Safehold (SAFE)
Market Price (5/29/2026): $15.16 | Market Cap: $1.1 BilSector: Real Estate | Industry: Other Specialized REITs
Safehold (SAFE)
Market Price (5/29/2026): $15.16Market Cap: $1.1 BilSector: Real EstateIndustry: Other Specialized REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 4.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 79% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -116% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 421% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x Key risksSAFE key risks include [1] high leverage and low interest coverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 4.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 79% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -116% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 421% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 36x |
| Key risksSAFE key risks include [1] high leverage and low interest coverage, Show more. |
Qualitative Assessment
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Updated on 5/1/2026
Safehold (SAFE) stock has gained about 10% since 1/31/2026 because of the following key factors:
1. Safehold reported strong first-quarter 2026 revenue of $110.9 million, surpassing analyst forecasts of $96.26 million and marking a 13% year-over-year increase from $97.7 million in Q1 2025.
2. The company demonstrated continued growth in its ground lease portfolio and pipeline, closing $68 million in new originations during Q1 2026 and reporting approximately $255 million in non-binding letters of intent for future investments.
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Safehold (SAFE) stock has gained about 10% since 1/31/2026 because of the following key factors:
1. Safehold reported strong first-quarter 2026 revenue of $110.9 million, surpassing analyst forecasts of $96.26 million and marking a 13% year-over-year increase from $97.7 million in Q1 2025.
2. The company demonstrated continued growth in its ground lease portfolio and pipeline, closing $68 million in new originations during Q1 2026 and reporting approximately $255 million in non-binding letters of intent for future investments.
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Stock Movement Drivers
Fundamental Drivers
The 8.8% change in SAFE stock from 1/31/2026 to 5/28/2026 was primarily driven by a 7.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.93 | 15.15 | 8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 380 | 399 | 5.1% |
| Net Income Margin (%) | 29.7% | 28.6% | -3.7% |
| P/E Multiple | 8.9 | 9.5 | 7.6% |
| Shares Outstanding (Mil) | 72 | 72 | -0.1% |
| Cumulative Contribution | 8.8% |
Market Drivers
1/31/2026 to 5/28/2026| Return | Correlation | |
|---|---|---|
| SAFE | 8.8% | |
| Market (SPY) | 9.3% | 38.5% |
| Sector (XLRE) | 7.9% | 60.5% |
Fundamental Drivers
The 7.8% change in SAFE stock from 10/31/2025 to 5/28/2026 was primarily driven by a 6.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.06 | 15.15 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 374 | 399 | 6.6% |
| Net Income Margin (%) | 27.4% | 28.6% | 4.1% |
| P/E Multiple | 9.8 | 9.5 | -2.8% |
| Shares Outstanding (Mil) | 72 | 72 | -0.1% |
| Cumulative Contribution | 7.8% |
Market Drivers
10/31/2025 to 5/28/2026| Return | Correlation | |
|---|---|---|
| SAFE | 7.8% | |
| Market (SPY) | 11.3% | 34.3% |
| Sector (XLRE) | 10.5% | 51.6% |
Fundamental Drivers
The 1.0% change in SAFE stock from 4/30/2025 to 5/28/2026 was primarily driven by a 9.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.00 | 15.15 | 1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 366 | 399 | 9.0% |
| Net Income Margin (%) | 28.9% | 28.6% | -1.2% |
| P/E Multiple | 10.1 | 9.5 | -5.8% |
| Shares Outstanding (Mil) | 71 | 72 | -0.5% |
| Cumulative Contribution | 1.0% |
Market Drivers
4/30/2025 to 5/28/2026| Return | Correlation | |
|---|---|---|
| SAFE | 1.0% | |
| Market (SPY) | 37.6% | 35.4% |
| Sector (XLRE) | 11.3% | 57.1% |
Fundamental Drivers
The -38.5% change in SAFE stock from 4/30/2023 to 5/28/2026 was primarily driven by a -29.8% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.62 | 15.15 | -38.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 288 | 399 | 38.3% |
| Net Income Margin (%) | 40.0% | 28.6% | -28.5% |
| P/E Multiple | 13.6 | 9.5 | -29.8% |
| Shares Outstanding (Mil) | 64 | 72 | -11.3% |
| Cumulative Contribution | -38.5% |
Market Drivers
4/30/2023 to 5/28/2026| Return | Correlation | |
