REITs vs the S&P 500

## What this measures

How U.S. real estate investment trusts (REITs, held through the VNQ fund) have done against U.S. large caps (the S&P 500, through SPY), from price changes alone.

## Why it matters

REITs own offices, apartments, warehouses, data centers and other property, and borrow heavily to do it, so they are sensitive to interest rates. A falling line means investors are paying less for real estate income relative to the rest of the market.

## How to read it

100 is the value on the first day both funds have a close in Palanor's record. A reading of 50 means REITs have done half as well as the S&P 500 since then.

## What it does not say

Prices exclude dividends, and REITs pay out most of their income, so on a total-return basis the gap is smaller than this line shows. The funds carry their own fees.

## Source

Received through a licensed market data provider. Ratio computed by Palanor.