April 21, U.S. equities 4 International equities 4 Sector Performance 5

April 21, 2017 Cross Market Overview 2 Equity Markets U.S. equities 4 International equities 4 Sector Performance 5 Fixed Income Markets U.S. fixed income returns 6 U.S. fixed income spreads 7 U.S equity and fixed income correlations 9 Currency market 12 Commodity market 12 Performance Rankings Best and worst performing assets 13 International equity risk-adjusted ranking 13 U.S. equity risk-adjusted ranking 14 U.S. fixed income risk-adjusted ranking 14 Commodity risk-adjusted ranking 15 Currency risk-adjusted ranking 16 Asset Correlations Global equity return correlations 17 U.S. fixed income return correlations 17 U.S. equity and fixed income return correlations 18 U.S. fixed income spread change correlations 19 Currency return correlations 20 Commodity return correlations 20 * Source: Bloomberg, New York Life Investments ** Informational and for Internal Use Only

Cross Market Overview 2 US Treasury Yields Term Last 1-Week MTD YTD 1Y 0.97% -4-4 16 45 2Y 1.18% -3-7 -1 37 3Y 1.40% -1-9 -5 42 5Y 1.77% 0-15 -16 44 7Y 2.06% 1-15 -19 42 10Y 2.25% 1-14 -20 39 30Y 2.90% 1-11 -16 22 2s10s 107 4-7 -19 1 10s30s 65 0 3 3-17 1-Year US Treasury Yields 2Y 5Y 10Y 30Y 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% BFCIUS BFCIEU UST 10Y US 10-Year Yield 2.% 2.60% 2.40% 2.20% 2.00% 1.% 1.60% 1.40% 1.20% US Credit Spreads Aaa Aa A Baa 250 150 50 0 US HY vs. Baa Spreads Baa HY 700 600 500 400 300 US Financial Condition 0.6 0.4 0.2 0-0.2-0.4-0.6 European Financial Condition 0.4 0.2 0-0.2-0.4-0.6-0.8-1 -1.2 * Dotted lines represent 20-day SMA

Cross Market Overview 3 VIX MSCI EAFE Gold Crude Oil EUR JPY Libor-OIS Spread OIS 3M Libor 1.40% 1.20% 1.00% 0.% 0.60% 0.40% 0.20% 0.00% VIX 28 26 24 22 20 18 16 14 12 10 2,450 2,400 2,350 2,300 2,250 2, 2,150 2, 2,050 2,000 MSCI EAFE 1,850 1,0 1,750 1,700 1,650 1,600 1,550 1,500 Gold 1,400 1,350 1,300 1,250 1, 1,150 1, Crude Oil 60 55 50 45 40 35 1.25 EUR JPY 1.20 115 1.15 110 1.10 105 1.05 1.00 95 * Dotted lines represent 20-day SMA

Equity Markets 4 United States Nasdaq STOXX Nikkei Stock Last 1-Week MTD YTD 1-Year DJ Ind 20548 0.51% -0.45% 4.71% 17.25% DJ Trans 9134 2.92% 0.19% 1.33% 15.73% DJ Util 706 0.41% 1.25% 7.98% 15.43% 2349 0.87% -0.49% 5.54% 14.71% S&P Mid 1718 2.19% -0.07% 3.87% 19.12% S&P Small 839 2.92% -0.53% 0.53% 22.44% Nasdaq 5911 1.82% 0.01% 10.14% 20.96% R2K 13 2.58% -0.40% 2.06% 23.25% R2K Growth 819 2.59% -0.23% 5.11% 19.66% R2K Value 1759 2.57% -0.56% -0.69% 26.83% 1-Week Peformance 1-Year Cumulative Returns S&P Small DJ Trans R2K Growth R2K R2K Value S&P Mid Nasdaq DJ Ind DJ Util 0.51% 0.41% 0.87% 2.92% 2.92% 2.59% 2.58% 2.57% 2.19% 1.82% Nasdaq STOXX Nikkei 25% 20% 15% 10% 5% 0% -5% -10% -15% Europe Stock Last 1-Week MTD YTD 1-Year STOXX 378-0.58% -0.55% 5.56% 11.29% FTSE 7115-2.86% -2.62% 0.94% 15.94% DAX 49-0.50% -2.15% 4.94% 15.45% CAC 40 5059-0.13% -1.13% 4.32% 13.33% Portugal 4876-1.74% -2.62% 4.22% -4.08% Italy 19742-0.16% -3.67% 2.64% 5.39% Ireland 6739 0.84% 1.47% 4.22% 10.99% Greece 672-1.76% 0.83% 4.48% 15.00% Spain 10377 0.49% -0.56% 11.78% 16.88% Russia 1945 0.00% -2.56% -12.90% -0.27% Asia and Pacific Stock Last 1-Week MTD YTD 1-Year Nikkei 18621 1.05% -1.53% -1.83% 9.27% Australia 5854-0.61% -0.18% 3.32% 11.03% China 3173-3.14% -1.53% 2.24% 7.46% India 29365-0.33% -0.86% 10.54% 15.00% Americas Stock Last 1-Week MTD YTD 1-Year Canada 15614 0.51% 0.43% 2.14% 12.49% Brazil 63761 1.49% -1.88% 5.87% 18.89% Mexico 48968 0.02% 0.88% 7.28% 7.49%

