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Relative Intelligence · Retail REITs

How Simon Property Group (SPG) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SPG alone. It places SPG (Simon Property Group, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SPG stands in the market, and of the alternatives worth a closer look.

Period covered: SPG's full trading record, from December 1993 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against SPG →Chart SPG vs. 21 alternatives →
On this page12 sections

Key findings

How much would $10,000 in SPG have grown?

This chart tracks a hypothetical $10,000 investment in SPG over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SPG over the same span and SPG's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 241 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AMZN$11M+114,749% total · +27.5% a year
  • TJX$958,745+9,487% total · +17.0% a year
  • COST$727,732+7,177% total · +15.9% a year
  • RY$442,765+4,328% total · +14.0% a year
  • WMT$272,033+2,620% total · +12.1% a year
  • SPG$257,044+2,470% total · +11.8% a year
  • ADC$205,556+1,956% total · +11.0% a year
  • GTY$150,208+1,402% total · +9.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • MAC$37,770+278% total · +4.7% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 770 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • WMT$23,813+138% total · +18.9% a year
  • RY$23,646+136% total · +18.8% a year
  • PSMT$23,465+135% total · +18.6% a year
  • TJX$21,559+116% total · +16.6% a year
  • COST$21,378+114% total · +16.4% a year
  • SPG$20,152+102% total · +15.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MAC$16,662+66.6% total · +10.8% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • PLD$11,993+19.9% total · +3.7% a year
Change the dates or add tickers to this chart in EasyCompare

SPG at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$67B
Industry
REIT - Retail
Price history from
December 1993

Returns

Past 1 year
+21.4%total return
Past 3 years
+126%+31.2% a year
Past 5 years
+86.3%+13.2% a year
Past 10 years
+74.3%+5.7% a year
Best calendar year
+95.7%2021
Worst calendar year
−38.6%2020
Losing years
10 of 29full calendar years

Risk

Volatility
25.9%typical yearly swing, 5 years
Sharpe ratio
0.61return per unit of risk, 5 years
Worst decline ever
−77.3%Aug 2016 to Apr 2020
From its all-time high
−11.6%below the peak

SPG against the whole market

Where SPG ranks among every stock and fund, and what across the market has done better.

How does SPG rank among all stocks?

This section ranks SPG on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how SPG stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureSPGRankStanding
1-year return+21.4%1,199 of 3,287top 36%
3-year return+126%733 of 3,017top 24%
5-year return+86.3%777 of 2,893top 27%
10-year return+74.3%1,455 of 2,202bottom 35%
Volatility, 5 years25.9%397 of 2,893top 14%
Sharpe ratio, 5 years0.61644 of 2,893top 22%
Worst decline, past 10 years−75.3%1,472 of 2,187bottom 34%

