REI REIT index is identical to 2008, impending drop coming

If you take a look at the behaviour of the REI index before, during, and after the 2008 recession and present day. The REIT is in blue, the S&P500 is in red.

Before

• REI index is outpacing the S&P500
  

During

• REI index is converging with the S&P500
  
• the indices both fell together with the REI falling more aggressively
  

After

• REI index recovers quicker and begins to outpace the S&P500 again
  

We are in the during phase.