The takeaway
Innovative Industrial Properties Inc shows a moderate seasonal pattern over 10 years of data — strongest in September (+2.6%) and softest in October (−1.4%).
Right now
In July, the stock has risen 56% of years, averaging +0.4%, roughly 1.7 pts behind the S&P 500.
The full picture
Innovative Industrial Properties Inc's most dependable month has been September, higher in 7 of 9 years; October has been its least reliable, up just 33% of the time.
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Month by month
The stock's clearest edge over the S&P 500 lands in August (+8.0 pts); it has trailed the market most in March (−3.1 pts).
“vs S&P” is Innovative Industrial Properties Inc’s average for a month minus the S&P 500’s average for that same month — isolating Innovative Industrial Properties Inc’s own seasonal edge from broad market drift.
Reality check
Over the last 5 years, September has closed higher 60% of the time versus 78% across the last 10 years — the pattern is weakening.
Figures are the typical (median) September return and how often it rose — the last 5 years versus the last 10(the heatmap’s default window). This verdict stays anchored to that 10-year window even if you zoom the chart, so it never disagrees with the badges above.
In plain English
This is a stock you can almost set a calendar by, and September is the anchor — it has closed higher in 7 of 9 Septembers, the steadiest beat on its year.
The strength looks broad-based rather than freakish: its average (+2.6%) and median (+1.7%) sit close together, so no single blow-out year is flattering the figure. Few months are steadier: September's returns vary by just 7.7% year to year. Better still, that strength is the stock's own and not just a buoyant market — September has outpaced the S&P 500 by +2.7 points on average. It is the more striking for the company it keeps — September is a losing month for most of the market, where barely 39% of names gain ground.
It doesn't stand entirely alone — May, June, and August have leaned firm as well, if less emphatically. At the other end of the calendar, October has been the soft spot — the weakest of 2 months that average a loss (−1.4%), and the edge isn't year-round — the stock has trailed the S&P 500 in March, October, and July. Its roughest month on record was a −37.9% December in 2024 — a reminder of how hard even a seasonal name can fall.
The pattern has softened of late, September's last five years slipping below its longer-run record.
For a stock this dependable in September, the sharper question is the rest of the year — outside its strong stretch, the calendar gives far less to lean on. With returns that swing hard year to year, the signal is best held loosely.
Short answers on the stock's best month (September), its worst (October), and whether it really trades seasonally.
Yes, to a moderate degree. Since 2016 its best month (September, +2.6%) has run well ahead of its worst (October, −1.4%) — the heatmap above shows how steady that gap has been year to year.
September has been the strongest, averaging +2.6% and closing higher in 7 of 9 years since 2016.
It's the weakest, averaging −1.4% — historically a soft spot, though it still varies from year to year.
Explore
These names have the strongest July track records on record — a starting point for comparison.
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