IIPR vs QQQ: Correlation
Measured on weekly returns over the past three years, Innovative Industrial Properties, Inc. (IIPR) and Invesco QQQ Trust (QQQ) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIPR and QQQ?
Across a 3-year window, the weekly returns of IIPR and QQQ correlate at 0.24, weak. The relationship has been stable: the 1-year correlation (0.14) sits close to the 3-year figure. Stretching to 5 years gives 0.39, with an annualized covariance of 188.6 %².
By 3-year correlation, QQQ places #13 of the 19 assets tracked against IIPR. The trailing year gives QQQ the advantage: +15.0% versus +26.3%, a 11.3-point spread. Risk is not evenly split, since IIPR carries 2.0 times the volatility of the other side.
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 QQQ: side by side
| IIPR (Innovative Industrial Properties, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +15.0% | +26.3% |
| 5-year return | -63.8% | +95.4% |
| Volatility (ann.) | 39.6% | 19.6% |
| Beta vs S&P 500 | 0.85 | 1.28 |
| Max drawdown (3Y) | -62.9% | -22.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 13.32% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | IIPR | QQQ |
|---|---|---|
| 2022 | -59.0% | -32.6% |
| 2023 | +8.8% | +54.9% |
| 2024 | -28.5% | +25.6% |
| 2025 | -18.4% | +20.8% |
| 2026 | +27.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and QQQ good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IIPR and QQQ?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.14 over the last year and 0.39 over 5 years.
Is QQQ a good diversifier for IIPR?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 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/iipr-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iipr-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IIPR correlations · QQQ correlations
