S&P 500 vs US REITs over 15 years?
This page compares 15 years of steady monthly investing into an S&P 500 ETF (SPY) and a US REIT ETF (VNQ), using the comparison calculator. It weighs REIT dividends against stock growth, alongside rate sensitivity and the 2020 direct hit.
Investment conditions
Asset · S&P 500 ETF (SPY) vs US REIT ETF (VNQ)
Method · Comparison
The key is that REITs carry 'a different risk from stocks.' REITs are attractive for dividends but sensitive to rates and the property market, and in certain phases (2020, 2022) they swung more than stocks. In the comparison calculator, review each asset's ending balance together with its maximum drawdown and recovery period. Note too that actual total return can vary with how dividends are reinvested and taxed. Rather than simply which return was higher, focus on how the two assets responded in different environments.
Open in comparison calculatorWhy this period and asset
REITs (VNQ) are listed trusts investing in real estate—offices, retail, logistics, and residential—characterized by dividends based on rental income. Where stocks (SPY) are a growth asset tracking corporate earnings growth, REITs are sensitive to the property market and interest rates. Over the past 15 years, REITs provided steady dividends but fell sharply in the 2020 pandemic phase amid office and commercial real-estate worries, and were pressured again during the 2022 rate surge. When rates rise, the appeal of real-estate assets relatively declines and funding costs increase.
Caveats & limits
This comparison reflects one specific past period, and results can change with the start or end date. REITs are sensitive to rates and the property market, and actual total return can vary with dividend taxes and reinvestment. Past performance does not guarantee the future. In real investing, fees, taxes, and exchange rates (for dollar-denominated assets) affect outcomes. This page recommends no purchase; it is educational material comparing character.
Data sources & limits
- Trading fees and taxes are not reflected — figures are pre-tax.
- Based on historical data; does not guarantee future returns.
Frequently asked questions
Which is better, the S&P 500 or REITs?
Neither is always better. REITs are attractive for dividends but sensitive to rates and property, and in certain phases fell more than stocks. Use the comparison calculator to view return and drawdown side by side.
How do the risks differ?
Stocks are sensitive to corporate earnings and the economy; REITs are especially sensitive to rates and the property market. In phases like 2020 and 2022, when rate and property worries grew, REIT drawdowns were sometimes deeper.
What should I use as the basis for comparison?
Look beyond the final return to maximum drawdown, time underwater, and recovery period. Because REIT dividends' actual outcome depends on tax and reinvestment treatment, factor that in as well.
Related scenarios
📋 结果基于历史数据计算,过去的收益不代表未来的收益。
📋 本服务旨在帮助理解投资、供教育之用,并非投资建议。
⚠️ 各资产的波动性与风险水平不同,仅凭收益率无法判断孰优孰劣。