DHC vs IIPR: Correlation
Measured on weekly returns over the past three years, Diversified Healthcare Trust (DHC) and Innovative Industrial Properties, Inc. (IIPR) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHC and IIPR?
Over the past 3 years, DHC and IIPR moved with a correlation of 0.46, which is moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.46). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 1041.8 %².
IIPR is one of the assets that tracks DHC most closely: it ranks #2 out of the 11 assets we track against DHC. Correlation aside, the last 12 months split them widely, with DHC ahead by 92.9 points (+107.9% versus +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.
DHC vs IIPR: side by side
| DHC (Diversified Healthcare Trust) | IIPR (Innovative Industrial Properties, Inc.) | |
|---|---|---|
| 1-year return | +107.9% | +15.0% |
| 5-year return | +129.1% | -63.8% |
| Volatility (ann.) | 57.3% | 39.6% |
| Beta vs S&P 500 | 0.54 | 0.85 |
| Max drawdown (3Y) | -51.2% | -62.9% |
| Market cap | $1.9B | $1.6B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 0.50% | 13.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHC | IIPR |
|---|---|---|
| 2022 | -78.5% | -59.0% |
| 2023 | +494.7% | +8.8% |
| 2024 | -37.6% | -28.5% |
| 2025 | +113.9% | -18.4% |
| 2026 | +62.5% | +27.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHC and IIPR good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DHC and IIPR?
As of 2026-08-27, the correlation of weekly returns between DHC and IIPR is 0.46 over 3 years, 0.28 over 1 year and 0.34 over 5 years.
Is IIPR a good diversifier for DHC?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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/dhc-vs-iipr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dhc-vs-iipr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DHC correlations · IIPR correlations
