Chart: Four risk factors create opportunity in fixed income

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Being flexible can allow you to respond to changes in the fixed-income market.

Which fixed-income factor outperforms? It changes, so stay flexible.


  • Interest rates (i.e., duration) are just one part of fixed-income investing. There are four risk factors that create opportunity in fixed income: duration, credit, inflation and currency.
  • These risk factors aren’t highly correlated. Investors don’t need to be in or out of the bond market completely — a flexible approach can adjust to changing opportunities.


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