Although 2022 had already been a rough year for the market, September was particularly painful. REITs significantly underperformed the broader market with a much lower average return than the Dow Jones Industrial Average (-8.76%), S&P 500 (-9.21%) and NASDAQ (-10.4%). The market cap weighted Vanguard Real Estate ETF (VNQ) achieved a higher total return than the average REIT in September (-12.8% vs. -13.66%), but remains deeper in the red YTD (-29.31% vs. -26.68%).