Equity Markets 5 International Stock Last 1-Week MTD YTD 1-Year MSCI EAFE 1781 0.10% -0.53% 6.68% 6.67% MSCI EM 962-0.08% 0.45% 11.95% 15.29% MSCI FM 538-0.60% 0.55% 9.49% 11.08% MSCI FM 1185-0.51% 0.64% 11.79% 17.50% Sectors Stock Last 1-Week MTD YTD 1-Year 2349 0.87% -0.49% 5.54% 14.71% IT 905 1.% -0.10% 12.46% 24.76% Financials 385 1.13% -2.42% 0.04% 24.87% Health Care 852-0.39% -0.87% 7.43% 4.55% Cons Disc 702 1.92% 0.37% 8.85% 12.77% Industrials 562 2.05% 0.49% 5.07% 17.62% Energy 499-2.13% -3.00% -9.48% 3.86% Cons Staples 565 0.30% 0.69% 7.10% 9.53% Materials 327 1.74% -0.37% 5.46% 13.54% Utilities 263 0.14% 0.88% 7.33% 14.24% Telecom 163-1.57% -1.86% -5.76% 3.90%

Fixed Income Markets 6 US Fixed Income Total Returns Index 1-Week MTD YTD Agg 0.00% 0.93% 1.75% 1.34% Treasury 0.03% 0.96% 1.64% -0.07% Agency 0.03% 0.63% 1.39% 0.95% MBS -0.05% 0.73% 1.21% 0.95% ABS 0.03% 0.38% 0.92% 1.61% CMBS -0.05% 0.94% 1.82% 1.42% HY 0.13% 0.49% 3.20% 13.38% Loan 0.07% 0.30% 1.47% 8.45% Muni 0.30% 1.10% 2.69% 0.68% USD EM 0.28% 0.96% 4.27% 7.97% 144A 0.15% 0.83% 2.87% 4.43% TIPS -0.51% 0.32% 1.59% 2.49% Credit 0.02% 1.10% 2.41% 3.40% Credit Aaa 0.07% 0.79% 1.54% 0.61% Credit Aa 0.01% 1.01% 2.07% 1.75% Credit A -0.02% 1.15% 2.18% 2.53% Credit Baa 0.05% 1.16% 2.89% 5.15% Finance 0.01% 0.94% 2.23% 3.70% Industrial 0.01% 1.25% 2.49% 3.82% Utility -0.03% 1.42% 2.41% 3.12% Supranational 0.08% 0.60% 1.30% 0.59% Sovereign 0.30% 0.99% 4.36% 1.76% Build Am -0.03% 1.67% 3.05% 3.22% 1-Year US Fixed Income Excess Returns Index 1-Week MTD YTD 1-Year Agg -0.03% -0.03% 0.08% 1.07% Agency -0.02% 0.03% 0.30% 0.58% MBS -0.09% -0.09% -0.26% -0.14% ABS -0.02% 0.09% 0.32% 1.04% CMBS -0.08% -0.04% 0.04% 1.32% USD EM 0.23% -0.03% 2.57% 8.04% 144A 0.13% -0.10% 1.23% 4.37% HY 0.09% -0.19% 1.94% 12.97% Credit 0.00% -0.02% 0.47% 3.46% Credit Aaa 0.04% 0.06% 0.22% 0.41% Credit Aa -0.02% -0.02% 0.25% 1.83% Credit A -0.04% -0.03% 0.13% 2.64% Credit Baa 0.03% -0.03% 0.83% 5.27% Finance -0.02% -0.02% 0.54% 3.54% Industrial -0.01% 0.01% 0.35% 3.96% Utility -0.05% -0.04% -0.08% 3.58% Supranational 0.03% 0.05% 0.26% 0.15% Sovereign 0.29% -0.36% 2.05% 2.05% Build Am -0.05% -0.19% -0.04% 3.90%

