CUBE vs IIPR: Correlation
How closely do CubeSmart (CUBE) and Innovative Industrial Properties, Inc. (IIPR) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CUBE and IIPR?
Over the past 3 years, CUBE and IIPR moved with a correlation of 0.55, which is moderate. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.55). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 499.4 %².
Within CUBE's tracked universe of 24 assets, IIPR comes in at #15 by 3-year correlation. The trailing year gives IIPR the advantage: +3.8% versus +15.0%, a 11.2-point spread. One caveat on sizing: IIPR is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CUBE vs IIPR: side by side
| CUBE (CubeSmart) | IIPR (Innovative Industrial Properties, Inc.) | |
|---|---|---|
| 1-year return | +3.8% | +15.0% |
| 5-year return | -6.2% | -63.8% |
| Volatility (ann.) | 23.0% | 39.6% |
| Beta vs S&P 500 | 0.63 | 0.85 |
| Max drawdown (3Y) | -32.0% | -62.9% |
| Market cap | $9.0B | $1.6B |
| P/E (trailing) | 27.6 | 12.8 |
| Dividend yield | 5.22% | 13.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CUBE | IIPR |
|---|---|---|
| 2022 | -26.3% | -59.0% |
| 2023 | +20.5% | +8.8% |
| 2024 | -4.5% | -28.5% |
| 2025 | -11.6% | -18.4% |
| 2026 | +15.7% | +27.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CUBE and IIPR good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CUBE and IIPR?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.44 over the last year and 0.48 over 5 years.
Is IIPR a good diversifier for CUBE?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cube-vs-iipr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cube-vs-iipr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CUBE correlations · IIPR correlations
