IIPR vs LXP: Correlation
How closely do Innovative Industrial Properties, Inc. (IIPR) and LXP Industrial Trust (LXP) 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 IIPR and LXP?
On 3 years of weekly data the IIPR/LXP correlation comes out at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 489.4 %².
LXP is one of the assets that tracks IIPR most closely: it ranks #3 out of the 19 assets we track against IIPR. Their recent paths diverged sharply: over the last 12 months LXP outperformed by 27.2 percentage points (+15.0% for IIPR against +42.2% for LXP). One caveat on sizing: IIPR is 1.8 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.
IIPR vs LXP: side by side
| IIPR (Innovative Industrial Properties, Inc.) | LXP (LXP Industrial Trust) | |
|---|---|---|
| 1-year return | +15.0% | +42.2% |
| 5-year return | -63.8% | +17.3% |
| Volatility (ann.) | 39.6% | 22.4% |
| Beta vs S&P 500 | 0.85 | 0.62 |
| Max drawdown (3Y) | -62.9% | -27.8% |
| Market cap | $1.6B | $3.6B |
| P/E (trailing) | 12.8 | 61.7 |
| Dividend yield | 13.32% | 4.55% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIPR | LXP |
|---|---|---|
| 2022 | -59.0% | -33.0% |
| 2023 | +8.8% | +4.3% |
| 2024 | -28.5% | -13.2% |
| 2025 | -18.4% | +29.8% |
| 2026 | +27.6% | +26.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and LXP good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IIPR and LXP?
The IIPR/LXP correlation stands at 0.55 on a 3-year window (1 year: 0.48, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is LXP a good diversifier for IIPR?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
A reading of 0.55 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/iipr-vs-lxp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iipr-vs-lxp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIPR correlations · LXP correlations
