S&P500 ($SPY) has continued to print new all-time highs throughout this year, albeit lately on continually narrowing breadth. Potentially lost in the fray is the fact that real estate has actually been outperforming SPY throughout 2021 (as have commodities). This graph shows the relative strength of $IYR, an ETF representing the Real Estate sector via RE companies and Real Estate Investment Trusts (REITS) plotted against SPY. Notice the upward trajectory of the outperformance thus far in 2021, and be sure to stay alert for changes in economic or interest rate conditions that may impact this relationship.