IIPR vs. QQQY

Last updated Jun 9, 2026

IIPR (Innovative Industrial Properties, Inc.) is a stock, while QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) is Nasdaq-100 fund actively managed by Defiance. Over the past year, IIPR returned 23.77% vs 30.60% for QQQY. At a 0.28 correlation, their price movements are largely independent.

Performance

IIPR vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovative Industrial Properties, Inc. (IIPR) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IIPR achieves a 29.84% return, which is significantly higher than QQQY's 14.65% return.

IIPR

• 1D: 1.08%
• 1M: 3.32%
• YTD: 29.84%
• 6M: 28.01%
• 1Y: 23.77%
• 3Y*: 4.89%
• 5Y*: -13.70%
• 10Y*: —

QQQY

• 1D: 1.28%
• 1M: -0.02%
• YTD: 14.65%
• 6M: 14.20%
• 1Y: 30.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IIPR vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IIPR Innovative Industrial Properties, Inc.	29.84%	-18.40%	-28.55%	22.49%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	14.65%	14.96%	7.70%	7.19%

Correlation

The correlation between IIPR and QQQY is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.28

Return for Risk

IIPR vs. QQQY — Risk / Return Rank

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

IIPR

IIPR Risk / Return Rank: 62
IIPR Sharpe Ratio Rank: 62
IIPR Sortino Ratio Rank: 59
IIPR Omega Ratio Rank: 58
IIPR Calmar Ratio Rank: 65
IIPR Martin Ratio Rank: 66

QQQY

QQQY Risk / Return Rank: 68
QQQY Sharpe Ratio Rank: 72
QQQY Sortino Ratio Rank: 63
QQQY Omega Ratio Rank: 75
QQQY Calmar Ratio Rank: 61
QQQY Martin Ratio Rank: 69

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.

IIPR vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovative Industrial Properties, Inc. (IIPR) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	0.58	2.12	-1.53
Sortino ratio: Return per unit of downside risk	1.18	2.62	-1.45
Omega ratio: Gain probability vs. loss probability	1.15	1.40	-0.25
Calmar ratio: Return relative to maximum drawdown	1.12	2.76	-1.64
Martin ratio: Return relative to average drawdown	2.73	11.59	-8.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IIPR vs. QQQY - Sharpe Ratio Comparison

The current IIPR Sharpe Ratio is 0.58, which is lower than the QQQY Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IIPR and QQQY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IIPR	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	2.12	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.11	-0.71

Drawdowns

IIPR vs. QQQY - Drawdown Comparison

The maximum IIPR drawdown since its inception was -78.42%, which is greater than QQQY's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for IIPR and QQQY.

Drawdown Indicators

	IIPR	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-78.42%	-19.05%	-59.37%
Max Drawdown (1Y) Largest decline over 1 year	-21.29%	-11.14%	-10.15%
Max Drawdown (3Y) Largest decline over 3 years	-62.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.42%	—	—
Current Drawdown Current decline from peak	-68.82%	-4.06%	-64.76%
Average Drawdown Average peak-to-trough decline	-37.04%	-2.91%	-34.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.72%	2.65%	+6.07%

Volatility

IIPR vs. QQQY - Volatility Comparison

The current volatility for Innovative Industrial Properties, Inc. (IIPR) is 5.83%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 6.53%. This indicates that IIPR experiences smaller price fluctuations and is considered to be less risky than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIPR	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	6.53%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	29.58%	12.41%	+17.17%
Volatility (1Y) Calculated over the trailing 1-year period	40.99%	14.55%	+26.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.59%	15.03%	+26.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.41%	15.03%	+33.38%

Dividends

IIPR vs. QQQY - Dividend Comparison

IIPR's dividend yield for the trailing twelve months is around 12.84%, less than QQQY's 35.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	35.66%	45.34%	83.34%	20.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IIPR and QQQY in my portfolio?

IIPR and QQQY have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IIPR or QQQY?

QQQY has higher volatility (6.53%) compared to IIPR (5.83%). In terms of maximum drawdown, IIPR dropped -78.42% vs QQQY's -19.05%.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (2.12 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.