Fixed Income Markets 7 US Fixed Income Spread Changes Index Last 1-Week MTD YTD 1-Year Agg 44 0 0 1-7 Agency 18 1 0-3 -2 MBS 28 2 1 13 8 ABS 52 2-2 -7-20 CMBS 79 2 2 4-20 USD EM 269-3 2-32 -97 144A 135-2 3-13 -40 HY 392-1 9-17 -194 Credit 113 0 1-5 -28 Credit Aaa 31 0 0-4 0 Credit Aa 75 0 1-4 -12 Credit A 98 0 1-3 -18 Credit Baa 153 0 2-7 -46 Finance 115 1 2-5 -31 Industrial 121 0 0-4 -29 Utility 117 0 1 0-27 Supranational 21-1 -1-7 -1 Sovereign 137-1 -1-20 -35 Build Am 142 1 3 8-18 US Fixed Income Spread Z-Scores Index Last 20-Day Z-Score Mean Stdev 50-Day Z-Score Mean Stdev -Day Z-Score Mean Stdev Agg 44 0.2 43.9 0.4 0.6 43.4 1.0-0.6 45.8 2.9 Agency 18 1.2 17.4 0.5 1.3 17.2 0.6-0.7 19.3 2.0 MBS 28 0.6 26.9 1.8 1.0 24.9 3.1 1.6 19.5 5.3 ABS 52 0.5 51.3 1.4-0.5 53.5 3.2-0.9 56.4 5.0 CMBS 79 2.0 75.4 1.8 2.3 73.3 2.5 0.3 77.0 6.8 USD EM 269 0.4 267.9 3.0 0.4 267.6 3.6-1.3 300.8 24.2 144A 135 0.7 133.6 2.0 0.5 133.5 2.8-1.2 149.2 11.9 HY 392 0.4 389.0 7.6 0.8 3.3 14.3-0.9 443.1 57.2 Credit 113 1.4 112.0 0.7 0.8 111.4 2.1-1.1 122.5 9.0 Credit Aaa 31 0.3 30.8 0.6-0.7 32.6 2.2-1.0 33.0 1.9 Credit Aa 75 1.4 74.1 0.7 0.6 73.9 1.8-1.2.1 4.3 Credit A 98 1.0 97.2 0.8 0.8 96.4 2.0-1.0 104.8 6.8 Credit Baa 153 1.1 151.9 1.1 0.7 151.1 2.6-1.0 167.4 13.8 Finance 115 1.6 113.3 1.0 1.1 112.3 2.6-1.0 125.6 10.5 Industrial 121 0.3.8 0.7 0.5.0 2.2-1.0 131.1 9.7 Utility 117 1.1 116.0 0.9 1.4 113.9 2.2-0.7 123.1 8.8 Supranational 21-0.7 21.5 0.6-1.1 23.7 2.4-1.0 23.7 2.7 Sovereign 137 0.0 137.0 2.6-0.3 137.8 2.7-1.2 154.3 15.0 Build Am 142 1.0 139.6 2.4 1.7 135.6 3.8 0.5 139.0 5.7

Fixed Income Markets 8 One-Year US Fixed Income Spread Trends HY HY 650 600 0 2 550 500 450 2 2300 400 350 300 2400 2500 S & P 5 0 0 Finance 150 130 110 Credit 170 150 130 110 Industrial 144A 210 190 170 150 130 MBS 40 35 30 25 20 15 10 ABS 75 70 65 60 55 50 45 CMBS 130 110 90 70 60 * Dotted lines represent 20-day SMA

Fixed Income Markets 9 HY Finance Credit Industria 144A MBS ABS CMBS One-Year Equity and Fixed Income Correlations HY 0 700 600 500 y = -0.7106x + 2036.7 R² = 0.8595 Finance 150 130 y = -0.1145x + 381.77 R² = 0.8589 400 110 300 0 2 2 2300 2400 2500 0 2 2 2300 2400 2500 Credit 170 150 130 110 y = -0.1085x + 365.83 R² = 0.8566 0 2 2 2300 2400 2500 Industrial 170 150 130 y = -0.1218x + 404.33 R² = 0.8298 110 0 2 2 2300 2400 2500 220 y = -0.1458x + 476.19 R² = 0.8375 35 30 y = 0.0163x - 15.974 R² = 0.1034 144A MBS 25 20 15 0 2 2 2300 2400 2500 10 0 2 2 2300 2400 2500 ABS 70 65 60 55 50 y = -0.023x + 108.2 R² = 0.1853 45 0 2 2 2300 2400 2500 CMBS 130 110 90 70 y = -0.0788x + 254.47 R² = 0.6292 60 0 2 2 2300 2400 2500 * The green and red dots represent data points for the most recent 3 months and 5 days, respectively

