Table 11 Diversification benefits of... | Emerald Publishing

Table 11

Diversification benefits of Australian retail property versus other major assets: pre-pandemic: Q1 1990-Q4 2019

	[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]	[10]	[11]	[12]	[13]
Retail property [1]	1.00
Metropolitan [2]	0.98*	1.00
Country [3]	0.90*	0.81*	1.00
New South Wales [4]	0.91*	0.91*	0.77*	1.00
Victoria [5]	0.84*	0.84*	0.71*	0.73*	1.00
Queensland [6]	0.82*	0.77*	0.83*	0.62*	0.59*	1.00
Prime [7]	0.94*	0.92*	0.86*	0.83*	0.73*	0.82*	1.00
Secondary [8]	0.84*	0.83*	0.74*	0.81*	0.82*	0.62*	0.61*	1.00
Office property [9]	0.41*	0.45*	0.24*	0.42*	0.51*	0.21*	0.23*	0.63*	1.00
Industrial property [10]	0.48*	0.51*	0.32*	0.52*	0.54*	0.27*	0.28*	0.70*	0.83*	1.00
Listed property [11]	0.32*	0.31*	0.28*	0.34*	0.26*	0.20*	0.26*	0.32*	0.19*	0.27*	1.00
Stocks [12]	0.25*	0.26*	0.21*	0.28*	0.21*	0.18	0.21*	0.26*	0.14	0.15	0.65*	1.00
Bonds [13]	0.09	0.06	0.20*	0.04	−0.14	0.18*	0.27*	−0.21*	−0.48*	−0.34*	−0.02	−0.03	1.00

	[1]	[2]	[3]	[4]	[5]	[6]	[7]	[8]	[9]	[10]	[11]	[12]	[13]
Retail property [1]	1.00
Metropolitan [2]	0.98*	1.00
Country [3]	0.90*	0.81*	1.00
New South Wales [4]	0.91*	0.91*	0.77*	1.00
Victoria [5]	0.84*	0.84*	0.71*	0.73*	1.00
Queensland [6]	0.82*	0.77*	0.83*	0.62*	0.59*	1.00
Prime [7]	0.94*	0.92*	0.86*	0.83*	0.73*	0.82*	1.00
Secondary [8]	0.84*	0.83*	0.74*	0.81*	0.82*	0.62*	0.61*	1.00
Office property [9]	0.41*	0.45*	0.24*	0.42*	0.51*	0.21*	0.23*	0.63*	1.00
Industrial property [10]	0.48*	0.51*	0.32*	0.52*	0.54*	0.27*	0.28*	0.70*	0.83*	1.00
Listed property [11]	0.32*	0.31*	0.28*	0.34*	0.26*	0.20*	0.26*	0.32*	0.19*	0.27*	1.00
Stocks [12]	0.25*	0.26*	0.21*	0.28*	0.21*	0.18	0.21*	0.26*	0.14	0.15	0.65*	1.00
Bonds [13]	0.09	0.06	0.20*	0.04	−0.14	0.18*	0.27*	−0.21*	−0.48*	−0.34*	−0.02	−0.03	1.00

Note(s): *: significant at p < 0.05

Source(s): Authors’ compilation/analysis