With an increasing number of professional entities directing their focus towards farmland investments, there has been a burgeoning interest in the distinctive risk-return profile of farmland, especially when contrasted with conventional financial assets like stocks. Building on the foundational work of scholars such as Barry (1980), who utilized the CAPM model to ascertain the marginal risk farmland contributes to a diversified portfolio, this study aims to examine if latest methodologies, such as the Fama-French five-factor model, can offer a more nuanced explanation of farmland returns or affirm the unique risk-return dynamics of farmland identified in earlier research. Additionally, this paper delves into the particular risk attributes associated with farmland, including aspects of illiquidity. It further explores the risk-return traits within the farmland investment spectrum, disaggregating the data by regional classifications.