MFSI Falls; Still Far Ahead of the S&P 500
During the month of April, the MFSI declined by just slightly more than 75 points—a fall of almost two-and-one-half percent. With this decrease, the MFSI is at its second-highest reading of all time, and is still almost 34% higher than it was just 12 short months ago. During the past month, the value of the S&P 500 with dividends reinvested increased by slightly more than 1.33%, and as a result it finds itself almost 15.5% above where it was one year ago. Because the MFSI fell while the S&P 500 with dividends rose during the month of April, the performance gap—or percentage difference—between the two indexes declined from 160% in March to 150% in April, which is just 10 percentage points lower than the all-time high of 160% set just last month.

Despite the very strong 71% rise in the S&P 500 since its recent low set in October 2002, the MFSI has risen a staggering 109% during the same 43-month time period. In addition, the MFSI continues to dramatically outperform the S&P 500 over longer time periods including the past four, five and six years. Since December 1998, the MFSI has risen by a whopping 199% while the S&P 500 with dividends reinvested has gained a meager 19.4%. 

During the month of April, the price-to-earnings ratio (P/E) of the MFSI declined slightly and now stands at 17.52 while the dividend yield, defined as the total cash dividend payments divided by the current stock price, and which moves in the opposite directoin climed to 4.02%. The MFSI is an index of 24 publicly traded US headquartered firms, including 20 REITs, principally involved in multifamily ownership and management. [ return to top ]