When to Diversify Differently
研究了政府债券与股票收益之间相关系数符号翻转的原因，帮助投资者判断何时需要寻找政府债券以外的分散投资工具。
Government bonds are supposed to diversify equities, and they typically do. Assets do not have to be negatively correlated to diversify each other, although a negative correlation can help. The authors provide an analysis of what can cause the sign of the correlation coefficient between government bond returns and stock returns to flip. This can help inform whether and when to seek out diversifiers other than government bonds. Using a variety of statistical tests, the authors show that the correlation has gone through periods of structural change since the 1980s that tend to coincide with major crises, such as the Asian Financial Crisis and the Global Financial Crisis. They also show that the stock–bond correlation has tended to decline as the link between growth and inflation has weakened and as the level and volatility of inflation has declined.