In the Intelligent Investor, Benjamin Graham recommends diversifying one's portfolio by hedging against inflation. In the book, he mentions REITs/real estate investments and investing in gold.
I read the book a couple years ago and it has recently come to mind when speaking with friends about I Bonds. Doing some research, I understand that I Bonds and TIPS are inflation-protected -- I Bonds because their fixed rate changes with inflation.
Most debates I see are usually I Bonds vs. TIPs, but I'm not sure how REITs compare. Looking at the numbers, I saw that currently (October 20th 2022) I Bonds have an interest rate of 9.62% which seems like a pretty good deal. REITs, on the other hand, vary widely. However, I'd like to have a better understanding of how the trade-offs compare to each other in terms of risks. Also, how do those trade-offs compare when already in a time of inflation?