| dc.description.abstract | In today′s high inflation, the durable goods of real estate are regarded as the class of assets that are capable of anti-inflation. However, due to the huge down-payment and cost, people have to sacrifice their long term living quality or bear loadings from loans etc. By alternatively entering into the real estate market through real estate investment trusts can easily grasp the capital gains and income flow of real estate investment yet avoid those burdens. As such, a question naturally arises: Is it better to invest the S&P 500 or real estate investment trusts (REITs)? It is the subject of this study. It selects seven out of the top ten market capitalizations of DOW JONES U.S. REAL ESTATE INDEX (DJUSRE) in the United States, from 2000 to 2022 as the research objects. Using ANOVA, Sharpe ratio and Market Model regression test, it is found that most of the REITs when compared to the S&P 500 index, some α are relatively significant and higher than the market, while the β is lower. Therefore, it suggests that once a REITs is included in the retirement investment portfolio, it can obtain better performance than the market and it’s also the best retirement allocation as a defensive asset. | en_US |