Table 9 Diversification benefits of... | Emerald Publishing

Table 9

Diversification benefits of Japan hotels: 2007–2024

	[1]	[2]	[3]	[4]	[5]	[6]	[7]
Hotel RE [1]	1.00
Office RE [2]	0.60*	1.00
Retail RE [3]	0.71*	0.85*	1.00
Industrial RE [4]	0.43	0.58*	0.78*	1.00
Stocks [5]	0.39	0.27	0.55*	0.54*	1.00
Listed RE [6]	0.34	0.23	0.52*	0.49*	0.77*	1.00
Bonds [7]	−0.02	−0.38	−0.33	−0.56*	−0.32	−0.17	1.00

	[1]	[2]	[3]	[4]	[5]	[6]	[7]
Hotel RE [1]	1.00
Office RE [2]	0.60*	1.00
Retail RE [3]	0.71*	0.85*	1.00
Industrial RE [4]	0.43	0.58*	0.78*	1.00
Stocks [5]	0.39	0.27	0.55*	0.54*	1.00
Listed RE [6]	0.34	0.23	0.52*	0.49*	0.77*	1.00
Bonds [7]	−0.02	−0.38	−0.33	−0.56*	−0.32	−0.17	1.00

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

Source(s): Authors' analysis and compilation