HEIA.AS vs. IIPR

Last updated Jun 13, 2026

HEIA.AS (Heineken N.V.) and IIPR (Innovative Industrial Properties, Inc.) are both stocks. HEIA.AS operates in Beverages - Brewers (Consumer Defensive), while IIPR operates in REIT - Industrial (Real Estate). Over the past 5 years, HEIA.AS returned -4.45%/yr vs -12.78%/yr for IIPR. At a 0.11 correlation, their price movements are largely independent.

Performance

HEIA.AS vs. IIPR - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Heineken N.V. (HEIA.AS) and Innovative Industrial Properties, Inc. (IIPR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEIA.AS is traded in EUR, while IIPR is traded in USD. To make them comparable, the IIPR values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, HEIA.AS achieves a 2.90% return, which is significantly lower than IIPR's 34.73% return.

HEIA.AS

• 1D: -0.20%
• 1M: 8.79%
• YTD: 2.90%
• 6M: 3.05%
• 1Y: -7.15%
• 3Y*: -6.97%
• 5Y*: -4.45%
• 10Y*: 0.71%

IIPR

• 1D: -1.99%
• 1M: 12.63%
• YTD: 34.73%
• 6M: 16.79%
• 1Y: 24.04%
• 3Y*: 2.40%
• 5Y*: -12.78%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HEIA.AS vs. IIPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEIA.AS Heineken N.V.	2.90%	4.12%	-23.78%	6.71%	-9.72%	9.48%	-2.55%	25.08%	-9.63%	23.99%
IIPR Innovative Industrial Properties, Inc.	34.73%	-28.09%	-23.83%	5.52%	-56.48%	58.52%	130.62%	76.41%	50.64%	59.90%

Correlation

The correlation between HEIA.AS and IIPR is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016	0.11

Return for Risk

HEIA.AS vs. IIPR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HEIA.AS

HEIA.AS Risk / Return Rank: 24
HEIA.AS Sharpe Ratio Rank: 24
HEIA.AS Sortino Ratio Rank: 22
HEIA.AS Omega Ratio Rank: 22
HEIA.AS Calmar Ratio Rank: 25
HEIA.AS Martin Ratio Rank: 27

IIPR

IIPR Risk / Return Rank: 62
IIPR Sharpe Ratio Rank: 62
IIPR Sortino Ratio Rank: 60
IIPR Omega Ratio Rank: 58
IIPR Calmar Ratio Rank: 65
IIPR Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HEIA.AS vs. IIPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heineken N.V. (HEIA.AS) and Innovative Industrial Properties, Inc. (IIPR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HEIA.AS	IIPR	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	0.57	-0.99
Sortino ratio: Return per unit of downside risk	-0.44	1.15	-1.60
Omega ratio: Gain probability vs. loss probability	0.94	1.14	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.51	1.17	-1.68
Martin ratio: Return relative to average drawdown	-0.79	2.72	-3.51

HEIA.AS vs. IIPR - Sharpe Ratio Comparison

The current HEIA.AS Sharpe Ratio is -0.43, which is lower than the IIPR Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of HEIA.AS and IIPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HEIA.AS vs. IIPR - Drawdown Comparison

The maximum HEIA.AS drawdown since its inception was -58.39%, smaller than the maximum IIPR drawdown of -78.92%. Use the drawdown chart below to compare losses from any high point for HEIA.AS and IIPR.

Drawdown Indicators

	HEIA.AS	IIPR	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	-78.92%	+20.53%
Max Drawdown (1Y) Largest decline over 1 year	-18.67%	-19.99%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-33.38%	-65.40%	+32.02%
Max Drawdown (5Y) Largest decline over 5 years	-37.50%	-78.92%	+41.42%
Max Drawdown (10Y) Largest decline over 10 years	-37.50%	—	—
Current Drawdown Current decline from peak	-28.21%	-68.69%	+40.48%
Average Drawdown Average peak-to-trough decline	-14.50%	-36.96%	+22.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.94%	8.59%	+3.35%

Volatility

HEIA.AS vs. IIPR - Volatility Comparison

Heineken N.V. (HEIA.AS) and Innovative Industrial Properties, Inc. (IIPR) have volatilities of 8.51% and 8.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEIA.AS	IIPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.51%	8.61%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	30.29%	-13.50%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	41.16%	-18.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.03%	41.35%	-19.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	48.46%	-27.23%

Dividends

HEIA.AS vs. IIPR - Dividend Comparison

HEIA.AS's dividend yield for the trailing twelve months is around 2.69%, less than IIPR's 12.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEIA.AS Heineken N.V.	2.69%	2.74%	2.52%	2.09%	1.66%	0.99%	1.14%	1.74%	1.97%	1.56%	1.94%	1.50%
IIPR Innovative Industrial Properties, Inc.	12.56%	16.05%	11.28%	7.16%	7.01%	2.18%	2.44%	3.73%	1.87%	1.70%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both HEIA.AS and IIPR in my portfolio?

HEIA.AS and IIPR have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.