Fixed Income Markets 10 Three-Year US Fixed Income Spread Trends HY HY 900 0 700 0 1900 0 2 600 2 500 400 300 2300 2400 2500 A-14 O-14 A-15 O-15 A-16 O-16 A-17 S & P 5 0 0 Finance A-14 O-14 A-15 O-15 A-16 O-16 A-17 Credit 220 A-14 O-14 A-15 O-15 A-16 O-16 A-17 Industrial 260 240 220 A-14 O-14 A-15 O-15 A-16 O-16 A-17 144A 240 220 A-14 O-14 A-15 O-15 A-16 O-16 A-17 MBS 50 45 40 35 30 25 20 15 10 A-14 O-14 A-15 O-15 A-16 O-16 A-17 ABS 75 70 65 60 55 50 45 A-14 O-14 A-15 O-15 A-16 O-16 A-17 CMBS 150 130 110 90 70 60 A-14 O-14 A-15 O-15 A-16 O-16 A-17 * Dotted lines represent 50-day SMA

Fixed Income Markets 11 Three-Year Equity and Fixed Income Correlations HY 0 700 600 500 400 y = -0.2526x + 1015.2 R² = 0.09 300 0 1900 0 2 2 2300 2400 2500 Finance y = -0.0073x + 141.34 R² = 0.0021 0 1900 0 2 2 2300 2400 2500 Credit 220 y = -0.0307x + 193.29 R² = 0.0281 0 1900 0 2 2 2300 2400 2500 Industrial 240 220 y = -0.0481x + 242.49 R² = 0.0416 0 1900 0 2 2 2300 2400 2500 144A 240 220 y = -0.0903x + 353.46 R² = 0.2624 0 1900 0 2 2 2300 2400 2500 MBS 50 45 40 35 30 25 20 15 y = -0.0234x + 72.896 R² = 0.2137 10 0 1900 0 2 2 2300 2400 2500 ABS 75 70 65 60 55 50 y = -0.0043x + 68.252 R² = 0.0066 45 0 1900 0 2 2 2300 2400 2500 CMBS y = -0.0919x + 286.14 R² = 0.537 60 0 1900 0 2 2 2300 2400 2500 * The green and red dots represent data points for the most recent 12 months and 5 days, respectively

Currency and Commodity Markets 12 Currencies * Currency Last 1-Week MTD YTD 1-Year DXY 99.98 0.58% 0.37% 2.23% -5.38% EUR 1.07 1.13% 0.76% 2.05% -4.92% JPY 109.11-0.01% 2.09% 7.23% 0.33% GBP 1.28 2.48% 2.10% 3.83% -10.54% CAD 1.35-1.25% -1.33% -0.43% -5.64% AUD 0.75-0.30% -1.10% 4.68% -2.49% NZD 0.70 0.47% 0.36% 1.40% 1.72% CHF 1.00 0.98% 0.68% 2.28% -2.11% MXN 18.81-1.19% -0.47% 10.20% -7.16% BRL 3.15-0.03% -0.81% 3.35% 12.14% RUB 56.47-0.28% -0.39% 8.98% 18.38% INR 64.64-0.14% 0.28% 5.15% 2.87% CNY 6.89-0.12% -0.19% 0.86% -5.93% Commodities Commodity Last 1-Week MTD YTD 1-Year CRY 181.87-3.14% -2.16% -5.53% 1.11% Gold 1284.10-0.29% 2.78% 11.44% 2.89% Silver 17.94-3.30% -1.81% 12.67% 5.53% Copper 5594.00-1.17% -3.82% 1.29% 11.56% Aluminum 1922.75 1.46% -1.51% 12.84% 18.23% Crude Oil 49.27-7.35% -2.63% -8.28% 16.67% Gas 3.10-3.90% -2.79% -16.73% 49.95% Gasoline 159.57-5.79% -0.27% -6.96% 7.75% H. Oil 143.21-6.21% -1.48% -8.60% 20.49% Wheat 405.00-5.76% -5.04% -0.74% -18.31% Soybean 951.00-0.47% 0.53% -4.57% -6.65% Corn 357.00-3.77% -1.99% 1.42% -7.15% Rice 9.77-3.93% -1.26% 4.44% -8.39% Coffee 129.85-6.52% -6.78% -5.25% 5.10% Cattle 129. 3.53% 8.21% 9.08% 2.61% Hogs 63.03 0.92% -4.04% -4.72% -18.18% Lumber 398.50 3.51% 4.48% 25.87% 42.37% DXY DXY CRY 104 102 195 190 98 185 96 94 92 175 CRY S&P 2,450 2,400 2,350 2,300 2,250 2, 2,150 2, 2,050 y = 5.5398x + 1164.4 R² = 0.0631 2,000 175 185 190 195 CRY * Foreign currency returns are stated from the perspective of a US investor ** The green and red dots in the charts represent data points for the most recent 3 months and 5 days, respectively