|---|---|---|
| SAFE | -38.5% | |
| Market (SPY) | 88.5% | 35.0% |
| Sector (XLRE) | 30.4% | 64.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SAFE Return | 79% | -61% | -21% | -18% | -22% | 11% | -61% |
| Peers Return | 31% | -16% | -3% | -10% | 3% | 6% | 4% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| SAFE Win Rate | 75% | 33% | 33% | 67% | 33% | 60% | |
| Peers Win Rate | 65% | 45% | 50% | 47% | 48% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| SAFE Max Drawdown | -15% | -67% | -60% | -33% | -31% | -17% | |
| Peers Max Drawdown | -15% | -31% | -32% | -22% | -19% | -14% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMT, CCI, O, VICI, SBAC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/28/2026 (YTD)
How Low Can It Go
| Event | SAFE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.1% | -18.8% |
| % Gain to Breakeven | 16.3% | 23.1% |
| Time to Breakeven | 140 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.8% | -9.5% |
| % Gain to Breakeven | 63.4% | 10.5% |
| Time to Breakeven | 304 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.2% | -33.7% |
| % Gain to Breakeven | 157.9% | 50.9% |
| Time to Breakeven | 301 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.4% | -19.2% |
| % Gain to Breakeven | 22.6% | 23.8% |
| Time to Breakeven | 157 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.6% | -12.2% |
| % Gain to Breakeven | 68.3% | 13.9% |
| Time to Breakeven | 939 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -48.7% | -6.8% |
| % Gain to Breakeven | 94.8% | 7.3% |
| Time to Breakeven | 939 days | 15 days |
In The Past
Safehold's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.3% gain to breakeven.
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| Event | SAFE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.8% | -9.5% |
| % Gain to Breakeven | 63.4% | 10.5% |
| Time to Breakeven | 304 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.2% | -33.7% |
| % Gain to Breakeven | 157.9% | 50.9% |
| Time to Breakeven | 301 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.6% | -12.2% |
| % Gain to Breakeven | 68.3% | 13.9% |
| Time to Breakeven | 939 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -48.7% | -6.8% |
| % Gain to Breakeven | 94.8% | 7.3% |
| Time to Breakeven | 939 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.5% | -17.9% |
| % Gain to Breakeven | 65.3% | 21.8% |
| Time to Breakeven | 224 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -35.1% | -15.4% |
| % Gain to Breakeven | 54.2% | 18.2% |
| Time to Breakeven | 135 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -96.8% | -53.4% |
| % Gain to Breakeven | 3036.2% | 114.4% |
| Time to Breakeven | 4506 days | 1085 days |
In The Past
Safehold's stock fell -14.1% during the 2025 US Tariff Shock. Such a loss loss requires a 16.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Safehold (SAFE)
iStar Inc. (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on all types of properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the first publicly traded company to focus on modern ground leases, iStar is helping create a logical new approach to the way real estate is owned, and continues to use its historic strengths in finance and net lease to expand this unique platform. Recognized as a consistent innovator in the real estate markets, iStar specializes in identifying and scaling newly discovered opportunities and has completed more than $40 billion of transactions over the past two decades.
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Here are 1-3 brief analogies for Safehold (SAFE):
- Realty Income for land
- American Tower for land under buildings
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- Modern Ground Leases: Safehold offers modern and efficient ground leases to real estate owners for various property types, aiming to unlock value for them.
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Safehold (SAFE) primarily sells to other companies, specifically "real estate owners" who utilize modern ground leases.
Based on the provided background information, specific names of customer companies are not listed. However, the major categories of companies that serve as Safehold's customers, as "real estate owners," typically include:
- Real Estate Developers: Companies engaged in the development of various property types (commercial, residential, mixed-use) who may use ground leases to reduce upfront capital costs for land acquisition.