What has beaten SPG on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). SPG sits where the dashed lines cross. Anything in the green box above and to the left earned more than SPG with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SPG; faint dots are 72 more of the 102 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%30.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SPGJPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%EPD: +16.4% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%CCEP: +19.7% a year, volatility 23.2%FAST: +15.8% a year, volatility 24.6%AME: +14.4% a year, volatility 22.1%ACGL: +20.1% a year, volatility 24.5%WRB: +18.9% a year, volatility 22.9%SPMO: +18.7% a year, volatility 20.8%OEF: +14.3% a year, volatility 17.8%EWT: +20.4% a year, volatility 24.2%IOO: +15.7% a year, volatility 17.2%VLUE: +15.9% a year, volatility 18.4%FLTW: +21.8% a year, volatility 24.3%MLPX: +18.6% a year, volatility 19.7%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IXC: +20.7% a year, volatility 23.2%EUFN: +18.5% a year, volatility 21.8%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BATRA: +15.3% a year, volatility 22.0%PWB: +14.8% a year, volatility 22.2%CHCO: +15.9% a year, volatility 22.8%THG: +14.4% a year, volatility 22.9%DBJP: +20.9% a year, volatility 19.2%ATO: +14.9% a year, volatility 18.4%CRAK: +19.8% a year, volatility 20.9%GSG: +15.3% a year, volatility 22.9%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%NI: +15.1% a year, volatility 20.3%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%QQQ: +14.5% a year, volatility 23.0%ORI: +17.0% a year, volatility 22.2%MSI: +14.8% a year, volatility 23.6%NVS: +17.1% a year, volatility 20.7%GLD: +17.7% a year, volatility 18.9%WMB: +24.6% a year, volatility 24.0%AMLP: +16.1% a year, volatility 18.9%ORLY: +15.9% a year, volatility 23.4%ETR: +19.2% a year, volatility 22.4%SDCI: +20.6% a year, volatility 18.4%HIG: +15.6% a year, volatility 22.0%DFIV: +14.8% a year, volatility 16.4%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%OHI: +16.4% a year, volatility 24.2%PAVE: +14.9% a year, volatility 21.6%ITA: +14.6% a year, volatility 20.4%CTRE: +16.7% a year, volatility 24.6%ACT: +20.5% a year, volatility 24.3%EMLP: +14.9% a year, volatility 14.5%WTM: +15.4% a year, volatility 23.6%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%VFMF: +14.3% a year, volatility 17.6%SPG: +13.2% a year, volatility 25.9%SPY (S&P 500): +12.7% a year, volatility 17.1%TJX: +19.9% a year, volatility 22.3%ADC: +3.4% a year, volatility 18.9%GTY: +3.5% a year, volatility 20.8%PSMT: +18.6% a year, volatility 28.2%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%TRNO: +1.4% a year, volatility 24.9%REXR: −7.1% a year, volatility 27.7%KO: +14.7% a year, volatility 16.8%CB: +15.7% a year, volatility 20.4%RY: +17.3% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%RSG: +13.9% a year, volatility 18.5%CAH: +42.1% a year, volatility 24.7%RNR: +20.1% a year, volatility 27.8%SPGSPY (S&P 500)TJXADCGTYPSMTWMTCOSTTRNOREXRKOCBRYDXJLVHICAHRNR10.0%15.0%20.0%25.0%30.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SPGJPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%EPD: +16.4% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%CCEP: +19.7% a year, volatility 23.2%FAST: +15.8% a year, volatility 24.6%AME: +14.4% a year, volatility 22.1%ACGL: +20.1% a year, volatility 24.5%WRB: +18.9% a year, volatility 22.9%SPMO: +18.7% a year, volatility 20.8%OEF: +14.3% a year, volatility 17.8%EWT: +20.4% a year, volatility 24.2%IOO: +15.7% a year, volatility 17.2%VLUE: +15.9% a year, volatility 18.4%FLTW: +21.8% a year, volatility 24.3%MLPX: +18.6% a year, volatility 19.7%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IXC: +20.7% a year, volatility 23.2%EUFN: +18.5% a year, volatility 21.8%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BATRA: +15.3% a year, volatility 22.0%PWB: +14.8% a year, volatility 22.2%CHCO: +15.9% a year, volatility 22.8%THG: +14.4% a year, volatility 22.9%DBJP: +20.9% a year, volatility 19.2%ATO: +14.9% a year, volatility 18.4%CRAK: +19.8% a year, volatility 20.9%GSG: +15.3% a year, volatility 22.9%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%NI: +15.1% a year, volatility 20.3%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%QQQ: +14.5% a year, volatility 23.0%ORI: +17.0% a year, volatility 22.2%MSI: +14.8% a year, volatility 23.6%NVS: +17.1% a year, volatility 20.7%GLD: +17.7% a year, volatility 18.9%WMB: +24.6% a year, volatility 24.0%AMLP: +16.1% a year, volatility 18.9%ORLY: +15.9% a year, volatility 23.4%ETR: +19.2% a year, volatility 22.4%SDCI: +20.6% a year, volatility 18.4%HIG: +15.6% a year, volatility 22.0%DFIV: +14.8% a year, volatility 16.4%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%OHI: +16.4% a year, volatility 24.2%PAVE: +14.9% a year, volatility 21.6%ITA: +14.6% a year, volatility 20.4%CTRE: +16.7% a year, volatility 24.6%ACT: +20.5% a year, volatility 24.3%EMLP: +14.9% a year, volatility 14.5%WTM: +15.4% a year, volatility 23.6%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%VFMF: +14.3% a year, volatility 17.6%SPG: +13.2% a year, volatility 25.9%SPY (S&P 500): +12.7% a year, volatility 17.1%TJX: +19.9% a year, volatility 22.3%ADC: +3.4% a year, volatility 18.9%GTY: +3.5% a year, volatility 20.8%PSMT: +18.6% a year, volatility 28.2%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%TRNO: +1.4% a year, volatility 24.9%REXR: −7.1% a year, volatility 27.7%KO: +14.7% a year, volatility 16.8%CB: +15.7% a year, volatility 20.4%RY: +17.3% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%RSG: +13.9% a year, volatility 18.5%CAH: +42.1% a year, volatility 24.7%RNR: +20.1% a year, volatility 27.8%SPGSPY (S&P 500)TJXADCGTYPSMTWMTCOSTTRNOREXRKOCBRYDXJLVHICAHRNR
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than SPG?

Investments that beat SPG over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat SPG over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks SPG's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SPG follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SPG's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SPG's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than SPG's.

Screen the whole market against SPG for any period in BetterThanSPYOpen these 17 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with SPG?lower diversifies moreExpenseper year
SPGSimon Property Group, Inc. · this page
+13.2%25.9%0.61−75.3%+74.3%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.750.09%
Popular alternativesbest 3 shownThe investments people most often weigh against SPG. 3 of 21 passed at least one test.
TJXThe TJX Companies, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+19.9%22.3%0.93−42.5%+361%0.64—
ADCAgree Realty Corporation · Retail REITs
Smaller losses in recent crashes+3.4%18.9%0.27−39.0%+110%0.50—
GTYGetty Realty Corp. · REIT - Retail
Smaller losses in recent crashes+3.5%20.8%0.27−47.8%+114%0.60—
Same and neighboring categories, and shared themesbest 5 shownEverything else in Retail REITs and the categories next to it (Net Lease REITs, Discount Retail, Industrial REITs, Grocery Stores), plus SPG's specific themes. 5 of 19 passed at least one test.
PSMTPriceSmart, Inc. · Discount Retail
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.6%28.2%0.75−53.2%+124%0.42—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.46—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.4%22.9%0.82−31.4%+685%0.57—
TRNOTerreno Realty Corporation · Industrial REITs
Smaller losses in recent crashes+1.4%24.9%0.18−39.1%+221%0.63—
REXRRexford Industrial Realty, Inc. · Industrial REITs
Smaller losses in recent crashes−7.1%27.7%-0.13−58.7%+120%0.60—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 619 of 3,593 passed at least one test.
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.7%16.8%0.91−37.0%+204%0.41—
CBChubb Limited · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+15.7%20.4%0.82−42.6%+248%0.55—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.66—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.340.48%
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.650.40%
RSGRepublic Services, Inc. · Environmental Services
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.39—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.31—
RNRRenaissanceRe Holdings Ltd. · Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+20.1%27.8%0.80−40.7%+215%0.22—
What these numbers mean for SPG
Annual return
SPG returned 13.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
SPG's volatility over the past 5 years was 25.9%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPG's return lands within 25.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
SPG's Sharpe ratio over the past 5 years was 0.61, against 0.79 for the S&P 500, so SPG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
SPG's worst fall from a peak to a low over the past 10 years was 75.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 75.3% fall takes a 306% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SPG's monthly returns had a correlation of 0.75 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SPG instead: the lower it is, the more that option would diversify a SPG holding. Guide: Correlation and diversification →
Show all 102 stocks and funds worth at least $500 million that earned more than SPG with less volatility

