Hoya Capital Indexes Used In Research
Hoya Capital REIT Index: An unmanaged market-cap weighted index of approximately 170 of the largest US-exchange-listed REITs. Price returns only unless otherwise noted. Rebalanced continuously.
Hoya Capital Housing Index (HOMZ Index): An unmanaged modified equal weight index of approximately 100 companies involved in the US Housing Industry. Price returns only unless otherwise noted. Rebalanced continuously.
Hoya Capital Housing 100 Index: An unmanaged modified equal weight index of approximately 100 companies involved in the US Housing Industry. Total returns. Rebalanced semiannually.
International Real Estate: An unmanaged equal weight average of the three largest ex-US real estate ETFs. Price returns only unless otherwise noted. Rebalanced continuously.
Real Estate Sector Indexes: An unmanaged market-cap weighted index of all listed REITs within each sector. Price returns only unless otherwise noted. Rebalanced continuously.
Hoya Capital Housing Industry Sectors: An unmanaged equal-weight index of each of the eight Housing Industry Sector Classifications in the Hoya Capital Housing Index. Price returns only unless otherwise noted. Rebalanced continuously.
Index ETFs Cited
S&P 500: SPY
NASDAQ 100: QQQ
Dow Jones: DIA
Equity REITs: VNQ
Mortgage REITs: REM
International Real Estate: VNQI
Short-Term Treasury: SHY
Mid-Term Treasury: IEF
Long-Term Treasury: TLT
IG Corporate: LQD
HY Corporate: JNK
REIT Preferreds: PFFR
Crude Oil: USO
Natural Gas: UNG
US Dollar: USDU
Current Holdings By Ticker Symbol
Definitions of Terms
NAHB/Wells Fargo Housing Opportunity Index is a measure of the affordability of homes. It is defined as the percentage of homes sold in an area that would have been considered affordable for a family earning the median income based on standard mortgage underwriting criteria.
S&P CoreLogic Case-Shiller National Home Price Index measures the change in the value of the U.S. residential housing market. It does this by tracking the purchase price and resale value of single-family homes that have undergone a minimum of two arm's-length transactions.
Dow Jones U.S. Real Estate Index is a market capitalization-weighted index designed to track the performance of real estate investment trusts (REIT) and other companies that invest directly or indirectly in US real estate through development, management, or ownership, including property agencies.
Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
S&P 500 (SPX) or Standard & Poor's 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
The Dow Jones Industrial Average (DJIA) is an index that tracks 30 large, publicly-owned companies trading on the New York Stock Exchange (NYSE) and the NASDAQ.
Nasdaq Composite Index (COMP) is the market capitalization-weighted index of over 3,300 common equities listed on the Nasdaq stock exchange.
MSCI US Investable Market Real Estate 25/50 Transition Index is designed to capture the large, mid and small cap segments of the U.S. equity universe.
Price-to-earnings ratio, or P/E ratio, is the ratio for valuing a company that measures its current share price relative to its per-share earnings.
Price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market price to its book value.
S&P Homebuilders Select Industry Index represents the homebuilding sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Homebuilders Index is an equal-weighted index.
Basis points (bps) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.
SPDR S&P Homebuilders ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Homebuilders Select Industry Index. The S&P Homebuilders Select Industry Index represents the homebuilders segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The homebuilders' segment of the S&P TMI comprises the Homebuilding sub-industry. The Index is modified equal weighted.
Funds from Operations (FFO): Refers to the figure used by real estate investment trusts (REITs) to define the cash flow from their operations. FFO is calculated by adding depreciation and amortization to earnings and then subtracting any gains on sales.
REIT Net Asset Value (NAV): REIT NAV equals the estimated market value of a REIT’s total assets (mostly real property) minus the value of all liabilities.
Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry.
Nothing on this site nor any commentary published by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Neither the information, nor any opinion, contained on this website or any published commentary by Hoya Capital constitutes a solicitation or offer by Hoya Capital or its affiliates to buy or sell any securities, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
Investing involves risk. Loss of principal is possible. Investments in real estate companies and the construction and housing industry involve unique risks. Real estate companies, including REITs, may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. Many factors may affect real estate values, including the availability of mortgages and changes in interest rates. Real estate companies are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation. The construction and housing industry can be significantly affected by the real estate markets. Compared to large cap companies, small and mid-capitalizations companies may be less stable and their securities may be more volatile and less liquid.
There are also unique risks associated with investing in ETFs. Shares may be bought and sold in the secondary market at market prices and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Although it is expected that the market price of an ETF will approximate the Fund's NAV, there may be times when the market price an ETF is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the ETF or during periods of market volatility.
Before acquiring the shares of any ETF, it is your responsibility to read the fund's prospectus. The prospectus to the ETF in which Hoya Capital advises is linked here.
An investor cannot invest directly in an index. Index performance does not reflect the deduction of any fees, expenses, or taxes. The information and any index data presented do not reflect the performance of any fund or other strategies or accounts managed or serviced by Hoya Capital, and there is no guarantee that investors will experience the type of performance reflected. No representation or warranty is made as to the efficacy of any particular strategy or fund, or the actual returns that may be achieved.
Commentary and data are believed to be accurate, but we cannot guarantee it's accuracy. We do not represent that it is a complete analysis of all factors and risks. It should not be relied upon as the sole source of suitability for any investment. Please consult with your investment, tax, or legal adviser regarding your individual circumstances before investing.
Hoya Capital receives compensation from publishers (including Seeking Alpha and Wide Moat Research) for our contributed commentary. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings is available and updated at www.HoyaCapital.com.
Data quoted represents past performance, which is no guarantee of future results. The views and opinions in all published commentary are as of the date of publication and are subject to change without notice. There is no guarantee that any historical trend illustrated will be repeated in the future, and there is no way to predict precisely when such a trend will begin.
Hoya Capital may establish links between this website and one or more websites operated by third parties. Hoya Capital has limited or no control over any such other websites, the contents therein or the products/services offered. The existence of any such links shall not constitute an endorsement of, or representation or warranty by Hoya Capital regarding, such websites, the contents of the websites, the products or services of the websites or the operators of the websites. Hoya Capital disclaims responsibility for the privacy policies and customer information practices of third-party websites hyperlinked from our website.
Decisions based on information contained on this site or any commentary published by Hoya Capital are the sole responsibility of the reader, and in exchange for using this website or reading any published commentary, the reader agrees to hold Hoya Capital harmless against any claims for damages arising from any decisions that the reader makes based on such information.
THE INFORMATION FOUND ON OUR WEBSITE AND IN OUR COMMENTARY IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, REPRODUCED OR RETRANSMITTED IN ANY WAY WITHOUT OUR PRIOR, EXPRESS, WRITTEN CONSENT.