COLD vs IIPR: Correlation
How closely do Americold Realty Trust, Inc. (COLD) and Innovative Industrial Properties, Inc. (IIPR) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COLD and IIPR?
Across a 3-year window, the weekly returns of COLD and IIPR correlate at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 714.4 %².
Within COLD's tracked universe of 18 assets, IIPR comes in at #5 by 3-year correlation. Over the last 12 months IIPR came out ahead by 6.7 percentage points (+8.3% against +15.0%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
COLD vs IIPR: side by side
| COLD (Americold Realty Trust, Inc.) | IIPR (Innovative Industrial Properties, Inc.) | |
|---|---|---|
| 1-year return | +8.3% | +15.0% |
| 5-year return | -49.6% | -63.8% |
| Volatility (ann.) | 35.4% | 39.6% |
| Beta vs S&P 500 | 0.70 | 0.85 |
| Max drawdown (3Y) | -67.1% | -62.9% |
| Market cap | $4.3B | $1.6B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 6.02% | 13.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | COLD | IIPR |
|---|---|---|
| 2022 | -10.9% | -59.0% |
| 2023 | +10.1% | +8.8% |
| 2024 | -26.7% | -28.5% |
| 2025 | -36.2% | -18.4% |
| 2026 | +21.0% | +27.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COLD and IIPR good diversifiers for each other?
Only partially. A correlation of 0.51 means COLD and IIPR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between COLD and IIPR?
The COLD/IIPR correlation stands at 0.51 on a 3-year window (1 year: 0.51, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is IIPR a good diversifier for COLD?
Only partially. A correlation of 0.51 means COLD and IIPR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cold-vs-iipr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cold-vs-iipr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COLD correlations · IIPR correlations
