Investors aren’t treating real-estate investment trusts like hot properties anymore.

An index of REIT stocks is on track for its worst year since 2008 after a six-year rally pushed it up 348%, including dividends, from its financial-crisis-era low, as of Friday’s close.

The MSCI US REIT index, which includes 143 companies, already was lagging behind the broader market this year amid concerns that REIT stocks will suffer if the Federal Reserve raises interest rates. Fresh worries about the consequences of slower growth in China in recent weeks have ratcheted up the anxiety.

“It kind of put a global growth scare out there for people to think about,” said Ritson Ferguson, chief executive of CBRE Clarion Securities, which manages about $22 billion, most of it in real-estate securities. REITs own and operate office buildings, hotels, shopping malls and other commercial real estate.

In the wake of the recent pullback, the REIT index is down 9.4% this year. The index has logged gains every year since 2008, from a low of 2.5% in 2013 to a high of 30% last year.