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samvega_ | 4 years ago

Which assets are that?

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veeenu|4 years ago

Most if not all of them. Especially during a downturn, all assets of all classes tend to correlate and produce negative returns. During big crises, stocks that before seemed uncorrelated/anti-correlated have a tendency to increase their correlation and go down together; at the extreme, even bonds cease to act as a diversifier against stocks plummeting.