Reference Data Tables › Alternative Asset Reference Tables
Alternative Asset Reference Tables
Alternative asset reference tables provide the historical return, volatility, and correlation data for asset classes outside traditional stocks and bonds. Gold, real estate, commodities, and other alternatives are evaluated differently from equities, and understanding their historical performance during different market environments is the first step in evaluating whether they belong in a given portfolio.
Direct Answer
Alternative assets include real estate, precious metals, commodities, private equity, hedge funds, and infrastructure. Reference tables for alternatives focus on long-run return history, volatility relative to equities, and correlation to stocks and bonds during different market conditions. The diversification value of alternatives depends heavily on their correlation to the rest of the portfolio, which historically varies by the severity of market stress.
Common questions
How does gold perform during equity market downturns?
Gold has historically provided partial protection during equity drawdowns, but the relationship is inconsistent. During liquidity crises (like March 2020 or the 2008 financial crisis), gold often sells off alongside equities as investors raise cash. Over longer periods of sustained market stress, and particularly during inflationary episodes, gold has historically maintained or increased purchasing power while equities struggled. The diversification benefit of gold is strongest over multi-year periods of dollar weakness or inflation, not necessarily during sharp short-term market drops.
What return series is used as the benchmark for real estate investment performance?
The two most common benchmarks for US real estate returns are the NCREIF Property Index (NPI), which tracks institutionally owned private commercial real estate on an appraised-value basis, and the FTSE Nareit All Equity REITs Index, which tracks publicly traded REITs and reflects actual transaction prices. The NCREIF index smooths returns due to appraisal-based valuation; the REIT index is more volatile because it reflects daily market prices. Direct real estate and REIT returns can diverge significantly over short periods despite ultimately tracking the same underlying asset values.
Every guide in this section
5 guides in this section.
All guides
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Commodity Return History Reference
Annual total returns for major commodity indices and individual commodities including gold, oil, agriculture, and metals from 2000 to 2024.
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Hedge Fund Strategy Classification Reference
Reference table classifying hedge fund strategies by type, typical leverage, return target, and market correlation, from long-short equity to global macro.
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Private Equity Returns Reference
Historical private equity returns by strategy and vintage year compared to public equity benchmarks, including IRR and PME data.
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Real Estate Investment Return History Reference
Historical returns for U.S. real estate investment including REITs, direct real estate, and residential real estate versus stocks and bonds.
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Venture Capital Returns Reference
Venture capital return data by stage, vintage year, and fund size, with power law distribution characteristics and sector comparisons.