IIPR vs. NLY
IIPR (Innovative Industrial Properties, Inc.) and NLY (Annaly Capital Management, Inc.) are both stocks. Both are in the Real Estate sector — IIPR in REIT - Industrial, NLY in REIT - Mortgage. Over the past 5 years, IIPR returned -13.70%/yr vs 1.37%/yr for NLY. At a 0.34 correlation, their price movements are largely independent.
Performance
IIPR vs. NLY - Performance Comparison
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Returns By Period
In the year-to-date period, IIPR achieves a 29.84% return, which is significantly higher than NLY's -3.07% return.
IIPR
- 1D
- 1.08%
- 1M
- 3.32%
- YTD
- 29.84%
- 6M
- 28.01%
- 1Y
- 23.77%
- 3Y*
- 4.89%
- 5Y*
- -13.70%
- 10Y*
- —
NLY
- 1D
- -1.23%
- 1M
- -7.30%
- YTD
- -3.07%
- 6M
- -1.18%
- 1Y
- 25.88%
- 3Y*
- 16.16%
- 5Y*
- 1.37%
- 10Y*
- 5.29%
IIPR vs. NLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IIPR Innovative Industrial Properties, Inc. | 29.84% | -18.40% | -28.55% | 8.78% | -59.02% | 47.49% | 151.33% | 72.52% | 43.88% | 82.30% |
NLY Annaly Capital Management, Inc. | -3.07% | 40.00% | 8.07% | 4.94% | -21.41% | 2.48% | 2.38% | 7.22% | -7.22% | 31.92% |
Correlation
The correlation between IIPR and NLY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016 | 0.34 |
The correlation between IIPR and NLY shifts across timeframes, from 0.34 (all time) to 0.44 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
IIPR:
$1.68B
NLY:
$15.18B
IIPR:
$4.14
NLY:
$3.28
IIPR:
14.30
NLY:
6.38
IIPR:
6.37
NLY:
2.68
IIPR:
0.94
NLY:
1.05
IIPR:
$263.23M
NLY:
$5.21B
IIPR:
$195.78M
NLY:
$5.17B
IIPR:
$210.04M
NLY:
$5.65B
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Return for Risk
IIPR vs. NLY — Risk / Return Rank
IIPR
NLY
IIPR vs. NLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovative Industrial Properties, Inc. (IIPR) and Annaly Capital Management, Inc. (NLY). 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.
| IIPR | NLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.24 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 1.75 | -0.63 |
| Martin ratioReturn relative to average drawdown | 2.73 | 5.22 | -2.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IIPR | NLY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.58 | 1.40 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | 0.05 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.30 | +0.10 |
Drawdowns
IIPR vs. NLY - Drawdown Comparison
The maximum IIPR drawdown since its inception was -78.42%, which is greater than NLY's maximum drawdown of -60.09%. Use the drawdown chart below to compare losses from any high point for IIPR and NLY.
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Drawdown Indicators
| IIPR | NLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.42% | -60.09% | -18.33% |
Max Drawdown (1Y)Largest decline over 1 year | -21.29% | -14.88% | -6.41% |
Max Drawdown (3Y)Largest decline over 3 years | -62.92% | -26.70% | -36.22% |
Max Drawdown (5Y)Largest decline over 5 years | -78.42% | -51.97% | -26.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.09% | — |
Current DrawdownCurrent decline from peak | -68.82% | -11.17% | -57.65% |
Average DrawdownAverage peak-to-trough decline | -37.04% | -13.75% | -23.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.72% | 4.97% | +3.75% |
Volatility
IIPR vs. NLY - Volatility Comparison
Innovative Industrial Properties, Inc. (IIPR) has a higher volatility of 5.83% compared to Annaly Capital Management, Inc. (NLY) at 3.97%. This indicates that IIPR's price experiences larger fluctuations and is considered to be riskier than NLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IIPR | NLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.83% | 3.97% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 29.58% | 14.66% | +14.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.99% | 18.56% | +22.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.59% | 25.54% | +16.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.41% | 28.12% | +20.29% |
Dividends
IIPR vs. NLY - Dividend Comparison
IIPR's dividend yield for the trailing twelve months is around 12.84%, less than NLY's 13.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IIPR Innovative Industrial Properties, Inc. | 12.84% | 16.05% | 11.28% | 7.16% | 7.01% | 2.18% | 2.44% | 3.73% | 1.87% | 1.70% | 0.00% | 0.00% |
NLY Annaly Capital Management, Inc. | 13.36% | 12.52% | 14.21% | 13.42% | 16.70% | 11.25% | 10.77% | 11.15% | 12.22% | 10.09% | 12.04% | 12.79% |
Financials
IIPR vs. NLY - Financials Comparison
This section allows you to compare key financial metrics between Innovative Industrial Properties, Inc. and Annaly Capital Management, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
IIPR and NLY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IIPR has higher volatility (5.83%) compared to NLY (3.97%). In terms of maximum drawdown, IIPR dropped -78.42% vs NLY's -60.09%.
NLY currently has the higher Sharpe Ratio (1.40 vs 0.58), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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