在通膨高漲之現今，不動產耐久財被視為最具抗通膨之資產，然而因其投資金額較大，一般人必需犠牲較長期間物質慾望、負擔貸款等多方壓力下才能擁有，故若改以不動產投資信託方式進入房地產市場，可以輕鬆掌握不動產投資之資本利得及收益。而在面臨多樣商品投資資源下，直接投資 S&P 500 或代表房地產的房地投資信託 (REITs) 何者較優？乃本研究探討之主題。內容則以美國 DOW JONES U.S. REAL ESTATE INDEX (DJUSRE) 前十大市值，七支橫跨2000年至2022年精選 REITs 作為探討對象，利用 ANOVA、夏普比率及市場模型 （Market Model） 迴歸檢定，發現大部份 、REITs 相對於 S&P 500 指數有部分 α 皆顯著且高於大盤，而 β 風險係數卻較低；故依據本研究發現 REITs 納入退休投資組合，可獲得優於大盤之報酬且亦為防禦性資產投資之最佳配置。;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.
