You are assessing the financial performance of two real estate investment projects, Project X and Project Y, undertaken by a development company.

Requirements:

1. Project X yielded a total return of $5 million on an initial investment of $50 million over a five-year period. Project Y generated a total return of $8 million on an initial investment of $60 million during the same duration.
2. Calculate the return on investment (ROI) for both projects.
3. Determine which project provides a higher return relative to the initial investment.