Stock

Bonds

Correlations

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Decade-by-Decade

Performance

Markets rarely move in straight lines—and neither do the relationships investors rely on for diversification. This report examines more than seventy years of market history to reveal how shifting macro forces repeatedly alter the stock-bond dynamic. By presenting real returns and maximum drawdowns across key decades—from the post-war boom to the post-COVID inflation surge—the report illustrates how periods of rising prices and aggressive rate hikes can push equities and bonds down together. The findings challenge the conventional belief that bonds always cushion equity risk and underscore the need for adaptive portfolio construction when inflation and monetary policy shocks re-shape the investment landscape.

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