The only thing I can find that is anti-correlated with equity risk is oil and gas equities. This perhaps has a cause. When oil (and natural gas) prices fall, these companies underperform but the economy effectively gets a tax cut and equities in general can do well. Conversely when oil and gas prices are high equities of O&G producers do well but it is an input cost to the economy and often causes a recession.
The only thing I can find that is anti-correlated with equity risk is oil and gas equities. This perhaps has a cause. When oil (and natural gas) prices fall, these companies underperform but the economy effectively gets a tax cut and equities in general can do well. Conversely when oil and gas prices are high equities of O&G producers do well but it is an input cost to the economy and often causes a recession.