ILPT vs SAFE: Correlation
Measured on weekly returns over the past three years, Industrial Logistics Properties Trust (ILPT) and Safehold Inc. New (SAFE) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ILPT and SAFE?
Over the past 3 years, ILPT and SAFE moved with a correlation of 0.57, which is moderate. The past 12 months show a weaker link (0.45) than the 3-year average (0.57). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 1249.1 %².
By 3-year correlation, SAFE places #4 of the 13 assets tracked against ILPT. Their recent paths diverged sharply: over the last 12 months ILPT outperformed by 43.5 percentage points (+43.4% for ILPT against -0.1% for SAFE). Note the risk asymmetry: ILPT runs 1.6 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.
ILPT vs SAFE: side by side
| ILPT (Industrial Logistics Properties Trust) | SAFE (Safehold Inc. New) | |
|---|---|---|
| 1-year return | +43.4% | -0.1% |
| 5-year return | -65.6% | -85.5% |
| Volatility (ann.) | 59.0% | 36.8% |
| Beta vs S&P 500 | 1.10 | 0.66 |
| Max drawdown (3Y) | -51.1% | -51.9% |
| Market cap | $0.6B | $1.1B |
| P/E (trailing) | – | 9.5 |
| Dividend yield | 2.97% | 4.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ILPT | SAFE |
|---|---|---|
| 2022 | -86.5% | -61.0% |
| 2023 | +45.8% | -48.4% |
| 2024 | -21.6% | -18.2% |
| 2025 | +55.5% | -22.5% |
| 2026 | +54.5% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ILPT and SAFE good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ILPT and SAFE?
As of 2026-08-27, the correlation of weekly returns between ILPT and SAFE is 0.57 over 3 years, 0.45 over 1 year and 0.39 over 5 years.
Is SAFE a good diversifier for ILPT?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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/ilpt-vs-safe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ilpt-vs-safe/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ILPT correlations · SAFE correlations
