REITs have had an excellent rebound from the March lows (as have most stock groups). The Dow Jones REIT Index more than doubled by September, then pulled back 15%. Since then it has rebounded 15% but has not been able to take out its earlier high (but as of December 14, it needs only 2 points).

REITs were market leaders for 7 months when investors were embracing risk, but since then have been laggards even though investors continue to accept risk for bigger rewards.