PORTFOLIO INSIGHTS Build stronger ed income ortfolios

bonds Municipal bonds Treasuries Core U.S. stocks 1.00-0.09 -0.11-0.31 0.61 0.55 Correlation to U.S. Stocks-38 23 30 13 0 11 19 17-1 10-6-16-28-49-19-10-12 -11-3-20-6 -7 -7 2008 YTD 2019 Intra-year stock declines Calendar year stock returns Core correlation benefits Core bonds still have low volatility and a negative correlation to stocks Equity volatility continues Core bonds can reduce the overall volatility of … ................
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