IIPR vs SAFE: Correlation
Measured on weekly returns over the past three years, Innovative Industrial Properties, Inc. (IIPR) and Safehold Inc. New (SAFE) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIPR and SAFE?
Over the past 3 years, IIPR and SAFE moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 795.3 %².
Among the 19 assets we track against IIPR, SAFE ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IIPR outperformed by 15.1 percentage points (+15.0% for IIPR against -0.1% for SAFE).
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 SAFE: side by side
| IIPR (Innovative Industrial Properties, Inc.) | SAFE (Safehold Inc. New) | |
|---|---|---|
| 1-year return | +15.0% | -0.1% |
| 5-year return | -63.8% | -85.5% |
| Volatility (ann.) | 39.6% | 36.8% |
| Beta vs S&P 500 | 0.85 | 0.66 |
| Max drawdown (3Y) | -62.9% | -51.9% |
| Market cap | $1.6B | $1.1B |
| P/E (trailing) | 12.8 | 9.5 |
| Dividend yield | 13.32% | 4.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIPR | SAFE |
|---|---|---|
| 2022 | -59.0% | -61.0% |
| 2023 | +8.8% | -48.4% |
| 2024 | -28.5% | -18.2% |
| 2025 | -18.4% | -22.5% |
| 2026 | +27.6% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and SAFE good diversifiers for each other?
To a limited degree. At 0.54 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 IIPR and SAFE?
As of 2026-08-27, the correlation of weekly returns between IIPR and SAFE is 0.54 over 3 years, 0.47 over 1 year and 0.41 over 5 years.
Is SAFE a good diversifier for IIPR?
To a limited degree. At 0.54 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 0.54 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-safe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iipr-vs-safe/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IIPR correlations · SAFE correlations
