Below is the Pearson Correlation for all symbols in the VNQ REITs ETF correlated with SPY, sorted by descending correlation. The higher the number the closer the correlation. SPY Correl Symbol Name SPY 0.65 PCH PotlatchDeltic Corporation SPY 0.64 RYN Rayonier Inc SPY 0.63 WY Weyerhaeuser Company SPY 0.59 STAG STAG Industrial, Inc SPY 0.59 PLD Prologis, Inc SPY 0.58 MNR Monmouth Real Estate Investment Corporation SPY 0.57 TRNO Terreno Realty Corporation SPY 0.57 ILPT Industrial Logistics Properties Trust SPY 0.57 LXP Lexington Realty Trust SPY 0.56 ARE Alexandria Real Estate Equities, Inc SPY 0.56 EGP EastGroup Properties, Inc SPY 0.56 INVH Invitation Homes Inc SPY 0.56 WPC W. P. Carey Inc SPY 0.55 OFC Corporate Office Properties Trust SPY 0.55 GLPI Gaming and Leisure Properties, Inc SPY 0.55 FR First Industrial Realty Trust, Inc SPY 0.55 AMT American Tower Corporation (REIT) SPY 0.54 VER VEREIT, Inc SPY 0.54 AMH American Homes 4 Rent SPY 0.53 STAR iStar Inc SPY 0.53 LAMR Lamar Advertising Company (REIT) SPY 0.53 HR Healthcare Realty Trust Incorporated SPY 0.52 GTY Getty Realty Corp SPY 0.52 PSB PS Business Parks, Inc SPY 0.52 RMAX RE/MAX Holdings, Inc SPY 0.51 EQIX Equinix, Inc. (REIT) SPY 0.51 DOC Physicians Realty Trust SPY 0.51 GNL Global Net Lease, Inc SPY 0.50 DRE Duke Realty Corporation SPY 0.50 CTRE CareTrust REIT, Inc SPY 0.50 HIW Highwoods Properties, Inc SPY 0.49 IIPR Innovative Industrial Properties, Inc SPY 0.49 QTS QTS Realty Trust, Inc SPY 0.49 OUT Outfront Media Inc. (REIT) SPY 0.49 CCI Crown Castle International Corp. (REIT) SPY 0.49 FCPT Four Corners Property Trust, Inc SPY 0.49 PEAK Healthpeak Properties, Inc SPY 0.48 APLE Apple Hospitality REIT, Inc SPY 0.48 CUZ Cousins Properties Incorporated SPY 0.48 KW Kennedy-Wilson Holdings, Inc SPY 0.48 VICI VICI Properties Inc SPY 0.48 UMH UMH Properties, Inc SPY 0.48 ADC Agree Realty Corporation SPY 0.48 MGP MGM Growth Properties LLC SPY 0.47 ELS Equity LifeStyle Properties, Inc SPY 0.47 CWK Cushman & Wakefield plc SPY 0.47 GMRE Global Medical REIT Inc SPY 0.47 STOR STORE Capital Corporation SPY 0.46 SBRA Sabra Health Care REIT, Inc SPY 0.45 CBRE CBRE Group, Inc SPY 0.45 MPW Medical Properties Trust, Inc SPY 0.45 AVB AvalonBay Communities, Inc SPY 0.45 UHT Universal Health Realty Income Trust SPY 0.45 GOOD Gladstone Commercial Corporation SPY 0.45 IRET Investors Real Estate Trust SPY 0.44 MAA Mid-America Apartment Communities, Inc SPY 0.44 IRM Iron Mountain Incorporated SPY 0.44 HTA Healthcare Trust of America, Inc SPY 0.44 SRC Spirit Realty Capital, Inc SPY 0.44 IRT Independence Realty Trust, Inc SPY 0.43 O Realty Income Corporation SPY 0.43 REXR Rexford Industrial Realty, Inc SPY 0.43 ESS Essex Property Trust, Inc SPY 0.43 FOR Forestar Group Inc SPY 0.43 UNIT Uniti Group Inc SPY 0.43 DEA Easterly Government Properties, Inc SPY 0.42 BDN Brandywine Realty Trust SPY 0.42 PDM Piedmont Office Realty Trust, Inc SPY 0.42 LTC LTC Properties, Inc SPY 0.42 EQR Equity Residential SPY 0.42 COR CoreSite Realty Corporation SPY 0.42 RLGY Realogy Holdings Corp SPY 0.42 CHCT Community Healthcare Trust Incorporated SPY 0.42 KRC Kilroy Realty Corporation SPY 0.41 OLP One Liberty Properties, Inc SPY 0.41 COLD Americold Realty Trust SPY 0.41 NXRT NexPoint Residential Trust, Inc SPY 0.41 UDR UDR, Inc SPY 0.41 MMI Marcus & Millichap, Inc SPY 0.41 NMRK Newmark Group, Inc SPY 0.41 DEI Douglas Emmett, Inc SPY 0.41 JOE The St. Joe Company SPY 0.40 WELL Welltower Inc SPY 0.40 CONE CyrusOne Inc SPY 0.40 WRE Washington Real Estate Investment Trust SPY 0.40 NNN National Retail Properties, Inc SPY 0.40 VTR Ventas, Inc SPY 0.40 SUI Sun Communities, Inc SPY 0.39 RMR The RMR Group Inc SPY 0.39 ACC American Campus Communities, Inc SPY 0.39 CLNY Colony Capital, Inc SPY 0.39 SHO Sunstone Hotel Investors, Inc SPY 0.39 DLR Digital Realty Trust, Inc SPY 0.39 TRC Tejon Ranch Co SPY 0.39 WRI Weingarten Realty Investors SPY 0.39 ALX Alexander's, Inc SPY 0.39 SVC Service Properties Trust SPY 0.38 EPRT Essential Properties Realty Trust, Inc SPY 0.38 NHI National Health Investors, Inc SPY 0.38 RDFN Redfin Corporation SPY 0.38 CTT CatchMark Timber Trust, Inc SPY 0.38 CXP Columbia