IGR vs SAFE: Correlation
Measured on weekly returns over the past three years, CBRE Global Real Estate Income Fund (IGR) and Safehold Inc. New (SAFE) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGR and SAFE?
Over the past 3 years, IGR and SAFE moved with a correlation of 0.70, which is strong. The link has loosened recently: the 1-year correlation (0.57) runs below the 3-year figure (0.70). Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 686.3 %².
Among the 24 assets we track against IGR, SAFE ranks #8 by 3-year correlation. On 12-month performance IGR holds a 7.9-point edge, +7.8% against -0.1%.
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.
IGR vs SAFE: side by side
| IGR (CBRE Global Real Estate Income Fund) | SAFE (Safehold Inc. New) | |
|---|---|---|
| 1-year return | +7.8% | -0.1% |
| 5-year return | -4.7% | -85.5% |
| Volatility (ann.) | 26.5% | 36.8% |
| Beta vs S&P 500 | 0.81 | 0.66 |
| Max drawdown (3Y) | -29.5% | -51.9% |
| Market cap | $0.7B | $1.1B |
| P/E (trailing) | 15.4 | 9.5 |
| Dividend yield | 7.73% | 4.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IGR | SAFE |
|---|---|---|
| 2022 | -35.5% | -61.0% |
| 2023 | +8.6% | -48.4% |
| 2024 | +1.2% | -18.2% |
| 2025 | +5.2% | -22.5% |
| 2026 | +16.8% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGR and SAFE good diversifiers for each other?
To a limited degree. At 0.70 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 IGR and SAFE?
As of 2026-08-27, the correlation of weekly returns between IGR and SAFE is 0.70 over 3 years, 0.57 over 1 year and 0.62 over 5 years.
Is SAFE a good diversifier for IGR?
To a limited degree. At 0.70 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 0.70 mean?
A reading of 0.70 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/igr-vs-safe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/igr-vs-safe/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IGR correlations · SAFE correlations
