SAFE vs STHO: Correlation
Safehold Inc. New (SAFE) and Star Holdings - Shares of Beneficial Interest (STHO) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAFE and STHO?
Across a 3-year window, the weekly returns of SAFE and STHO correlate at 0.69, strong. The link has loosened recently: the 1-year correlation (0.57) runs below the 3-year figure (0.69). Stretching to 5 years gives n/a, with an annualized covariance of 907.5 %².
By 3-year correlation, STHO places #4 of the 13 assets tracked against SAFE. Correlation aside, the last 12 months split them widely, with STHO ahead by 16.8 points (-0.1% versus +16.7%).
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.
SAFE vs STHO: side by side
| SAFE (Safehold Inc. New) | STHO (Star Holdings - Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | -0.1% | +16.7% |
| 5-year return | -85.5% | n/a |
| Volatility (ann.) | 36.8% | 35.5% |
| Beta vs S&P 500 | 0.66 | 0.88 |
| Max drawdown (3Y) | -51.9% | -59.4% |
| Market cap | $1.1B | $0.1B |
| P/E (trailing) | 9.5 | 8.0 |
| Dividend yield | 4.61% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAFE | STHO |
|---|---|---|
| 2022 | -61.0% | – |
| 2023 | -48.4% | – |
| 2024 | -18.2% | -35.0% |
| 2025 | -22.5% | -15.4% |
| 2026 | +14.9% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAFE and STHO good diversifiers for each other?
Only partially. A correlation of 0.69 means SAFE and STHO 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 SAFE and STHO?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.57 over the last year and n/a over 5 years.
Is STHO a good diversifier for SAFE?
Only partially. A correlation of 0.69 means SAFE and STHO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/safe-vs-stho.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/safe-vs-stho/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SAFE correlations · STHO correlations
