War, inflation and the lingering impact of a global disease made the first quarter a historically rough one for stock and bond investors.
Across equity and fixed-income markets broadly, the least-bad performance among U.S. assets were declines of 4.9% in the S&P 500 and speculative credit. They were followed by a 5.6% fall in Treasuries and a 7.8% slide in investment grade. Not since 1980 has the best return among those four categories been so paltry, data compiled by Bloomberg show.
Numerous periods have obviously been far worse for specific sectors. This quarter’s retreat in equities pales in comparison to the 20% drubbing they took at the start of 2020. But viewed as a whole — and leaving out commodities, which soared — the new year has been a futile one for an investor seeking shelter from the global storm.
