Research Article
Is Farmland As Good As Gold?
Table 2
Correlation matrix for the choice set of assets (1972–2009).
| | T-b | L B | F-REIT | Gold | REIT | Can. | Aus. | USA | Japan | Europe | World | HK |
| T-bills | 1.0 | .94 | .11 | −.09 | .05 | −.16 | −.17 | .10 | .04 | −.03 | .04 | −.04 | L Bonds | | 1.0 | .04 | −.09 | .12 | −.17 | −.14 | .14 | .14 | .01 | .09 | −.01 | F-REIT | | | 1.0 | .53 | −.12 | −.06 | −.10 | −.15 | −.17 | −.23 | −.23 | −.02 | Gold | | | | 1.0 | −.19 | .11 | .23 | −.25 | .10 | −.12 | −.10 | .12 | REITs | | | | | 1.0 | .47 | .52 | .57 | .16 | .40 | .52 | .44 | Can. | | | | | | 1.0 | .79 | .66 | .43 | .63 | .74 | .59 | Aus. | | | | | | | 1.0 | .60 | .44 | .70 | .77 | .64 | USA | | | | | | | | 1.0 | .34 | .77 | .88 | .53 | Japan | | | | | | | | | 1.0 | .46 | .65 | .58 | Europe | | | | | | | | | | 1.0 | .89 | .53 | World | | | | | | | | | | | 1.0 | .64 | HK | | | | | | | | | | | | 1.0 |
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