Property Trust, Inc SPY 0.38 AFIN American Finance Trust, Inc SPY 0.38 JLL Jones Lang LaSalle Incorporated SPY 0.37 SLG SL Green Realty Corp SPY 0.37 RHP Ryman Hospitality Properties, Inc SPY 0.37 RLJ RLJ Lodging Trust SPY 0.37 HHC The Howard Hughes Corporation SPY 0.36 HPP Hudson Pacific Properties, Inc SPY 0.36 RPAI Retail Properties of America, Inc SPY 0.36 JBGS JBG SMITH Properties SPY 0.36 SITC SITE Centers Corp SPY 0.36 OPI Office Properties Income Trust SPY 0.36 BRX Brixmor Property Group Inc SPY 0.36 NSA National Storage Affiliates Trust SPY 0.35 OHI Omega Healthcare Investors, Inc SPY 0.35 AHH Armada Hoffler Properties, Inc SPY 0.35 ALEX Alexander & Baldwin, Inc SPY 0.35 RPT RPT Realty SPY 0.34 KIM Kimco Realty Corporation SPY 0.34 BXP Boston Properties, Inc SPY 0.34 CPT Camden Property Trust SPY 0.34 SAFE Safehold Inc SPY 0.34 SBAC SBA Communications Corporation SPY 0.34 SPG Simon Property Group, Inc SPY 0.34 DRH DiamondRock Hospitality Company SPY 0.34 VNO Vornado Realty Trust SPY 0.34 KRG Kite Realty Group Trust SPY 0.34 HST Host Hotels & Resorts, Inc SPY 0.34 WSR Whitestone REIT SPY 0.34 PEB Pebblebrook Hotel Trust SPY 0.33 CORR CorEnergy Infrastructure Trust, Inc SPY 0.33 AAT American Assets Trust, Inc SPY 0.33 CLDT Chatham Lodging Trust SPY 0.33 XHR Xenia Hotels & Resorts, Inc SPY 0.33 UE Urban Edge Properties SPY 0.33 BFS Saul Centers, Inc SPY 0.32 EXPI eXp World Holdings, Inc SPY 0.32 SRG Seritage Growth Properties SPY 0.32 INN Summit Hotel Properties, Inc SPY 0.32 CPLG CorePoint Lodging Inc SPY 0.32 PK Park Hotels & Resorts Inc SPY 0.31 FRT Federal Realty Investment Trust SPY 0.31 ESRT Empire State Realty Trust, Inc SPY 0.31 PGRE Paramount Group, Inc SPY 0.30 CUBE CubeSmart SPY 0.30 SNR New Senior Investment Group Inc SPY 0.30 REG Regency Centers Corporation SPY 0.30 ROIC Retail Opportunity Investments Corp SPY 0.29 HT Hersha Hospitality Trust SPY 0.29 TCO Taubman Centers, Inc SPY 0.29 DHC Diversified Healthcare Trust SPY 0.28 UBA Urstadt Biddle Properties Inc SPY 0.28 AKR Acadia Realty Trust SPY 0.28 CDR Cedar Realty Trust, Inc SPY 0.28 EPR EPR Properties SPY 0.28 FSP Franklin Street Properties Corp SPY 0.28 CIO City Office REIT, Inc SPY 0.27 LSI Life Storage, Inc SPY 0.27 EXR Extra Space Storage Inc SPY 0.27 AIV Apartment Investment and Management Company SPY 0.26 MAC The Macerich Company SPY 0.26 GEO The GEO Group, Inc SPY 0.26 RVI Retail Value Inc SPY 0.25 PSA Public Storage SPY 0.25 SKT Tanger Factory Outlet Centers, Inc SPY 0.25 EQC Equity Commonwealth SPY 0.24 WPG Washington Prime Group Inc SPY 0.23 CLI Mack-Cali Realty Corporation SPY 0.23 APTS Preferred Apartment Communities, Inc SPY 0.23 BHR Braemar Hotels & Resorts, Inc SPY 0.23 CXW CoreCivic, Inc SPY 0.09 ASPS Altisource Portfolio Solutions S.A SPY 0.09 JCAP Jernigan Capital, Inc SPY 0.08 FPH Five Point Holdings, LLC SPY 0.08 RESI Front Yard Residential Corporation
If a REIT has a beta of 1 or greater it's entirely correlated with the market. If it has a beta of 0 it's entirely uncorrelated with the market. If it has a negative beta it's negatively correlated with the market in the same manner. If you want a qualitative answer for your question, which appeared to be what you were looking for, beta provides exactly that and is easy to find anywhere. If you're actually looking at building a MPT portfolio and want to see how a specific REIT correlates to your specific portfolio which is different from the S&P 500 you can dig deeper, but beta effectively is a measure of the correlation of the systemic risk of a security to the S&P 500. No need to make this any more complicated than it already is!
One of the richest men in America, and by far the largest landowner: John Malone says he's buying hard assets like housing in bet on currency devaluation Published Thu, Nov 19 20209:17 AM ESTUpdated 2 Hours Ago Yun Li@YunLi626 Key Points Liberty Media Chairman John Malone said he's increasingly invested in hard assets like housing and commodities. Malone also told CNBC he sees "substantial interests" in multifamily housing. The media icon revealed that he bought irrigated farms. Sorry guys, I can't help it lol. Early? Or vision?