Out of 3,633 tested over 5 years. The strongest 80 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with SPGExpense
1
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.41—
2
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.55—
3
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.66—
4
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.72—
5
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.36—
6
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.340.48%
7
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.650.40%
8
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.39—
9
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.50—
10
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.26—
11
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.56—
12
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.27—
13
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.49—
14
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.69—
15
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.66—
16
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.57—
17
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.44—
18
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.37—
19
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.66—
20
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.47—
21
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.57—
22
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.62—
23
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.45—
24
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.51—
25
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.69—
26
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.41—
27
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.38—
28
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.640.13%
29
OEFiShares S&P 100 ETF · US Large-Cap Equity
Whole market+14.3%17.8%0.84−31.4%+367%0.670.20%
30
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.440.59%
31
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.660.40%
32
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.690.15%
33
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.430.19%
34
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.580.45%
35
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.560.50%
36
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.53—
37
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.340.37%
38
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.660.49%
39
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—0.620.15%
40
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.520.49%
41
BATRAAtlanta Braves Holdings, Inc. · Entertainment
Whole market+15.3%22.0%0.76−54.2%+224%0.56—
42
PWBInvesco Large Cap Growth ETF · Broad Market
Whole market+14.8%22.2%0.74−32.4%+409%0.630.55%
43
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.59—
44
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.41—
45
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.390.45%
46
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.52—
47
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.300.61%
48
GSGiShares S&P GSCI Commodity-Indexed Trust · Commodities
Whole market+15.3%22.9%0.74−57.6%+144%-0.040.75%
49
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.530.95%
50
NANRState Street SPDR S&P North American Natural Resources ETF · Broad Market
Whole market+17.4%22.6%0.83−49.1%+241%0.450.35%
51
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.53—
52
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.530.70%
53
GVALCambria Global Value ETF · International
Whole market+14.4%18.7%0.82−46.8%+173%0.610.68%
54
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.560.18%
55
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.0%22.2%0.82−47.8%+349%0.62—
56
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.53—
57
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.43—
58
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.080.40%
59
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.49—
60
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.461.01%
61
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.44—
62
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.42—
63
WMTWalmart Inc. · Discount Retail
Same or nearby category+20.8%22.6%0.96−25.7%+508%0.46—
64
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.040.80%
65
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.6%22.0%0.77−57.6%+294%0.60—
66
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.670.27%
67
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.810.56%
68
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.63—
69
COSTCostco Wholesale Corporation · Discount Retail
Same or nearby category+17.4%22.9%0.82−31.4%+685%0.57—
70
OHIOmega Healthcare Investors, Inc. · Healthcare REITs
Whole market+16.4%24.2%0.75−66.9%+202%0.37—
71
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.770.47%
72
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.6%20.4%0.78−51.0%+258%0.570.37%
73
CTRECareTrust REIT, Inc. · Healthcare REITs
Whole market+16.7%24.6%0.76−67.4%+310%0.43—
74
TJXThe TJX Companies, Inc. · Specialty Retail
Popular alternative+19.9%22.3%0.93−42.5%+361%0.64—
75
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.53—
76
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.640.95%
77
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+15.4%23.6%0.73−40.2%+169%0.20—
78
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.630.45%
79
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.720.38%
80
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.840.18%

SPG against its popular alternatives

The investments people most often weigh against SPG, compared period by period and year by year.

How do SPG's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SPG, which divides the map into what did better or worse on each measure.