- Institutional Real Estate Investors: Entities such as Real Estate Investment Trusts (REITs), private equity funds, and pension funds that own substantial portfolios of properties and might use ground leases for capital optimization or specific investment strategies.
- Large Corporate Property Owners: Businesses that own and occupy their own real estate (e.g., headquarters, major operational facilities) and may seek to unlock capital from the underlying land through a ground lease transaction.
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- iStar Inc. (NYSE: STAR)
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Jay Sugarman, Chairman & Chief Executive Officer
Jay Sugarman has served as Chairman and Chief Executive Officer of Safehold Inc. since 2017, and has been the company's Chief Executive Officer since 1997. He was nominated to the Board based on his experience building two public companies from inception as founder and Chief Executive Officer. Prior to forming the company, he managed private investment funds for the Burden family and the Ziff family.
Michael Trachtenberg, President
Michael Trachtenberg was appointed President of Safehold Inc. in December 2025. He previously served as President of Lubert-Adler, a multibillion-dollar real estate fund manager, for nearly two decades, where he led investments, portfolio management, and structured joint ventures and recapitalizations. Before Lubert-Adler, Mr. Trachtenberg was an analyst at Merrill Lynch, gaining experience in real estate finance, capital markets, and structured transactions.
Brett Asnas, Chief Financial Officer
Brett Asnas was promoted to Chief Financial Officer of Safehold Inc. in February 2022, after serving as Executive Vice President and Head of Capital Markets since 2018. He joined iStar, Safehold's founder, in 2008. His prior experience includes roles in the real estate private equity business at Fortress Investment Group, the real estate investment banking division at Nomura Securities, and structured finance advisory at Ernst & Young LLP.
Tim Doherty, Chief Investment Officer
Tim Doherty was appointed Chief Investment Officer in January 2024. He previously served as Executive Vice President, Head of Investments, and is recognized as a long-time veteran of the business who has been instrumental in the transformation of Safehold.
Steve Wylder, EVP, Head of Investments
Steve Wylder was appointed Executive Vice President, Head of Investments, in January 2024. He previously held the role of Executive Vice President, Investments, and is considered a long-time veteran of the business who has played an instrumental role in Safehold's development.
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The key risks to Safehold (SAFE) are:- Interest Rate Sensitivity: As a company providing long-term real estate financing through ground leases, Safehold is susceptible to fluctuations in interest rates. Rising interest rates can increase the company's cost of capital, making it more expensive to acquire new ground leases. Additionally, higher interest rates could make alternative financing options more attractive to property owners, potentially reducing the demand for Safehold's ground leases and impacting its growth prospects.
- Real Estate Market Downturn and Lessee Credit Risk: Safehold's business performance is inherently linked to the health of the commercial real estate market. A significant and prolonged downturn in real estate values could lead to reduced demand for new ground leases, potentially impacting the value of Safehold's existing portfolio. More critically, a challenging real estate environment could increase the likelihood of financial distress among lessees, leading to defaults on ground lease payments and impacting Safehold's revenue streams.
- Competition and Market Adoption Risk: While iStar Inc. (NYSE: STAR) has positioned Safehold as a pioneer in "reinventing the ground lease sector," there is a risk that the "modern ground lease" model may not achieve the anticipated widespread adoption. Increased competition from other ground lease providers or alternative real estate financing structures could also emerge, potentially limiting Safehold's market share, growth opportunities, and pricing power.
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Safehold (NYSE: SAFE) focuses on modern ground leases as its main product. The addressable market for ground leases in the United States is estimated to be approximately $2.5 trillion, with some estimates suggesting a potential U.S. ground lease market of around $2.6 trillion. This represents a significant opportunity within the broader U.S. institutional real estate market.AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Safehold (SAFE) over the next 2-3 years:
- Expansion of the Ground Lease Portfolio through New Originations: Safehold's core business revolves around originating and adding new ground leases to its portfolio, which directly drives revenue growth from long-term contracts. The company aims to increase ground lease volume in 2026 compared to 2025. This strategy has led to a significant expansion of its portfolio, reaching 164 assets by the end of 2025.
- Strategic Focus on Affordable Housing: Safehold is intentionally increasing its investment in the multifamily sector, particularly affordable housing. This strategic shift is expected to generate stable, long-term cash flows and a steady pipeline of new investments due to the persistent demand in this sector.
