Bonds: Represented by the Bloomberg Barclays U.S. Aggregate Bond Index, a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).
Public REITs: Represented by the National Associate of Real Estate Investment Trusts (NAREIT) All REITs index, a market capitalization-weighted index that and includes all tax-qualified real estate investment trusts (REITs) that are listed on the New York Stock Exchange, the American Stock Exchange or the NASDAQ National Market List.
Private real estate: Represented by the National Council of Real Estate Investment Fiduciaries (NCREIF) National Property Index (NPI). This index goes back to 1978 and includes over 8,300 properties comprising over $658 billion in market value. Its objective is to provide a historical measurement of property-level returns to increase the understanding of, and lend credibility to, real estate as an institutional investment asset class.
Stocks: Represented by the S&P 500, an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe (Investopedia).