Green points earned more than SPG with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySPG: 13.3% a year, volatility 25.9%SPY (S&P 500): 12.7% a year, volatility 17.1%TJX: 19.9% a year, volatility 22.3%MAC: 9.1% a year, volatility 40.4%AMZN: 9.0% a year, volatility 36.6%PLD: 0.6% a year, volatility 27.2%AKR: 0.0% a year, volatility 27.5%IVT: 7.3% a year, volatility 24.7%GTY: 3.5% a year, volatility 20.8%ADC: 3.4% a year, volatility 18.9%SKT: 19.3% a year, volatility 29.7%KIM: 4.4% a year, volatility 25.1%VNQ: 0.7% a year, volatility 18.9%PECO: 7.4% a year, volatility 22.3%BRX: 7.7% a year, volatility 24.2%KRG: 7.2% a year, volatility 25.9%O: 1.1% a year, volatility 19.0%REG: 4.7% a year, volatility 21.9%NNN: 3.2% a year, volatility 19.6%UE: 4.8% a year, volatility 25.9%FRT: 1.5% a year, volatility 22.8%BFS: −3.0% a year, volatility 24.4%VICI: 0.4% a year, volatility 20.8%SPGSPY (S&P 500)TJXMACAMZNPLDAKRIVTGTYADCSKTKIMVNQPECOKRGOREGFRTBFSVICI15.0%20.0%25.0%30.0%35.0%40.0%45.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySPG: 13.3% a year, volatility 25.9%SPY (S&P 500): 12.7% a year, volatility 17.1%TJX: 19.9% a year, volatility 22.3%MAC: 9.1% a year, volatility 40.4%AMZN: 9.0% a year, volatility 36.6%PLD: 0.6% a year, volatility 27.2%AKR: 0.0% a year, volatility 27.5%IVT: 7.3% a year, volatility 24.7%GTY: 3.5% a year, volatility 20.8%ADC: 3.4% a year, volatility 18.9%SKT: 19.3% a year, volatility 29.7%KIM: 4.4% a year, volatility 25.1%VNQ: 0.7% a year, volatility 18.9%PECO: 7.4% a year, volatility 22.3%BRX: 7.7% a year, volatility 24.2%KRG: 7.2% a year, volatility 25.9%O: 1.1% a year, volatility 19.0%REG: 4.7% a year, volatility 21.9%NNN: 3.2% a year, volatility 19.6%UE: 4.8% a year, volatility 25.9%FRT: 1.5% a year, volatility 22.8%BFS: −3.0% a year, volatility 24.4%VICI: 0.4% a year, volatility 20.8%SPGSPY (S&P 500)TJXMACAMZNPLDAKRIVTGTYADCSKTKIMVNQPECOKRGOREGFRTBFS
All figures
InvestmentAnnual returnVolatility
TJX The TJX Companies, Inc.+19.9%22.3%
SKT Tanger Inc.+19.3%29.7%
SPG This pageSimon Property Group, Inc.+13.3%25.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MAC The Macerich Company+9.1%40.4%
AMZN Amazon.com, Inc.+9.0%36.6%
BRX Brixmor Property Group Inc.+7.7%24.2%
PECO Phillips Edison & Co.+7.4%22.3%
IVT InvenTrust Properties Corp.+7.3%24.7%
KRG Kite Realty Group Trust+7.2%25.9%
UE Urban Edge Properties+4.8%25.9%
REG Regency Centers Corporation+4.7%21.9%
KIM Kimco Realty Corporation+4.4%25.1%
GTY Getty Realty Corp.+3.5%20.8%
ADC Agree Realty Corporation+3.4%18.9%
NNN NNN REIT, Inc.+3.2%19.6%
FRT Federal Realty Investment Trust+1.5%22.8%
O Realty Income Corporation+1.1%19.0%
VNQ Vanguard Real Estate ETF+0.7%18.9%
PLD Prologis, Inc.+0.6%27.2%
VICI VICI Properties Inc.+0.4%20.8%
AKR Acadia Realty Trust0.0%27.5%
BFS Saul Centers, Inc.−3.0%24.4%
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Has SPG consistently beaten its popular alternatives?

