CTM vs IIPR: Correlation
How closely do Castellum, Inc. (CTM) and Innovative Industrial Properties, Inc. (IIPR) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTM and IIPR?
Over the past 3 years, CTM and IIPR moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.27). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -1617.5 %².
Among the 10 assets we track against CTM, IIPR sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months IIPR outperformed by 55.4 percentage points (-40.4% for CTM against +15.0% for IIPR). Risk is not evenly split, since CTM carries 3.8 times the volatility of the other side.
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.
CTM vs IIPR: side by side
| CTM (Castellum, Inc.) | IIPR (Innovative Industrial Properties, Inc.) | |
|---|---|---|
| 1-year return | -40.4% | +15.0% |
| 5-year return | n/a | -63.8% |
| Volatility (ann.) | 150.3% | 39.6% |
| Beta vs S&P 500 | 1.19 | 0.85 |
| Max drawdown (3Y) | -79.1% | -62.9% |
| Market cap | $0.1B | $1.6B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 0.00% | 13.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CTM | IIPR |
|---|---|---|
| 2022 | – | -59.0% |
| 2023 | -76.3% | +8.8% |
| 2024 | +571.1% | -28.5% |
| 2025 | -54.9% | -18.4% |
| 2026 | -32.7% | +27.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTM and IIPR good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CTM and IIPR?
As of 2026-08-27, the correlation of weekly returns between CTM and IIPR is -0.27 over 3 years, 0.10 over 1 year and -0.27 over 5 years.
Is IIPR a good diversifier for CTM?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ctm-vs-iipr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ctm-vs-iipr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CTM correlations · IIPR correlations
