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Weekly VNQ trailing 12-month distribution yield minus the 10-year Treasury yield, plotted against subsequent 12-year annualised VNQ returns. The red line on the scatter plot is the linear fit used for the Forecasts page.

US REITs — VNQ

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Weekly VNQ distribution yield spread versus 10-year Treasury yield

Scatter of VNQ yield spread versus subsequent 12-year annualised return