IIPR vs SMHB: Correlation
Innovative Industrial Properties, Inc. (IIPR) and ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN (SMHB) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIPR and SMHB?
On 3 years of weekly data the IIPR/SMHB correlation comes out at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.56 over 3 years. The 5-year figure is 0.53, and annualized covariance runs at 867.9 %².
Few assets follow IIPR as closely as SMHB, which ranks #1 of 19 tracked partners. On 12-month performance IIPR holds a 7.6-point edge, +15.0% against +7.4%.
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 SMHB: side by side
| IIPR (Innovative Industrial Properties, Inc.) | SMHB (ETRACS Monthly Pay 2x Leveraged Small Cap High Dividend ETN) | |
|---|---|---|
| 1-year return | +15.0% | +7.4% |
| 5-year return | -63.8% | -13.5% |
| Volatility (ann.) | 39.6% | 39.3% |
| Beta vs S&P 500 | 0.85 | 1.42 |
| Max drawdown (3Y) | -62.9% | -45.0% |
| Market cap | $1.6B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 13.32% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIPR | SMHB |
|---|---|---|
| 2022 | -59.0% | -36.0% |
| 2023 | +8.8% | +36.0% |
| 2024 | -28.5% | -15.8% |
| 2025 | -18.4% | -7.7% |
| 2026 | +27.6% | +22.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and SMHB good diversifiers for each other?
Only partially. A correlation of 0.56 means IIPR and SMHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IIPR and SMHB?
As of 2026-08-27, the correlation of weekly returns between IIPR and SMHB is 0.56 over 3 years, 0.42 over 1 year and 0.53 over 5 years.
Is SMHB a good diversifier for IIPR?
Only partially. A correlation of 0.56 means IIPR and SMHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 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-smhb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iipr-vs-smhb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IIPR correlations · SMHB correlations
