Are you going to put this fund in an IRA, 401(k) or Roth?
REITs generate ordinary income, and you'll get taxed on that every year if it's in a taxable account. REITs usually belong in an IRA, Roth, 401(k), etc. If it will be in a retirement account, then yes REITs have a low correlation to the US stock market. The person who made Yale Endowment famous for it's investing performance used an allocation to real estate, among other things.