REITs have been underperforming the S&P 500 and Russell 2000 indexes all year, according to an analysis by BTIG.

On a total return year-to-date basis, FTSE NAREIT equity REITs saw a 10.8% increase through December 6. But the S&P 500 was up 27.7% and the Russell 2000 up 18.8% over the same period. On a fourth quarter-to-date basis, REITs were down 1.5%, with the S&P 500 up 5.7% and the Russell 2000 up 8.0%. And for the week ending December 6, 2024, REITs were down 2.5%, S&P 500 up 1.0%, and the Russell 2000 down 1.1%. Even on a trailing 12-month basis, REITs were up 17.7%, S&P 500 was up 32.8%, and Russell 2000 was up 28.9%.

On a year-to-date total return basis, property type REITs varied significantly: malls (35.0%), data centers (32.5%), healthcare (29.8%), office (26.4%), and multifamily (24.5%), strip center (21.8%), storage (9.2%), free-standing (7.2%), hotel (3.9%), single-family rentals (2.5%), manufactured homes (-1.1%), infrastructure (-4.8%), and industrial (-13.4%).