This section compares SPG with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than SPG helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than SPG over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
SPG Simon Property Group, Inc. (this page)—+1.0%−8.3%+1.9%+16.3%+21.4%+126%+86.3%+74.3%25.9%0.61−75.3%—$67B—
TJX Apparel - RetailThe TJX Companies, Inc.2/5 short2/3 long+12.3%−5.3%−7.3%−3.8%+3.8%+71.6%+147%+361%22.3%0.93−42.5%—$162B—
MAC REIT - RetailThe Macerich Company4/5 short1/3 long+2.9%−8.5%+7.3%+28.5%+39.8%+148%+54.6%−48.2%40.4%0.42−91.8%—$6.9B—
AMZN Specialty RetailAmazon.com, Inc.3/5 short1/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
PLD REIT - IndustrialPrologis, Inc.0/5 short1/3 long−6.1%−12.9%−10.8%+1.1%+3.4%+37.1%+3.0%+221%27.2%0.16−43.3%—$121B—
IVT REIT - RetailInvenTrust Properties Corp.0/5 short1/3 long−1.9%−17.3%−6.8%+10.0%+9.6%+34.6%+42.4%+154%24.7%0.41−93.9%—$2.3B—
GTY REIT - RetailGetty Realty Corp.0/5 short1/3 long−3.2%−21.0%−15.2%+6.6%+8.9%+27.9%+18.5%+114%20.8%0.27−47.8%—$1.7B—
ADC REIT - RetailAgree Realty Corporation0/5 short1/3 long−0.4%−15.8%−13.8%−4.0%−7.6%+39.8%+18.0%+110%18.9%0.27−39.0%—$8.3B—
SKT REIT - RetailTanger Inc.0/5 short1/3 long−0.1%−13.8%−2.6%+10.3%+13.0%+70.8%+141%+60.5%29.7%0.74−85.9%—$4.1B—
KIM REIT - RetailKimco Realty Corporation2/5 short0/3 long+2.0%−10.6%−2.3%+18.6%+9.5%+58.8%+23.9%+31.2%25.1%0.30−66.2%—$15B—
VNQ Real EstateVanguard Real Estate ETF1/5 short0/3 long−0.8%−6.4%−3.2%+7.2%+4.0%+43.4%+3.4%+64.1%18.9%0.13−42.4%0.13%$66B—
PECO REIT - RetailPhillips Edison & Co.1/5 short0/3 long+3.4%−12.1%−1.4%+11.2%+14.8%+25.7%+43.0%—22.3%0.43−23.1%—$4.9B—
BRX REIT - RetailBrixmor Property Group Inc.0/5 short0/3 long−0.2%−13.6%−8.6%+11.5%+6.1%+57.6%+44.9%+71.1%24.2%0.43−64.7%—$8.5B—
KRG REIT - RetailKite Realty Group Trust0/5 short0/3 long−1.5%−16.4%−5.3%+8.4%+14.5%+38.9%+41.7%+61.4%25.9%0.40−64.4%—$4.9B—
O REIT - RetailRealty Income Corporation0/5 short0/3 long−0.1%−12.4%−10.9%+2.3%−2.0%+34.8%+5.7%+50.1%19.0%0.15−48.3%—$53B—
REG REIT - RetailRegency Centers Corporation0/5 short0/3 long+0.4%−10.0%−8.0%+10.9%+5.6%+39.6%+25.9%+46.6%21.9%0.32−52.9%—$13B—
NNN REIT - RetailNNN REIT, Inc.0/5 short0/3 long−0.1%−13.9%−5.3%+9.6%+3.0%+39.5%+17.1%+44.2%19.6%0.26−55.0%—$7.9B—
UE REIT - RetailUrban Edge Properties0/5 short0/3 long−2.5%−16.2%−8.4%+5.2%+1.2%+47.1%+26.5%+10.0%25.9%0.31−71.0%—$2.5B—
FRT REIT - RetailFederal Realty Investment Trust0/5 short0/3 long−2.7%−14.3%−3.3%+10.9%+11.6%+38.6%+7.6%+7.0%22.8%0.18−52.5%—$9.3B—
BFS REIT - RetailSaul Centers, Inc.0/5 short0/3 long−0.4%−17.1%−10.7%+0.5%+4.9%+5.7%−14.1%−21.1%24.4%0.00−58.9%—$729M—
AKR REIT - RetailAcadia Realty Trust0/5 short0/3 long−3.5%−16.5%−11.9%−7.7%−0.4%+51.1%+0.1%−22.1%27.5%0.14−69.1%—$2.5B—
VICI REIT - DiversifiedVICI Properties Inc.0/5 short0/3 long−2.8%−11.3%−15.9%−12.6%−19.9%+1.4%+1.9%—20.8%0.12−60.2%—$26B—
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How did SPG do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where SPG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SPG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of SPG; gray means the two finished within a fraction of a point. The rank row places SPG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of SPG20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
SPG This pageSimon Property Group, Inc.—+13.0%+26.9%+29.3%−21.9%+95.7%−38.6%−6.7%+2.5%−0.1%−5.5%+10.2%+31.2%−0.9%+26.0%+33.4%+28.5%+55.4%−36.1%−11.4%+36.9%+23.2%+45.6%+44.4%+24.0%+31.8%+13.5%−13.1%−6.6%+12.6%
Rank among alternativesTop quarter in 9 of 293 of 226 of 225 of 2215 of 223 of 2119 of 2119 of 218 of 2110 of 2018 of 205 of 198 of 1815 of 178 of 172 of 1711 of 174 of 1710 of 1712 of 176 of 173 of 173 of 158 of 158 of 157 of 1511 of 1510 of 157 of 158 of 13