- Enhanced Financial Flexibility and Lower Cost of Capital: The securing of a new $2.0 billion unsecured revolving credit facility and an upgrade in credit rating to A- with a stable outlook provide Safehold with substantial financial flexibility. This improved capital structure supports future deal activity and can drive down the cost of capital, making new ground lease originations more profitable.
- Introduction of New Capital Solutions: Safehold has launched new programs, such as "one-stop capital solutions," which could broaden its appeal to real estate owners and attract more customers. Expanding its offerings beyond traditional ground leases is a strategy to increase its market penetration and revenue streams.
- Increased Recognition and Potential Monetization of Unrealized Capital Appreciation (UCA) via Caret: While not a direct revenue source from ground leases, Safehold aims to improve the market's recognition of the value embedded in Caret, its proprietary structure designed to capture future land value appreciation. This focus on unlocking the "unrealized capital appreciation" of its assets, which was an estimated $9.3 billion in Q4 2025, is a stated management priority that could lead to future revenue-generating events or positively impact overall financial health.
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```htmlShare Repurchases
- In 2024, Safehold authorized a $50 million share repurchase program.
- As of Q4 2025, management indicated plans to utilize the authorized share repurchase program when market conditions are favorable and trading windows are open.
- The company reported no spending on share buybacks in Q2 2022.
Share Issuance
- Safehold issued senior notes totaling $700 million in 2024 to bolster its capital structure.
- An SEC filing from August 2023 referenced an offering of 6,500,000 shares of common stock.
- As of February 10, 2023, there were 62,397,416 shares of common stock outstanding.
Inbound Investments
- In 2025, Safehold closed a $400 million 5-year unsecured term loan.
- As of Q3 2025, Safehold maintained a strong balance sheet with approximately $4.8 billion in total debt, featuring a weighted average maturity of 19 years.
- On March 31, 2023, iStar Inc. merged with Safehold Inc., with iStar continuing as the surviving entity and adopting the Safehold Inc. name, representing a significant corporate restructuring.
Outbound Investments
- New originations in 2025 totaled $429 million, encompassing 17 new ground leases for $277 million and four leasehold loans for $152 million, increasing the aggregate ground lease portfolio to $7.1 billion.
- During Q4 2025, the company completed 10 transactions, including 9 ground leases and 1 leasehold loan, with an aggregate commitment of $167 million.
- Safehold’s strategy focuses on investing in long-term ground leases, typically targeting values at 30% to 40% of the combined property value (land, building, and improvements).
Capital Expenditures
- Safehold's business model, which involves acquiring land for ground leases, means that traditional capital expenditures on property, plant, and equipment are not a primary focus.
- The company's cash flows are generally free of maintenance capital expenditure obligations, as these responsibilities typically rest with the leasehold owner.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Safehold Earnings Notes | 12/16/2025 | |
| How Low Can Safehold Stock Really Go? | 10/17/2025 | |
| Safehold (SAFE) Operating Income Comparison | 08/08/2025 | |
| Safehold (SAFE) Debt Comparison | 08/08/2025 | |
| Safehold (SAFE) EBITDA Comparison | 08/08/2025 | |
| Safehold (SAFE) Revenue Comparison | 08/08/2025 | |
| Safehold (SAFE) Operating Cash Flow Comparison | 08/08/2025 | |
| Safehold (SAFE) Tax Expense Comparison | 08/08/2025 | |
| Safehold (SAFE) Net Income Comparison | 08/08/2025 | |
