IIPR vs VXZ: Correlation
Innovative Industrial Properties, Inc. (IIPR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIPR and VXZ?
On 3 years of weekly data the IIPR/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.19) than the 3-year average (-0.31). The 5-year figure is -0.40, and annualized covariance runs at -315.7 %².
VXZ is close to the least connected end of IIPR's tracked universe, ranking #18 of 19. Correlation aside, the last 12 months split them widely, with IIPR ahead by 31.1 points (+15.0% versus -16.1%). One caveat on sizing: IIPR is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXZ: side by side
| IIPR (Innovative Industrial Properties, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.0% | -16.1% |
| 5-year return | -63.8% | -53.1% |
| Volatility (ann.) | 39.6% | 25.6% |
| Beta vs S&P 500 | 0.85 | -1.31 |
| Max drawdown (3Y) | -62.9% | -36.4% |
| 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 | VXZ |
|---|---|---|
| 2022 | -59.0% | +0.5% |
| 2023 | +8.8% | -44.0% |
| 2024 | -28.5% | -12.7% |
| 2025 | -18.4% | +5.7% |
| 2026 | +27.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIPR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between IIPR and VXZ?
As of 2026-08-27, the correlation of weekly returns between IIPR and VXZ is -0.31 over 3 years, -0.19 over 1 year and -0.40 over 5 years.
Is VXZ a good diversifier for IIPR?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iipr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIPR correlations · VXZ correlations
