Table 1: Average annual investment yields for T-bills, long bonds, F-REIT, gold, REITs, and stock markets (1972–2009).

Income/div yieldCap gain yieldTotal yieldCoefficient of variation
Avg yieldStd devAvg yieldStd devAvg yieldStd dev

T-billsN/AN/AN/AN/A5.1%0.0%N/A
Long BondsN/AN/AN/AN/A6.1%2.9%0.48
BorrowingN/AN/AN/AN/A7.9%0.0%N/A

Real estate:
F-REIT2.7%0.7%7.4%9.1%7.1%9.4%1.36
REITs8.9%2.7%0.3%20.4%9.1%21.8%2.40
Gold0.0%0.0%8.7%26.6%8.7%26.6%3.06

Stock markets:
Canada2.6%1.0%6.9%22.4%9.5%22.8%2.40
Australia3.2%1.2%6.4%26.6%9.6%27.6%2.88
USA2.4%1.1%6.1%18.3%8.5%18.7%2.20
Japan1.2%0.8%7.8%33.6%9.0%34.1%3.79
Europe3.1%1.0%7.1%22.1%10.1%22.7%2.25
World2.4%0.9%6.4%18.4%8.8%18.8%2.14
Hong Kong4.1%1.7%9.7%46.6%13.8%47.7%3.46