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IIPR vs. USHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IIPR vs. USHY

Last updated Jun 13, 2026

IIPR (Innovative Industrial Properties, Inc.) is a stock, while USHY (iShares Broad USD High Yield Corporate Bond ETF) is High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Over the past 5 years, IIPR returned -13.57%/yr vs 4.21%/yr for USHY. At a 0.41 correlation, their price movements are largely independent.

Performance

IIPR vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovative Industrial Properties, Inc. (IIPR) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IIPR achieves a 32.69% return, which is significantly higher than USHY's 1.75% return.

IIPR

1D
-2.07%
1M
12.06%
YTD
32.69%
6M
15.09%
1Y
24.22%
3Y*
4.81%
5Y*
-13.57%
10Y*
—

USHY

1D
0.03%
1M
1.09%
YTD
1.75%
6M
2.37%
1Y
7.19%
3Y*
8.94%
5Y*
4.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IIPR vs. USHY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IIPR
Innovative Industrial Properties, Inc.		32.69%-18.40%-28.55%8.78%-59.02%47.49%151.33%72.52%43.88%68.05%
USHY
iShares Broad USD High Yield Corporate Bond ETF		1.75%8.81%8.45%12.73%-11.18%5.02%6.17%14.24%-2.41%0.16%

Correlation

The correlation between IIPR and USHY is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.45

Correlation (5Y)
Calculated over the trailing 5-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Oct 26, 2017

0.41

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Innovative Industrial Properties, Inc.

iShares Broad USD High Yield Corporate Bond ETF

Often compared with IIPR:
IIPR vs. OIIPR vs. LAMYXIIPR vs. FSKGXIIPR vs. SPYIIPR vs. VRTSIIPR vs. IGIAXIIPR vs. SCHD
Often compared with USHY:
USHY vs. HYGUSHY vs. SPHYUSHY vs. HYSUSHY vs. JNKUSHY vs. BKLNUSHY vs. HYLBUSHY vs. SPY

Return for Risk

IIPR vs. USHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IIPR
IIPR Risk / Return Rank: 6262
Overall Rank
IIPR Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
IIPR Sortino Ratio Rank: 6060
Sortino Ratio Rank
IIPR Omega Ratio Rank: 5858
Omega Ratio Rank
IIPR Calmar Ratio Rank: 6565
Calmar Ratio Rank
IIPR Martin Ratio Rank: 6666
Martin Ratio Rank
USHY
USHY Risk / Return Rank: 7171
Overall Rank
USHY Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USHY Sortino Ratio Rank: 7373
Sortino Ratio Rank
USHY Omega Ratio Rank: 7171
Omega Ratio Rank
USHY Calmar Ratio Rank: 6565
Calmar Ratio Rank
USHY Martin Ratio Rank: 7777
Martin Ratio Rank
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. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovative Industrial Properties, Inc. (IIPR) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.

IIPRUSHYDifference
Sharpe ratioReturn per unit of total volatility
0.56
1.88

-1.32

Sortino ratioReturn per unit of downside risk
1.15
2.83

-1.68

Omega ratioGain probability vs. loss probability

1.14

1.36

-0.22

Calmar ratioReturn relative to maximum drawdown

1.09

2.85

-1.77

Martin ratioReturn relative to average drawdown

2.65

12.77

-10.12

IIPR vs. USHY - Sharpe Ratio Comparison

The current IIPR Sharpe Ratio is 0.56, which is lower than the USHY Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of IIPR and USHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IIPR vs. USHY - Drawdown Comparison

The maximum IIPR drawdown since its inception was -78.42%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for IIPR and USHY.

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Drawdown Indicators

IIPRUSHYDifference

Max Drawdown

Largest peak-to-trough decline

-78.42%

-22.44%

-55.98%

Max Drawdown (1Y)

Largest decline over 1 year

-21.29%

-2.43%

-18.86%

Max Drawdown (3Y)

Largest decline over 3 years

-62.92%

-4.66%

-58.26%

Max Drawdown (5Y)

Largest decline over 5 years

-78.42%

-15.56%

-62.86%

Current Drawdown

Current decline from peak

-68.14%

0.00%

-68.14%

Average Drawdown

Average peak-to-trough decline

-37.34%

-2.66%

-34.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.73%

0.54%

+8.19%

Volatility

IIPR vs. USHY - Volatility Comparison

Innovative Industrial Properties, Inc. (IIPR) has a higher volatility of 9.13% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.20%. This indicates that IIPR's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IIPRUSHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.13%

1.20%

+7.93%

Volatility (6M)

Calculated over the trailing 6-month period

30.31%

2.96%

+27.35%

Volatility (1Y)

Calculated over the trailing 1-year period

41.56%

3.69%

+37.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

41.71%

7.35%

+34.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

48.46%

8.24%

+40.22%

Dividends

IIPR vs. USHY - Dividend Comparison

IIPR's dividend yield for the trailing twelve months is around 12.56%, more than USHY's 6.90% yield.

PositionTTM202520242023202220212020201920182017
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%
USHY
iShares Broad USD High Yield Corporate Bond ETF		6.90%6.79%6.89%6.63%6.08%5.07%5.30%5.92%6.30%0.73%

Frequently Asked Questions

IIPR and USHY have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IIPR has higher volatility (9.13%) compared to USHY (1.20%). In terms of maximum drawdown, IIPR dropped -78.42% vs USHY's -22.44%.

USHY currently has the higher Sharpe Ratio (1.88 vs 0.56), 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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