This page shows the risk-reward for different fixed income sectors. Risk is measured by the various sectors' correlation with the MSCI AC World index. Moving towards the top right of the chart, one will find increasingly higher-yielding fixed income instruments that are characterized by higher correlations with equity markets (hence, higher risk). Emerging market or high yield bonds are typical examples of this. On the lower left of the chart would be the opposite, where we have fixed income instruments that have low or even negative correlation with equities, but also lower yield. Developed market government bonds are a prime example. Investors should be aware of what type of fixed income they are investing in, as risk and return can vary significantly.