ONL vs. O

Last updated Jun 3, 2026

ONL (Orion Office REIT Inc.) and O (Realty Income Corporation) are both stocks. Both are in the Real Estate sector — ONL in REIT - Office, O in REIT - Retail. Over the past 3 years, ONL returned -15.66%/yr vs 5.84%/yr for O. At a 0.38 correlation, their price movements are largely independent.

Performance

ONL vs. O - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Orion Office REIT Inc. (ONL) and Realty Income Corporation (O). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONL achieves a 31.87% return, which is significantly higher than O's 8.60% return.

ONL

• 1D: -1.01%
• 1M: -0.34%
• YTD: 31.87%
• 6M: 39.22%
• 1Y: 62.65%
• 3Y*: -15.66%
• 5Y*: —
• 10Y*: —

O

• 1D: 0.60%
• 1M: -5.70%
• YTD: 8.60%
• 6M: 6.98%
• 1Y: 11.79%
• 3Y*: 5.84%
• 5Y*: 2.60%
• 10Y*: 4.62%

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

ONL vs. O - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONL Orion Office REIT Inc.	31.87%	-36.91%	-27.43%	-28.36%	-52.44%	-12.35%
O Realty Income Corporation	8.60%	12.20%	-2.11%	-4.55%	-7.38%	1.34%

Correlation

The correlation between ONL and O is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Nov 16, 2021	0.38

The correlation between ONL and O shifts across timeframes, from 0.19 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Fundamentals

EPS ONL : -$2.55 O : $1.17
PS Ratio ONL : 1.14 O : 6.89
Total Revenue (TTM) ONL : $145.92M O : $5.92B
Gross Profit (TTM) ONL : $82.76M O : $3.89B
EBITDA (TTM) ONL : -$71.64M O : $3.93B

Return for Risk

ONL vs. O — Risk / Return Rank

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

ONL

ONL Risk / Return Rank: 72
ONL Sharpe Ratio Rank: 75
ONL Sortino Ratio Rank: 74
ONL Omega Ratio Rank: 73
ONL Calmar Ratio Rank: 70
ONL Martin Ratio Rank: 68

O

O Risk / Return Rank: 60
O Sharpe Ratio Rank: 64
O Sortino Ratio Rank: 55
O Omega Ratio Rank: 53
O Calmar Ratio Rank: 63
O Martin Ratio Rank: 65

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.

ONL vs. O - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Orion Office REIT Inc. (ONL) 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.

	ONL	O	Difference
Sharpe ratio Return per unit of total volatility	1.20	0.74	+0.45
Sortino ratio Return per unit of downside risk	1.98	1.07	+0.91
Omega ratio Gain probability vs. loss probability	1.25	1.13	+0.12
Calmar ratio Return relative to maximum drawdown	1.63	1.10	+0.53
Martin ratio Return relative to average drawdown	3.42	2.83	+0.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONL vs. O - Sharpe Ratio Comparison

The current ONL Sharpe Ratio is 1.20, which is higher than the O Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of ONL and O, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ONL	O	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	0.74	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	0.48	-1.14

Drawdowns

ONL vs. O - Drawdown Comparison

The maximum ONL drawdown since its inception was -91.12%, which is greater than O's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for ONL and O.

Drawdown Indicators

	ONL	O	Difference
Max Drawdown Largest peak-to-trough decline	-91.12%	-48.45%	-42.67%
Max Drawdown (1Y) Largest decline over 1 year	-36.80%	-11.10%	-25.70%
Max Drawdown (3Y) Largest decline over 3 years	-74.20%	-26.49%	-47.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.28%	—
Current Drawdown Current decline from peak	-82.14%	-10.15%	-71.99%
Average Drawdown Average peak-to-trough decline	-68.50%	-9.21%	-59.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.55%	4.32%	+13.23%

Volatility

ONL vs. O - Volatility Comparison

Orion Office REIT Inc. (ONL) has a higher volatility of 8.41% compared to Realty Income Corporation (O) at 5.49%. This indicates that ONL's price experiences larger fluctuations and is considered to be riskier than O based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONL	O	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	5.49%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	37.89%	11.72%	+26.17%
Volatility (1Y) Calculated over the trailing 1-year period	52.67%	15.95%	+36.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.32%	18.87%	+29.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.32%	25.63%	+22.69%

Dividends

ONL vs. O - Dividend Comparison

ONL's dividend yield for the trailing twelve months is around 2.71%, less than O's 5.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
O Realty Income Corporation	5.40%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
ONL Orion Office REIT Inc.	2.71%	3.54%	10.78%	6.99%	4.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

ONL vs. O - Profitability Comparison

The chart below illustrates the profitability comparison between Orion Office REIT Inc. and Realty Income Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ONL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Orion Office REIT Inc. reported a gross profit of 21.49M and revenue of 36.27M. Therefore, the gross margin over that period was 59.2%.

O - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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%.

ONL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Orion Office REIT Inc. reported an operating income of -3.37M and revenue of 36.27M, resulting in an operating margin of -9.3%.

O - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Realty Income Corporation reported an operating income of 0.00 and revenue of 1.55B, resulting in an operating margin of 0.0%.

ONL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Orion Office REIT Inc. reported a net income of -13.58M and revenue of 36.27M, resulting in a net margin of -37.4%.

O - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 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

Can I hold both ONL and O in my portfolio?

ONL and O have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONL or O?

ONL has higher volatility (8.41%) compared to O (5.49%). In terms of maximum drawdown, ONL dropped -91.12% vs O's -48.45%.

Which has better risk-adjusted returns?

ONL currently has the higher Sharpe Ratio (1.20 vs 0.74), 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.