Admittedly, all of these depend on the start and stop dates of comparison and the more recent run in SPY does make many of these older charts look different but this is what I found for USRT vs SPY (which has outperformed USRT by 10.78 % in 2024 YTD)Is there a different investible way into REITs indices you recommend?

Aloha,Usually when testing they also sample outside the home, to determine "background" levels for comparison of quantity and species.

Considerations we've heard/read about are: distance to primary residence, location of the property in comparison to the primary residence (ie, if we live by the beach and we buy a property by the beach, it's likely not our vacation or second home, whereas living inland and buying in downtown or by the beach could be a more likely second or vacation home), and minimum timeframes for owner occupancy (like 14 nights if we eventually choose to do STRs there).We live inland and if this does allow us to buy at a higher price point, we're open to looking in more tourist-y areas of the city.

What are the comparisons for cost and how long will each last?

This makes HML look cheap by comparison.

I would love to see what most STR hosts purchase for insurance in comparison and what the expected premiums are.

Our home prices in comparison to salary is near the worst in the nation (at least the Bay area has high salaries). 

Comparing it to what you're currently paying in rent is a much better comparison IMO. 

The comparison is, IF* one decides they do want to invest in real estate....where/how is the best way to do it.

Consider a rent comparison report to ensure competitive pricing.