Where is this chart from, and what is ICFM? Google's not getting me much help since I doubt it's "International Convention of Faith Ministries" or the "Institute of Car Fleet Management"
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Seems to me that any relationship between home prices (which is what I'm guessing the green line is, eg. Case Shiller) and the ETF ICF might be spurious. The top holdings of ICF including Simon Properties which owns Northgate & the Outlet mall at Tulalip, Public Storage rents storage units & Avalonbay rents apartments like the Avalon Tower in Bellevue. I would be interested to see your chart using the ETF ITB. ITB is the home building ETF whose top holdings include Horton, Pulte, Toll, Lennar & the company that bought Quadrant, among others.
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Seems to me that any relationship between home prices (which is what I'm guessing the green line is, eg. Case Shiller) and the ETF ICF might be spurious. The top holdings of ICF including Simon Properties which owns Northgate & the Outlet mall at Tulalip, Public Storage rents storage units & Avalonbay rents apartments like the Avalon Tower in Bellevue. I would be interested to see your chart using the ETF ITB. ITB is the home building ETF whose top holdings include Horton, Pulte, Toll, Lennar & the company that bought Quadrant, among others.