1-Month Correlation with the S&P 500

1-Month Correlation with the S&P 500 The equity/bond correlation has risen back above zero, driven by real rates. Image: Goldman Sachs Global Investment Research

Stock Correlations with Treasury Yields and HY Spreads

Stock Correlations with Treasury Yields and HY Spreads The correlation between stocks and Treasury yields has broken down since the Pfizer/BioNTech vaccine announcement, while the relationship with HY spreads has remained stable. Image: Credit Suisse