.17%	-9.92%
Max Drawdown (1Y) Largest decline over 1 year	-14.80%	-11.62%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	-44.78%	-25.22%	-19.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.99%	—
Current Drawdown Current decline from peak	-10.35%	-8.29%	-2.06%
Average Drawdown Average peak-to-trough decline	-17.20%	-9.85%	-7.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.68%	3.90%	+2.78%

Volatility

NREF vs. NNN - Volatility Comparison

NexPoint Real Estate Finance, Inc. (NREF) has a higher volatility of 8.66% compared to National Retail Properties, Inc. (NNN) at 4.56%. This indicates that NREF's price experiences larger fluctuations and is considered to be riskier than NNN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NREF	NNN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.66%	4.56%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	17.31%	11.36%	+5.95%
Volatility (1Y) Calculated over the trailing 1-year period	28.59%	17.99%	+10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.24%	19.87%	+13.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.26%	28.12%	+18.14%

Financials

NREF vs. NNN - Profitability Comparison

The chart below illustrates the profitability comparison between NexPoint Real Estate Finance, Inc. and National Retail Properties, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NREF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, NexPoint Real Estate Finance, Inc. reported a gross profit of 44.95M and revenue of 44.95M. Therefore, the gross margin over that period was 100.0%.

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%.

NREF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, NexPoint Real Estate Finance, Inc. reported an operating income of -20.55M and revenue of 44.95M, resulting in an operating margin of -45.7%.

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%.

NREF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, NexPoint Real Estate Finance, Inc. reported a net income of 23.12M and revenue of 44.95M, resulting in a net margin of 51.5%.

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%.