WELL vs. ESRT

Last updated Jun 3, 2026

WELL (Welltower Inc.) and ESRT (Empire State Realty Trust, Inc.) are both stocks. Both are in the Real Estate sector — WELL in REIT - Healthcare Facilities, ESRT in REIT - Diversified. Over the past 10 years, WELL returned 14.69%/yr vs -9.63%/yr for ESRT. At a 0.45 correlation, their price movements are largely independent.

Performance

WELL vs. ESRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Welltower Inc. (WELL) and Empire State Realty Trust, Inc. (ESRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WELL achieves a 5.98% return, which is significantly higher than ESRT's -11.99% return. Over the past 10 years, WELL has outperformed ESRT with an annualized return of 14.69%, while ESRT has yielded a comparatively lower -9.63% annualized return.

WELL

• 1D: -1.02%
• 1M: -9.63%
• YTD: 5.98%
• 6M: -3.19%
• 1Y: 27.79%
• 3Y*: 39.99%
• 5Y*: 23.56%
• 10Y*: 14.69%

ESRT

• 1D: -0.52%
• 1M: 1.42%
• YTD: -11.99%
• 6M: -16.54%
• 1Y: -24.76%
• 3Y*: -1.36%
• 5Y*: -12.60%
• 10Y*: -9.63%

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

WELL vs. ESRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WELL Welltower Inc.	5.98%	49.86%	43.07%	41.79%	-21.18%	36.98%	-17.19%	23.04%	15.31%	0.22%
ESRT Empire State Realty Trust, Inc.	-11.99%	-35.68%	7.97%	46.32%	-22.82%	-3.53%	-31.48%	0.90%	-28.91%	3.77%

Correlation

The correlation between WELL and ESRT is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.45

Over the past year, the correlation between WELL and ESRT has dropped to 0.11 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Fundamentals

Market Cap WELL : $141.87B ESRT : $1.54B
EPS WELL : $2.02 ESRT : $0.14
PE Ratio WELL : 96.80 ESRT : 39.91
PEG Ratio WELL : 2.14 ESRT : 126.99
PS Ratio WELL : 11.72 ESRT : 1.98
PB Ratio WELL : 3.24 ESRT : 0.84
Total Revenue (TTM) WELL : $11.63B ESRT : $778.07M
Gross Profit (TTM) WELL : $3.25B ESRT : $77.93M
EBITDA (TTM) WELL : $3.00B ESRT : $306.57M

Return for Risk

WELL vs. ESRT — Risk / Return Rank

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

WELL

WELL Risk / Return Rank: 75
WELL Sharpe Ratio Rank: 78
WELL Sortino Ratio Rank: 72
WELL Omega Ratio Rank: 71
WELL Calmar Ratio Rank: 77
WELL Martin Ratio Rank: 77

ESRT

ESRT Risk / Return Rank: 15
ESRT Sharpe Ratio Rank: 9
ESRT Sortino Ratio Rank: 11
ESRT Omega Ratio Rank: 13
ESRT Calmar Ratio Rank: 20
ESRT Martin Ratio Rank: 20

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.

WELL vs. ESRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Welltower Inc. (WELL) and Empire State Realty Trust, Inc. (ESRT). 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.

	WELL	ESRT	Difference
Sharpe ratio Return per unit of total volatility	1.33	-0.77	+2.10
Sortino ratio Return per unit of downside risk	1.86	-0.95	+2.81
Omega ratio Gain probability vs. loss probability	1.24	0.89	+0.35
Calmar ratio Return relative to maximum drawdown	2.27	-0.57	+2.84
Martin ratio Return relative to average drawdown	5.71	-1.01	+6.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WELL vs. ESRT - Sharpe Ratio Comparison

The current WELL Sharpe Ratio is 1.33, which is higher than the ESRT Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of WELL and ESRT, 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

	WELL	ESRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	-0.77	+2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	-0.37	+1.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	-0.27	+0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	-0.14	+0.69

Drawdowns

WELL vs. ESRT - Drawdown Comparison

The maximum WELL drawdown since its inception was -63.33%, smaller than the maximum ESRT drawdown of -72.91%. Use the drawdown chart below to compare losses from any high point for WELL and ESRT.

Drawdown Indicators

	WELL	ESRT	Difference
Max Drawdown Largest peak-to-trough decline	-63.33%	-72.91%	+9.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.61%	-41.89%	+29.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-55.39%	+42.40%
Max Drawdown (5Y) Largest decline over 5 years	-40.78%	-57.84%	+17.06%
Max Drawdown (10Y) Largest decline over 10 years	-63.33%	-72.91%	+9.58%
Current Drawdown Current decline from peak	-11.26%	-68.75%	+57.49%
Average Drawdown Average peak-to-trough decline	-10.32%	-33.55%	+23.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	23.86%	-18.85%

Volatility

WELL vs. ESRT - Volatility Comparison

The current volatility for Welltower Inc. (WELL) is 7.08%, while Empire State Realty Trust, Inc. (ESRT) has a volatility of 9.74%. This indicates that WELL experiences smaller price fluctuations and is considered to be less risky than ESRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WELL	ESRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	9.74%	-2.66%
Volatility (6M) Calculated over the trailing 6-month period	16.48%	21.27%	-4.79%
Volatility (1Y) Calculated over the trailing 1-year period	20.97%	32.25%	-11.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.67%	34.51%	-10.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.86%	35.85%	-3.99%

Dividends

WELL vs. ESRT - Dividend Comparison

WELL's dividend yield for the trailing twelve months is around 1.52%, less than ESRT's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESRT Empire State Realty Trust, Inc.	2.46%	2.15%	1.36%	1.44%	2.08%	1.18%	2.25%	3.01%	2.95%	2.05%	1.98%	1.88%
WELL Welltower Inc.	1.52%	1.52%	2.03%	2.71%	3.72%	2.84%	4.18%	4.26%	5.01%	5.46%	5.14%	4.85%

Financials

WELL vs. ESRT - Profitability Comparison

The chart below illustrates the profitability comparison between Welltower Inc. and Empire State Realty Trust, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

WELL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Welltower Inc. reported a gross profit of 0.00 and revenue of 3.35B. Therefore, the gross margin over that period was 0.0%.

ESRT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported a gross profit of 155.71M and revenue of 190.33M. Therefore, the gross margin over that period was 81.8%.

WELL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Welltower Inc. reported an operating income of 752.32M and revenue of 3.35B, resulting in an operating margin of 22.4%.

ESRT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported an operating income of 29.46M and revenue of 190.33M, resulting in an operating margin of 15.5%.

WELL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Welltower Inc. reported a net income of 728.67M and revenue of 3.35B, resulting in a net margin of 21.7%.

ESRT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Empire State Realty Trust, Inc. reported a net income of 1.24M and revenue of 190.33M, resulting in a net margin of 0.7%.

Frequently Asked Questions

Can I hold both WELL and ESRT in my portfolio?

WELL and ESRT have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WELL or ESRT?

ESRT has higher volatility (9.74%) compared to WELL (7.08%). In terms of maximum drawdown, WELL dropped -63.33% vs ESRT's -72.91%.

Which has better risk-adjusted returns?

WELL currently has the higher Sharpe Ratio (1.33 vs -0.77), 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.