IIPR vs NVNI: Correlation
Measured on weekly returns over the past three years, Innovative Industrial Properties, Inc. (IIPR) and Nvni Group Limited (NVNI) carry a correlation of -0.43, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIPR and NVNI?
Over the past 3 years, IIPR and NVNI moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.43). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -16146.7 %².
NVNI is close to the least connected end of IIPR's tracked universe, ranking #19 of 19. Their recent paths diverged sharply: over the last 12 months IIPR outperformed by 98.0 percentage points (+15.0% for IIPR against -83.0% for NVNI). One caveat on sizing: NVNI is 24.0 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 NVNI: side by side
| IIPR (Innovative Industrial Properties, Inc.) | NVNI (Nvni Group Limited) | |
|---|---|---|
| 1-year return | +15.0% | -83.0% |
| 5-year return | -63.8% | -98.9% |
| Volatility (ann.) | 39.6% | 949.3% |
| Beta vs S&P 500 | 0.85 | -4.03 |
| Max drawdown (3Y) | -62.9% | -99.3% |
| Market cap | $1.6B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 13.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIPR | NVNI |
|---|---|---|
| 2022 | -59.0% | +4.4% |
| 2023 | +8.8% | -85.4% |
| 2024 | -28.5% | +64.4% |
| 2025 | -18.4% | -89.2% |
| 2026 | +27.6% | -60.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and NVNI good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between IIPR and NVNI?
The IIPR/NVNI correlation stands at -0.43 on a 3-year window (1 year: -0.16, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is NVNI a good diversifier for IIPR?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
A reading of -0.43 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-nvni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iipr-vs-nvni/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IIPR correlations · NVNI correlations