| Why Safehold Stock Moved: SAFE Stock Has Lost 81% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S) | 08/08/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to SAFE.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03272026 | SBAC | SBA Communications | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 32.4% | 32.4% | 0.0% |
| 03132026 | HIW | Highwoods Properties | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 13.3% | 13.3% | -4.1% |
| 03062026 | ARE | Alexandria Real Estate Equities | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -18.9% | -18.9% | -19.1% |
| 03062026 | VNO | Vornado Realty Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.0% | 11.0% | -8.3% |
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 13.7% | 13.7% | -5.4% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 76.39 |
| Mkt Cap | 35.0 |
| Rev LTM | 4,127 |
| Op Inc LTM | 2,353 |
| FCF LTM | 2,637 |
| FCF 3Y Avg | 2,450 |
| CFO LTM | 2,737 |
| CFO 3Y Avg | 2,702 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.3% |
| Rev Chg 3Y Avg | 6.7% |
| Rev Chg Q | 6.4% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 5.8% |
| Op Inc Chg 3Y Avg | 17.3% |
| Op Mgn LTM | 51.5% |
| Op Mgn 3Y Avg | 51.4% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 57.3% |
| CFO/Rev 3Y Avg | 56.2% |
| FCF/Rev LTM | 49.4% |
| FCF/Rev 3Y Avg | 50.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 35.0 |
| P/S | 7.8 |
| P/Op Inc | 15.8 |
| P/EBIT | 15.3 |
| P/E | 25.6 |
| P/CFO | 14.9 |
| Total Yield | 7.2% |
| Dividend Yield | 4.7% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.8% |
| 3M Rtn | -0.7% |
| 6M Rtn | 5.7% |
| 12M Rtn | -4.5% |
| 3Y Rtn | 3.4% |
| 1M Excs Rtn | -7.8% |
| 3M Excs Rtn | -10.2% |
| 6M Excs Rtn | -6.1% |
| 12M Excs Rtn | -32.9% |
| 3Y Excs Rtn | -80.7% |
Price Behavior
Price Behavior
| Market Price | $15.15 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -6.2% | |
| 50 Days | 200 Days | |
| DMA Price | $14.73 | $14.58 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 2.8% | 3.9% |
| 3M | 1YR | |
| Volatility | 32.1% | 33.4% |
| Downside Capture | 113.69 | 96.51 |
| Upside Capture | 50.40 | 73.43 |
| Correlation (SPY) | 46.0% | 32.4% |
SAFE Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | 1.01 | 0.85 | 0.90 | 0.96 | 0.89 |
| Up Beta | 0.60 | 0.65 | 0.37 | 0.81 | 1.10 | 0.79 |
| Down Beta | 2.50 | 1.48 | 1.34 | 0.97 | 0.78 | 0.62 |
| Up Capture | 86% | 92% | 124% | 102% | 78% | 70% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 20 | 34 | 67 | 125 | 353 |
| Down Capture | -302% | 119% | 62% | 85% | 107% | 107% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 23 | 30 | 57 | 126 | 393 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SAFE | |
|---|---|---|---|---|
| SAFE | 5.7% | 33.4% | 0.21 | - |
| Sector ETF (XLRE) | 11.3% | 13.3% | 0.55 | 55.3% |
| Equity (SPY) | 29.2% | 11.8% | 1.86 | 32.5% |
| Gold (GLD) | 35.7% | 26.7% | 1.12 | 6.1% |
| Commodities (DBC) | 40.2% | 18.8% | 1.66 | -20.3% |
| Real Estate (VNQ) | 13.3% | 13.0% | 0.70 | 61.2% |
| Bitcoin (BTCUSD) | -31.9% | 41.6% | -0.81 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SAFE | |
|---|---|---|---|---|
| SAFE | -19.5% | 41.5% | -0.40 | - |
| Sector ETF (XLRE) | 4.3% | 19.0% | 0.13 | 65.8% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 48.1% |
| Gold (GLD) | 18.6% | 18.0% | 0.84 | 10.9% |
| Commodities (DBC) | 10.6% | 19.4% | 0.43 | 5.1% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 69.0% |
| Bitcoin (BTCUSD) | 12.8% | 54.7% | 0.43 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SAFE | |
|---|---|---|---|---|
| SAFE | -3.2% | 46.9% | 0.11 | - |
| Sector ETF (XLRE) | 7.2% | 20.4% | 0.31 | 54.6% |
| Equity (SPY) | 15.8% | 17.9% | 0.75 | 45.2% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 5.6% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 14.3% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 59.0% |
| Bitcoin (BTCUSD) | 66.5% | 66.9% | 1.06 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why. Last Updated: 5282026