VOE vs. IIPR
VOE (Vanguard Mid-Cap Value ETF) is Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while IIPR (Innovative Industrial Properties, Inc.) is a stock. Over the past 5 years, VOE returned 8.93%/yr vs -13.57%/yr for IIPR. At a 0.43 correlation, their price movements are largely independent.
Performance
VOE vs. IIPR - Performance Comparison
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Returns By Period
In the year-to-date period, VOE achieves a 12.81% return, which is significantly lower than IIPR's 32.69% return.
VOE
- 1D
- 1.10%
- 1M
- 4.37%
- YTD
- 12.81%
- 6M
- 11.83%
- 1Y
- 25.79%
- 3Y*
- 16.04%
- 5Y*
- 8.93%
- 10Y*
- 10.92%
IIPR
- 1D
- -2.07%
- 1M
- 12.06%
- YTD
- 32.69%
- 6M
- 15.09%
- 1Y
- 24.22%
- 3Y*
- 4.81%
- 5Y*
- -13.57%
- 10Y*
- —
VOE vs. IIPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOE Vanguard Mid-Cap Value ETF | 12.81% | 12.08% | 14.00% | 9.85% | -7.97% | 28.78% | 2.65% | 27.85% | -12.48% | 17.07% |
IIPR Innovative Industrial Properties, Inc. | 32.69% | -18.40% | -28.55% | 8.78% | -59.02% | 47.49% | 151.33% | 72.52% | 43.88% | 82.30% |
Correlation
The correlation between VOE and IIPR is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016 | 0.43 |
The correlation between VOE and IIPR shifts across timeframes, from 0.43 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VOE vs. IIPR — Risk / Return Rank
VOE
IIPR
VOE vs. IIPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) 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.
| VOE | IIPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.14 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 1.09 | +2.43 |
| Martin ratioReturn relative to average drawdown | 13.34 | 2.65 | +10.69 |
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Drawdowns
VOE vs. IIPR - Drawdown Comparison
The maximum VOE drawdown since its inception was -61.50%, smaller than the maximum IIPR drawdown of -78.42%. Use the drawdown chart below to compare losses from any high point for VOE and IIPR.
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Drawdown Indicators
| VOE | IIPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.50% | -78.42% | +16.92% |
Max Drawdown (1Y)Largest decline over 1 year | -6.93% | -21.29% | +14.36% |
Max Drawdown (3Y)Largest decline over 3 years | -18.45% | -62.92% | +44.47% |
Max Drawdown (5Y)Largest decline over 5 years | -19.70% | -78.42% | +58.72% |
Max Drawdown (10Y)Largest decline over 10 years | -43.18% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -68.14% | +68.14% |
Average DrawdownAverage peak-to-trough decline | -8.34% | -37.34% | +29.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.83% | 8.73% | -6.90% |
Volatility
VOE vs. IIPR - Volatility Comparison
The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 3.19%, while Innovative Industrial Properties, Inc. (IIPR) has a volatility of 9.13%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than IIPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VOE | IIPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 9.13% | -5.94% |
Volatility (6M)Calculated over the trailing 6-month period | 8.30% | 30.31% | -22.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.63% | 41.56% | -29.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.06% | 41.71% | -25.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 48.46% | -29.63% |
Dividends
VOE vs. IIPR - Dividend Comparison
VOE's dividend yield for the trailing twelve months is around 1.84%, less than IIPR's 12.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VOE Vanguard Mid-Cap Value ETF | 1.84% | 2.10% | 2.11% | 2.27% | 2.27% | 1.78% | 2.36% | 2.05% | 2.75% | 1.86% | 1.92% | 2.05% |
Frequently Asked Questions
VOE and IIPR have a correlation of 0.45, 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 VOE (3.19%). In terms of maximum drawdown, VOE dropped -61.50% vs IIPR's -78.42%.
VOE currently has the higher Sharpe Ratio (2.10 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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