TRNO vs. NNN
TRNO (Terreno Realty Corporation) and NNN (National Retail Properties, Inc.) are both stocks. Both are in the Real Estate sector — TRNO in REIT - Industrial, NNN in REIT - Retail. Over the past 10 years, TRNO returned 13.22%/yr vs 4.51%/yr for NNN. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
TRNO vs. NNN - Performance Comparison
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Returns By Period
In the year-to-date period, TRNO achieves a 10.50% return, which is significantly lower than NNN's 16.71% return. Over the past 10 years, TRNO has outperformed NNN with an annualized return of 13.22%, while NNN has yielded a comparatively lower 4.51% annualized return.
TRNO
- 1D
- -0.25%
- 1M
- -3.32%
- YTD
- 10.50%
- 6M
- 5.06%
- 1Y
- 12.83%
- 3Y*
- 4.46%
- 5Y*
- 2.73%
- 10Y*
- 13.22%
NNN
- 1D
- 2.23%
- 1M
- 1.01%
- YTD
- 16.71%
- 6M
- 15.03%
- 1Y
- 14.23%
- 3Y*
- 7.31%
- 5Y*
- 3.88%
- 10Y*
- 4.51%
TRNO vs. NNN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRNO Terreno Realty Corporation | 10.50% | 2.70% | -2.77% | 13.39% | -31.61% | 48.55% | 10.42% | 57.19% | 2.87% | 26.24% |
NNN National Retail Properties, Inc. | 16.71% | 2.81% | -0.06% | -0.60% | -0.01% | 23.08% | -19.29% | 14.78% | 17.82% | 2.00% |
Correlation
The correlation between TRNO and NNN is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.52 |
The correlation between TRNO and NNN has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.
Fundamentals
TRNO:
$6.77B
NNN:
$8.52B
TRNO:
$4.09
NNN:
$2.05
TRNO:
15.73
NNN:
21.89
TRNO:
0.22
NNN:
2.48
TRNO:
13.61
NNN:
9.06
TRNO:
1.58
NNN:
1.94
TRNO:
$490.40M
NNN:
$935.78M
TRNO:
$279.63M
NNN:
$761.54M
TRNO:
$503.94M
NNN:
$870.06M
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Return for Risk
TRNO vs. NNN — Risk / Return Rank
TRNO
NNN
TRNO vs. NNN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Terreno Realty Corporation (TRNO) 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.
| TRNO | NNN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.16 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.74 | -0.35 |
| Martin ratioReturn relative to average drawdown | 3.76 | 4.01 | -0.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRNO | NNN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.93 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.20 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.16 | +0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.40 | +0.04 |
Drawdowns
TRNO vs. NNN - Drawdown Comparison
The maximum TRNO drawdown since its inception was -41.45%, smaller than the maximum NNN drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for TRNO and NNN.
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Drawdown Indicators
| TRNO | NNN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.45% | -56.17% | +14.72% |
Max Drawdown (1Y)Largest decline over 1 year | -10.85% | -8.83% | -2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -26.27% | -22.03% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -39.06% | -25.22% | -13.84% |
Max Drawdown (10Y)Largest decline over 10 years | -39.06% | -54.99% | +15.93% |
Current DrawdownCurrent decline from peak | -14.43% | -0.75% | -13.68% |
Average DrawdownAverage peak-to-trough decline | -12.30% | -9.82% | -2.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.99% | 3.83% | +0.16% |
Volatility
TRNO vs. NNN - Volatility Comparison
Terreno Realty Corporation (TRNO) has a higher volatility of 5.49% compared to National Retail Properties, Inc. (NNN) at 5.04%. This indicates that TRNO'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.
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Volatility by Period
| TRNO | NNN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 5.04% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 12.98% | 11.57% | +1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.86% | 16.46% | +4.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.72% | 19.67% | +5.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.46% | 28.08% | -3.62% |
Dividends
TRNO vs. NNN - Dividend Comparison
TRNO's dividend yield for the trailing twelve months is around 3.19%, less than NNN's 5.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NNN National Retail Properties, Inc. | 5.34% | 5.96% | 5.61% | 5.17% | 4.72% | 4.37% | 5.06% | 3.79% | 4.02% | 4.31% | 4.03% | 4.27% |
TRNO Terreno Realty Corporation | 3.19% | 3.44% | 3.18% | 2.71% | 2.60% | 1.48% | 1.91% | 1.88% | 2.62% | 2.40% | 2.67% | 2.92% |
Financials
TRNO vs. NNN - Financials Comparison
This section allows you to compare key financial metrics between Terreno Realty Corporation and National Retail Properties, Inc.. 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
TRNO vs. NNN - Profitability Comparison
TRNO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Terreno Realty Corporation reported a gross profit of 0.00 and revenue of 124.44M. Therefore, the gross margin over that period was 0.0%.
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%.
TRNO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Terreno Realty Corporation reported an operating income of 0.00 and revenue of 124.44M, resulting in an operating margin of 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%.
TRNO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Terreno Realty Corporation reported a net income of 69.43M and revenue of 124.44M, resulting in a net margin of 55.8%.
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%.
Frequently Asked Questions
TRNO and NNN have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRNO has higher volatility (5.49%) compared to NNN (5.04%). In terms of maximum drawdown, TRNO dropped -41.45% vs NNN's -56.17%.
NNN currently has the higher Sharpe Ratio (0.93 vs 0.72), 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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