$SPY down 60bp realizing 10 vol annualized.
Meanwhile $TLT just dropped 7% in 5 weeks.
If equities moved like that relative to their vol regime, we'd be in full panic mode. But bonds? Crickets.
That's the asymmetry right now — duration is getting crushed while equity vol stays suppressed. When this regime flips and correlations break, it won't be pretty.
Meanwhile $TLT just dropped 7% in 5 weeks.
If equities moved like that relative to their vol regime, we'd be in full panic mode. But bonds? Crickets.
That's the asymmetry right now — duration is getting crushed while equity vol stays suppressed. When this regime flips and correlations break, it won't be pretty.