Don't Read This If You're Buying Index Funds [Seeking Alpha]
Vanguard Long-Treasury ETF (VGLT)
US:NASDAQ Investor Relations:
investor.vanguard.com/fundprofileredirects/funds/snapshot?fundid=0083&fundintext=int
Company Research
Source: Seeking Alpha
Summary There has been a long-standing and fairly accurate narrative that Treasuries and equity indexes have a negative correlation. Over longer time periods, the negative correlation is not forced. It is entirely possible to have the market rallying while Treasury yields are moving lower. However, in the shorter-term cycles, we tend to see a very clear negative correlation. For an easy visual example, consider this chart of the SPDR S&P 500 Trust ETF (NYSEARCA: SPY ) and the Vanguard Long-Term Government Bond Index ETF (NASDAQ: VGLT ). These give us very easy proxies for the domestic equity index and a portfolio of long-duration Treasuries. Would you be pretty comfortable eyeballing that and saying it appears negative correlation exists? More complex statistics using daily dividend adjusted close values would confirm it, but the eyeball should do well enough. The interesting thing about this narrative is that occasionally the negative correlation breaks do
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