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