That underscores how "defensive", not to mention hated, this year's rally has been. "You have your equity market that's up 16% (year-to-date) but low volatility is beating it. You certainly don't expect that in any other bull market," said Nick Alonso, director of multi-asset at PanAgora Asset Management in Boston. Low volatility also outperformed in 2018. We're very confident about the ability of the market to perform long-term, but there is a lack of clarity in the shorter term.

Source: thestar June 30, 2019 23:03 UTC