IIPR vs VXX: Correlation
Innovative Industrial Properties, Inc. (IIPR) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIPR and VXX?
Across a 3-year window, the weekly returns of IIPR and VXX correlate at -0.30, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.10 versus -0.30 over 3 years. Stretching to 5 years gives -0.36, with an annualized covariance of -719.2 %².
VXX is close to the least connected end of IIPR's tracked universe, ranking #17 of 19. The last year tells two different stories: IIPR led by 64.7 percentage points, +15.0% for IIPR against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXX: side by side
| IIPR (Innovative Industrial Properties, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.0% | -49.7% |
| 5-year return | -63.8% | -95.6% |
| Volatility (ann.) | 39.6% | 60.9% |
| Beta vs S&P 500 | 0.85 | -3.31 |
| Max drawdown (3Y) | -62.9% | -83.3% |
| 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 | VXX |
|---|---|---|
| 2022 | -59.0% | -23.8% |
| 2023 | +8.8% | -72.5% |
| 2024 | -28.5% | -26.2% |
| 2025 | -18.4% | -42.2% |
| 2026 | +27.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and VXX good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IIPR and VXX?
The IIPR/VXX correlation stands at -0.30 on a 3-year window (1 year: -0.10, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for IIPR?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iipr-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIPR correlations · VXX correlations
