SAFE vs. SPG

Last updated Apr 1, 2026

Compare and contrast key facts about Safehold Inc. (SAFE) and Simon Property Group, Inc. (SPG).

Performance

SAFE vs. SPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Safehold Inc. (SAFE) and Simon Property Group, Inc. (SPG). The values are adjusted to include any dividend payments, if applicable.

SAFE vs. SPG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAFE Safehold Inc.	0.13%	-22.47%	-18.25%	-15.60%	-63.41%	11.15%	82.46%	118.07%	10.49%	-5.74%
SPG Simon Property Group, Inc.	1.93%	12.94%	26.92%	29.24%	-21.91%	95.72%	-38.64%	-6.74%	2.55%	10.42%

Fundamentals

EPS SAFE : $1.59 SPG : $7.18
PE Ratio SAFE : 8.49 SPG : 25.98
PEG Ratio SAFE : 0.63 SPG : 1.07
PS Ratio SAFE : 2.52 SPG : 6.39
Total Revenue (TTM) SAFE : $385.55M SPG : $6.36B
Gross Profit (TTM) SAFE : $376.57M SPG : $5.33B
EBITDA (TTM) SAFE : $334.05M SPG : $4.69B

Returns By Period

In the year-to-date period, SAFE achieves a 0.13% return, which is significantly lower than SPG's 1.93% return.

SAFE

• 1D: 0.65%
• 1M: -15.07%
• YTD: 0.13%
• 6M: -10.35%
• 1Y: -24.11%
• 3Y*: -19.65%
• 5Y*: -26.00%
• 10Y*: —

SPG

• 1D: 2.29%
• 1M: -7.44%
• YTD: 1.93%
• 6M: 1.78%
• 1Y: 17.91%
• 3Y*: 24.98%
• 5Y*: 16.40%
• 10Y*: 4.07%

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

Return for Risk

SAFE vs. SPG — Risk / Return Rank

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

SAFE

SAFE Risk / Return Rank: 17
SAFE Sharpe Ratio Rank: 13
SAFE Sortino Ratio Rank: 15
SAFE Omega Ratio Rank: 16
SAFE Calmar Ratio Rank: 18
SAFE Martin Ratio Rank: 22

SPG

SPG Risk / Return Rank: 66
SPG Sharpe Ratio Rank: 68
SPG Sortino Ratio Rank: 59
SPG Omega Ratio Rank: 62
SPG Calmar Ratio Rank: 66
SPG Martin Ratio Rank: 73

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.

SAFE vs. SPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Safehold Inc. (SAFE) and Simon Property Group, Inc. (SPG). 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.

	SAFE	SPG	Difference
Sharpe ratio Return per unit of total volatility	-0.66	0.72	-1.38
Sortino ratio Return per unit of downside risk	-0.76	1.11	-1.87
Omega ratio Gain probability vs. loss probability	0.91	1.16	-0.26
Calmar ratio Return relative to maximum drawdown	-0.69	1.09	-1.77
Martin ratio Return relative to average drawdown	-1.09	3.81	-4.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAFE vs. SPG - Sharpe Ratio Comparison

The current SAFE Sharpe Ratio is -0.66, which is lower than the SPG Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of SAFE and SPG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SAFE	SPG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	0.72	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	0.62	-1.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.38	-0.41

Correlation

The correlation between SAFE and SPG is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SAFE vs. SPG - Dividend Comparison

SAFE's dividend yield for the trailing twelve months is around 5.23%, more than SPG's 4.64% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAFE Safehold Inc.	5.23%	5.17%	3.83%	3.03%	2.45%	0.84%	1.10%	1.15%	3.19%	1.78%	0.00%	0.00%
SPG Simon Property Group, Inc.	4.64%	4.62%	4.70%	5.22%	5.87%	3.66%	7.04%	5.57%	4.70%	4.16%	3.66%	3.11%

Drawdowns

SAFE vs. SPG - Drawdown Comparison

The maximum SAFE drawdown since its inception was -84.70%, which is greater than SPG's maximum drawdown of -77.00%. Use the drawdown chart below to compare losses from any high point for SAFE and SPG.

Drawdown Indicators

	SAFE	SPG	Difference
Max Drawdown Largest peak-to-trough decline	-84.70%	-77.00%	-7.70%
Max Drawdown (1Y) Largest decline over 1 year	-28.83%	-17.63%	-11.20%
Max Drawdown (5Y) Largest decline over 5 years	-84.70%	-45.84%	-38.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.00%	—
Current Drawdown Current decline from peak	-83.35%	-7.44%	-75.91%
Average Drawdown Average peak-to-trough decline	-39.11%	-13.91%	-25.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.09%	5.04%	+14.05%

Volatility

SAFE vs. SPG - Volatility Comparison

Safehold Inc. (SAFE) has a higher volatility of 8.17% compared to Simon Property Group, Inc. (SPG) at 6.96%. This indicates that SAFE's price experiences larger fluctuations and is considered to be riskier than SPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAFE	SPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	6.96%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	24.42%	13.45%	+10.97%
Volatility (1Y) Calculated over the trailing 1-year period	36.88%	24.97%	+11.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.19%	26.74%	+13.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.17%	37.07%	+4.10%

Financials

SAFE vs. SPG - Profitability Comparison

The chart below illustrates the profitability comparison between Safehold Inc. and Simon Property Group, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SAFE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Safehold Inc. reported a gross profit of 92.33M and revenue of 97.87M. Therefore, the gross margin over that period was 94.3%.

SPG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Simon Property Group, Inc. reported a gross profit of 1.51B and revenue of 1.79B. Therefore, the gross margin over that period was 84.5%.

SAFE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Safehold Inc. reported an operating income of 79.30M and revenue of 97.87M, resulting in an operating margin of 81.0%.

SPG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Simon Property Group, Inc. reported an operating income of 890.67M and revenue of 1.79B, resulting in an operating margin of 49.7%.

SAFE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Safehold Inc. reported a net income of 27.88M and revenue of 97.87M, resulting in a net margin of 28.5%.

SPG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Simon Property Group, Inc. reported a net income of 9.35K and revenue of 1.79B, resulting in a net margin of 0.0%.