IIPR vs SMG: Correlation
Measured on weekly returns over the past three years, Innovative Industrial Properties, Inc. (IIPR) and Scotts Miracle-Gro Company (The) (SMG) 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 SMG?
Over the past 3 years, IIPR and SMG moved with a correlation of 0.54, which is moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.54). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 837.8 %².
By 3-year correlation, SMG places #6 of the 19 assets tracked against IIPR. On 12-month performance IIPR holds a 13.2-point edge, +15.0% against +1.8%.
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 SMG: side by side
| IIPR (Innovative Industrial Properties, Inc.) | SMG (Scotts Miracle-Gro Company (The)) | |
|---|---|---|
| 1-year return | +15.0% | +1.8% |
| 5-year return | -63.8% | -53.4% |
| Volatility (ann.) | 39.6% | 38.9% |
| Beta vs S&P 500 | 0.85 | 0.76 |
| Max drawdown (3Y) | -62.9% | -47.4% |
| Market cap | $1.6B | $3.5B |
| P/E (trailing) | 12.8 | 23.4 |
| Dividend yield | 13.32% | 4.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIPR | SMG |
|---|---|---|
| 2022 | -59.0% | -68.8% |
| 2023 | +8.8% | +36.9% |
| 2024 | -28.5% | +8.3% |
| 2025 | -18.4% | -8.0% |
| 2026 | +27.6% | +7.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and SMG 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 SMG?
The IIPR/SMG correlation stands at 0.54 on a 3-year window (1 year: 0.40, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SMG 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?
On the −1 to +1 scale, 0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iipr-vs-smg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iipr-vs-smg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIPR correlations · SMG correlations
