This paper analyzes and compares the propagation delay and relative stability of multi-layered GNR (MLGNR) and multi-walled CNT (MWCNT) for different interconnect lengths. The transfer function of a driver-interconnect-load system is obtained by representing the interconnect line with equivalent single conductor model of either a MLGNR or a MWCNT. Using the transfer function of distributed transmission line, an analytical expression of delay is obtained that exhibits significant accuracy. It is observed that a similar delay performance is obtained using fewer number of MWCNT shells than MLGNR layers. On an average, a MWCNT requires 54.5 % lesser area compared to MLGNR interconnects for the similar delay performance. Additionally, using Nyquist criterion, the relative stability of MLGNR and MWCNT is compared for local, semi-global and global interconnect lengths. It is observed that the relative stability of MLGNR is lesser in comparison to MWCNT at local interconnect lengths, whereas, encouragingly for semi-global and global interconnect lengths, both MLGNR and MWCNT demonstrate better stability characteristics.