SPY S&P 500State Street SPDR S&P 500 ETF11 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
TJX The TJX Companies, Inc.18 of 29+28.7%+30.6%+19.7%+6.7%+12.8%+12.3%+38.8%+18.9%+3.5%+7.4%+4.6%+8.8%+51.7%+33.0%+47.6%+22.9%+81.0%−27.4%+1.8%+24.0%−6.8%+15.0%+13.8%−1.6%+44.3%+37.1%−29.5%+70.3%+44.9%
MAC The Macerich Company12 of 29−3.7%+34.5%+45.7%−31.6%+68.4%−56.7%−32.2%−30.6%−2.8%−9.0%+4.9%+47.3%+4.9%+19.7%+11.1%+36.4%+112%−72.6%−15.3%+33.6%+11.0%+47.9%+53.9%+23.9%+50.7%+1.0%−12.3%−3.9%+15.9%
AMZN Amazon.com, Inc.17 of 28+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%+135%−16.5%+6.8%−16.0%+178%+74.6%−30.5%−79.6%+42.2%+968%—
PLD Prologis, Inc.12 of 28+25.1%−18.1%+21.6%−31.3%+72.3%+14.7%+55.9%−6.2%+25.9%+27.4%+3.6%+20.3%+4.3%+31.9%−6.4%+29.4%+15.6%−58.0%+1.6%+23.3%+26.8%+28.6%+27.0%+11.5%+7.4%+37.8%−3.1%−7.0%—
IVT InvenTrust Properties Corp.6 of 11−3.2%+23.0%+11.0%−10.4%+158%−24.6%+4.9%+6.9%−23.9%−1.2%−32.3%——————————————————
GTY Getty Realty Corp.15 of 29−2.9%+9.9%−8.8%+11.7%+22.7%−11.3%+16.7%+13.6%+11.3%+55.6%+0.7%+4.5%+6.2%+32.0%−51.8%+43.0%+22.4%−12.6%−7.6%+25.2%−2.4%+17.3%+48.3%+9.5%+124%+42.6%−20.4%−31.4%+37.2%
ADC Agree Realty Corporation12 of 29+6.6%+17.2%−7.1%+3.5%+11.3%−1.4%+22.7%+19.7%+16.4%+41.5%+15.9%+13.5%+14.6%+17.6%−0.3%+21.9%+42.4%−34.2%−6.8%+26.2%−2.3%+19.7%+81.2%+0.7%+48.4%+8.6%−13.8%−6.9%+11.0%
SKT Tanger Inc.13 of 29+1.4%+27.7%+62.1%−2.3%+102%−27.3%−21.4%−19.0%−22.3%+12.4%−8.2%+18.7%−4.0%+19.8%+17.8%+36.0%+8.3%+4.1%+0.1%+41.6%+14.3%+38.0%+41.2%+63.8%+2.5%+22.7%+8.2%−24.7%+21.8%
KIM Kimco Realty Corporation12 of 29−9.2%+15.0%+6.0%−10.7%+69.4%−23.9%+49.9%−13.2%−25.7%−1.3%+9.4%+32.5%+6.5%+24.0%−6.0%+38.7%−19.6%−46.8%−16.0%+44.9%+15.5%+35.5%+54.4%+0.2%+18.2%+39.7%−8.8%+18.9%+6.3%
VNQ Vanguard Real Estate ETF5 of 21+3.2%+4.8%+11.8%−26.2%+40.6%−4.6%+28.9%−6.0%+4.9%+8.6%+2.4%+30.4%+2.3%+17.6%+8.6%+28.4%+30.1%−37.0%−16.5%+35.2%+12.0%————————
PECO Phillips Edison & Co.1 of 4−1.6%+6.2%+18.5%−0.3%—————————————————————————
BRX Brixmor Property Group Inc.4 of 12−1.7%+25.2%+7.7%−6.8%+60.3%−19.4%+57.0%−15.9%−19.6%−1.8%+7.9%+26.4%—————————————————
KRG Kite Realty Group Trust6 of 21−0.2%+15.4%+13.6%+0.8%+50.8%−20.0%+53.1%−22.4%−11.5%−5.5%−6.0%+15.2%+22.3%+30.0%−12.2%+40.4%−16.4%−61.3%−14.5%+26.3%+5.2%————————
O Realty Income Corporation16 of 29+12.2%−2.1%−4.5%−7.4%+24.1%−11.6%+21.3%+15.9%+3.7%+15.8%+13.5%+34.4%−2.2%+20.3%+7.5%+39.4%+20.9%−8.3%+3.3%+35.8%−9.4%+33.3%+21.6%+27.5%+27.5%+32.5%−8.8%+5.5%+13.9%
REG Regency Centers Corporation12 of 29−2.8%+14.9%+11.8%−13.6%+71.4%−23.9%+11.4%−12.0%+3.6%+4.0%+10.0%+42.5%+1.8%+30.3%−6.8%+26.7%−19.9%−23.3%−14.6%+37.7%+10.8%+46.2%+30.5%+24.9%+27.0%+29.4%−2.0%−13.5%+12.2%
NNN NNN REIT, Inc.15 of 29+2.8%−0.1%−0.6%0.0%+23.1%−19.3%+14.8%+17.8%+2.1%+14.8%+6.2%+36.0%+1.7%+23.4%+5.5%+33.3%+34.3%−21.0%+8.0%+19.6%+5.6%+24.4%+25.2%+28.7%+41.0%+15.2%−17.2%−20.1%+21.6%
UE Urban Edge Properties4 of 10−7.2%+21.7%+35.4%−22.9%+51.6%−29.0%+20.8%−32.0%−4.0%+21.0%———————————————————
FRT Federal Realty Investment Trust11 of 29−5.9%+12.1%+6.6%−22.7%+66.0%−30.7%+12.5%−8.1%−3.6%−0.2%+12.3%+35.2%+0.4%+17.8%+20.2%+19.1%+14.4%−21.7%−0.6%+44.9%+21.9%+40.6%+44.5%+31.3%+32.4%+10.8%−13.3%−1.3%+1.3%
BFS Saul Centers, Inc.12 of 29−12.8%+5.0%+2.7%−19.4%+76.6%−36.2%+16.3%−20.5%−4.2%+34.2%−7.5%+23.8%+15.1%+25.3%−22.5%+49.7%−12.8%−22.9%+0.1%+59.2%−1.2%+40.8%+28.0%+19.3%+24.4%+46.6%+0.3%−6.9%+25.5%
AKR Acadia Realty Trust12 of 29−11.5%+47.7%+24.3%−31.2%+58.3%−44.1%+13.8%−9.4%−13.2%+2.0%+7.5%+34.5%+2.4%+28.4%+14.5%+12.6%+24.8%−39.5%+6.4%+28.7%+28.1%+36.4%+79.1%+25.8%+21.4%+32.9%−3.5%−41.6%−9.0%
VICI VICI Properties Inc.3 of 8+1.9%−3.1%+3.6%+13.0%+23.8%+6.1%+43.1%−3.7%—————————————————————
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Risk and diversification

