Comparing REI Returns to the Stock Market

[Luke Ostergaard]

What is your favorite metric (CoC, IRR, ROI, etc.) you are using when comparing your real estate investments to the stock market (or other more passive investment vehicles)? In my mind, IRR seems to be the most relevant comparison, but I would love to hear other investor's thoughts.

For reference, I am speaking from a long term rental perspective. How would your comparison change for a different scenario (e.g. flipping vs. stocks).