Median S&P 500 1-Month Return vs. Z-score of 1-Month Change in 10-Year Treasury Yields

The S&P 500 tends to decline in a given month when 10-year Treasury yields rise sharply.

Image: Goldman Sachs Global Investment Research

Median S&P 500 1-Month Return vs. Z-score of 1-Month Change in 10-Year Treasury Yields