How SPG has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were SPG's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SPG's five deepest drawdowns since it began trading in 1993, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means SPG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringSPG fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Late-2018 sell-off−77.3%+24.9%Aug 2016Apr 20203.7 yearsMar 20243.9 years
2008 financial crisis−76.7%−50.5%Feb 2007Mar 20092.1 yearsFeb 201123 months
No named crash−31.0%+24.6%Jul 1998Dec 199917 monthsMay 200117 months
No named crash−24.3%−14.7%Mar 2025Apr 20251 monthSep 20255 months
No named crash−22.3%−2.9%Apr 2004May 20041 monthOct 20045 months

How did SPG do in stock market crashes?

This section measures how far SPG, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SPG.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
SPG This pageSimon Property Group, Inc.—−7.4%−44.0%−68.4%−15.7%−2.8%−12.5%−18.5%0.0%−73.7%−17.6%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TJX The TJX Companies, Inc.5 of 10−4.7%−27.7%−42.5%−25.6%−5.3%−16.1%−9.7%−2.1%−49.9%−32.6%
MAC The Macerich Company1 of 10−12.1%−57.3%−72.0%−26.9%−5.0%−10.5%−26.0%−2.0%−91.1%−23.8%
AMZN Amazon.com, Inc.4 of 10−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
PLD Prologis, Inc.4 of 10−6.5%−42.1%−36.2%−17.9%−8.6%−18.4%−36.2%−4.2%−84.7%−17.1%
IVT InvenTrust Properties Corp.5 of 6−6.8%−33.3%0.0%−13.9%0.0%−36.4%————
GTY Getty Realty Corp.6 of 10−2.7%−20.6%−46.8%−9.4%−10.8%−10.4%−45.8%−0.4%−49.3%−29.4%
ADC Agree Realty Corporation7 of 10−4.3%−19.6%−39.0%−8.3%−6.7%−9.1%−12.5%0.0%−69.8%−26.0%
SKT Tanger Inc.4 of 10−5.7%−29.2%−53.6%−18.5%−4.4%−16.7%−22.0%−0.8%−40.7%−18.1%
KIM Kimco Realty Corporation4 of 10−6.1%−30.2%−50.6%−16.1%−5.8%−13.3%−29.7%−0.3%−83.9%−15.3%
VNQ Vanguard Real Estate ETF6 of 9−5.5%−31.8%−42.4%−12.8%−6.2%−11.5%−22.6%−1.7%−70.0%—
PECO Phillips Edison & Co.2 of 2−6.3%−23.1%————————
BRX Brixmor Property Group Inc.3 of 6−5.6%−31.6%−57.6%−17.5%−8.8%−21.1%————
KRG Kite Realty Group Trust3 of 9−5.8%−26.1%−52.0%−17.5%−6.4%−13.9%−32.7%−3.4%−86.9%—
O Realty Income Corporation6 of 10−4.9%−22.7%−48.3%−9.2%−7.2%−10.1%−18.5%0.0%−48.5%−20.6%
REG Regency Centers Corporation6 of 10−5.5%−30.1%−45.2%−15.3%−7.6%−10.8%−28.5%−1.8%−69.9%−13.0%
NNN NNN REIT, Inc.8 of 10−4.7%−19.5%−55.0%−10.9%−5.3%−9.8%−11.3%−0.1%−56.2%−17.0%
UE Urban Edge Properties3 of 6−5.9%−31.8%−60.1%−25.1%−7.7%−12.8%————
FRT Federal Realty Investment Trust7 of 10−7.1%−34.9%−47.8%−14.9%−6.4%−9.6%−16.6%−1.0%−56.6%−15.3%
BFS Saul Centers, Inc.5 of 10−5.9%−33.4%−47.0%−17.5%−6.4%−18.1%−23.2%−0.7%−65.9%−14.0%
AKR Acadia Realty Trust5 of 10−6.6%−42.8%−47.7%−19.5%−4.8%−12.9%−18.6%−1.9%−65.6%−14.8%
VICI VICI Properties Inc.3 of 5−5.6%−16.3%−60.2%−18.6%−5.3%—————
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How closely does SPG move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SPG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SPG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SPG This pageSimon Property Group, Inc.94%151%0.621.40
TJX The TJX Companies, Inc.81%65%1.250.78
ADC Agree Realty Corporation44%39%1.130.40
AMZN Amazon.com, Inc.134%139%0.961.31
PLD Prologis, Inc.103%122%0.841.04
GTY Getty Realty Corp.73%96%0.760.77
VNQ Vanguard Real Estate ETF69%106%0.650.89
BRX Brixmor Property Group Inc.86%136%0.641.33
KRG Kite Realty Group Trust77%123%0.631.13
SKT Tanger Inc.73%119%0.621.53
O Realty Income Corporation57%93%0.620.73
REG Regency Centers Corporation62%100%0.620.95
NNN NNN REIT, Inc.60%100%0.600.82
KIM Kimco Realty Corporation74%131%0.571.22
UE Urban Edge Properties74%142%0.521.36
FRT Federal Realty Investment Trust63%122%0.521.03
AKR Acadia Realty Trust73%160%0.451.27
BFS Saul Centers, Inc.62%139%0.441.02
MAC The Macerich Company108%254%0.432.05
IVT InvenTrust Properties Corp.-57%-190%—-4.01
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What diversifies SPG?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SPG's. Because such investments tend not to fall at the same time, pairing SPG with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SPG lost money. The last two columns show a portfolio that is 80% SPG and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220202019201720162013200820071999199880/20 mix volatility80/20 mix annual return
SPG Simon Property Group, Inc. (this page)1.00+86.3%0.61−21.9%−38.6%−6.7%−0.1%−5.5%−0.9%−36.1%−11.4%−13.1%−6.6%27.3%+15.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.34+225%1.34+6.0%+3.9%+18.9%+22.8%+1.1%+41.3%−20.8%−7.4%——22.8%+17.9%
SMH TechnologyVanEck Semiconductor ETF0.48+323%0.97−33.5%+55.5%+64.5%+38.5%+35.6%+33.4%−44.7%+6.0%——25.9%+20.1%
GLD CommoditiesSPDR Gold Shares0.08+126%0.96−0.8%+24.8%+17.9%+12.8%+8.0%−28.3%+4.9%+30.4%——22.4%+16.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.36+177%0.93+64.4%−32.7%+11.7%−0.9%+28.0%+26.3%−39.0%+36.8%+18.1%—24.2%+17.4%
EWT TechnologyiShares MSCI Taiwan ETF0.44+153%0.89−28.9%+31.5%+33.4%+26.9%+17.7%+7.8%−45.3%+6.4%——24.5%+17.0%
AMLP EnergyAlerian MLP ETF0.46+111%0.89+25.5%−32.3%+6.0%−7.9%+14.9%+18.6%————23.8%+16.2%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.49+69.9%0.84−15.3%−10.0%+11.8%+28.2%+17.2%−12.9%————23.2%+14.7%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.26+59.7%0.82+21.6%+1.8%————————21.3%+15.0%

Stocks

InvestmentCorrelation5Y returnSharpe202220202019201720162013200820071999199880/20 mix volatility80/20 mix annual return
SPG Simon Property Group, Inc. (this page)1.00+86.3%0.61−21.9%−38.6%−6.7%−0.1%−5.5%−0.9%−36.1%−11.4%−13.1%−6.6%27.3%+15.0%
CAH Medical - DistributionCardinal Health, Inc.0.31+479%1.55+54.1%+10.1%+18.0%−12.7%−17.5%+66.0%−39.6%−9.8%−36.8%+51.7%24.0%+20.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.33+3,143%1.47+1.3%−2.4%−5.7%−11.6%+7.4%+27.6%−20.5%−25.7%+350%—28.0%+32.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.48+1,636%1.46+17.0%+6.7%+15.1%+32.1%+18.3%+61.7%−15.2%+2.1%−58.7%−9.5%27.2%+28.6%
MCK Medical - DistributionMcKesson Corporation0.21+413%1.44+51.8%+27.1%+26.7%+12.0%−28.3%+67.7%−40.4%+29.7%−71.3%+46.9%23.4%+19.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.23+690%1.41+86.6%−27.4%+6.0%+34.8%+0.7%+48.6%————24.1%+22.4%
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Common questions

What was SPG's worst drawdown?

SPG's deepest decline since it began trading in 1993 was 77.3%, from August 2016 to April 2020. It took about four years from the low to climb back to its old high.

What were SPG's best and worst years?

Over 29 full calendar years, SPG's best year was 2021, when it returned 95.7%. Its worst was 2020, with a return of -38.6%.

Is there a better investment than SPG?

Among SPG's popular alternatives, TJX earned more than SPG with less volatility over the past 5 years: 19.9% a year at 22.3% volatility, against 13.2% a year at 25.9%. Looking beyond its popular alternatives, WMT (discount retail) and COST (discount retail) earned more than SPG with less volatility over the past 5 years. WMT returned 20.8% a year at 22.6% volatility, against 13.2% a year at 25.9%.

Is SPG more volatile than the S&P 500?

Yes. SPG's volatility over the past 5 years was 25.9%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPG's return lands within 25.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is SPG's Sharpe ratio?

SPG's Sharpe ratio over the past 5 years was 0.61, against 0.79 for the S&P 500, so SPG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is SPG with the S&P 500?

Over the past 5 years, SPG's monthly returns had a correlation of 0.75 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SPG instead: the lower it is, the more that option would diversify a SPG holding.

What are the best alternatives to SPG?

None of the 21 popular alternatives we compared outperformed SPG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about SPG's strength than about its alternatives.

Did SPG outperform the S&P 500?

SPG finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +12.9%, against +17.7% for the index.

How did SPG do in stock market crashes?

SPG fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the Covid crash, when SPG fell 68.4% and the S&P 500 fell 33.7%.

What diversifies SPG?

These had a low correlation with SPG over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.34), SMH (correlation 0.48) and GLD (correlation 0.08); among large stocks, CAH (correlation 0.31), CLS (correlation 0.33) and FIX (correlation 0.48). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SPG

Other stocks and ETFs