Performance Rankings 13 1wk Best Performers 1wk Worst Performers 1yr Best Performers 1yr Worst Performers Asset Return Asset Return Asset Return Asset Return Cattle 3.53% Crude Oil -7.35% Gas 49.95% Wheat -18.31% Lumber 3.51% Coffee -6.52% Lumber 42.37% Hogs -18.18% S&P Small 2.92% H. Oil -6.21% R2K Value 26.83% GBP -10.54% DJ Trans 2.92% Gasoline -5.79% R2K 23.25% Rice -8.39% R2K Growth 2.59% Wheat -5.76% S&P Small 22.44% MXN -7.16% R2K 2.58% Rice -3.93% Nasdaq 20.96% Corn -7.15% R2K Value 2.57% Gas -3.90% H. Oil 20.49% Soybean -6.65% GBP 2.48% Corn -3.77% R2K Growth 19.66% CNY -5.93% S&P Mid 2.19% Silver -3.30% S&P Mid 19.12% CAD -5.64% Nasdaq 1.82% CRY -3.14% Brazil 18.89% DXY -5.38% 30-Day International Equity Risk-Adjusted Ranking Index Risk Return Sharpe Portugal 4.24% 5.04% 1.19 Spain 3.64% 4.08% 1.12 Mexico 3.25% 3.59% 1.11 MSCI EAFE 2.75% 2.43% 0.88 STOXX 2.28% 1.94% 0.85 Greece 4.94% 3.69% 0.75 Australia 3.22% 2.00% 0.62 CAC 40 3.06% 1.82% 0.60 India 3.16% 1.66% 0.53 Ireland 3.09% 1.56% 0.50 Canada 2.77% 0.79% 0.29 DAX 2.72% 0.62% 0.23 Italy 4.46% 0.96% 0.22 Brazil 6.76% -1.06% -0.16 Russia 5.29% -1.37% -0.26 China 3.48% -1.31% -0.38 Nikkei 4.50% -2.88% -0.64 FTSE 3.33% -2.29% -0.69 1-Year International Equity Risk-Adjusted Ranking Index Risk Return Sharpe Canada 9.13% 12.18% 1.33 India 11.51% 14.64% 1.27 FTSE 12.97% 15.63% 1.21 DAX 16.40% 15.72% 0.96 Australia 11.63% 11.13% 0.96 Brazil 21.39% 19.59% 0.92 Spain 21.07% 17.87% 0.85 CAC 40 16.67% 13.92% 0.83 STOXX 15.33% 11.88% 0.78 Greece 25.63% 17.33% 0.68 China 12.15% 7.93% 0.65 Ireland 19.72% 12.41% 0.63 Mexico 13.11% 8.08% 0.62 Nikkei 20.39% 10.95% 0.54 MSCI EAFE 13.99% 7.44% 0.53 Italy 24.62% 8.33% 0.34 Russia 13.81% 0.67% 0.05 Portugal 16.39% -2.82% -0.17 Return Return 6% 4% 2% 0% -2% Spain Mexico STOXX MSCI EAFE CAC 40 Australia India DAX Ireland Canada China FTSE Portugal Italy Nikkei Greece Russia -4% 2% 3% 4% 5% 6% 7% 25% 20% 15% 10% 5% 0% FTSE India Canada Australia China Mexico MSCI EAFE Risk Russia DAX CAC 40 STOXX Portugal Brazil Spain Ireland Nikkei Greece -5% 5% 10% 15% 20% 25% Risk Italy Brazil

Performance Rankings 14 30-Day US Equity Risk-Adjusted Ranking Index Risk Return Sharpe DJ Util 3.43% 3.39% 0.99 Nasdaq 2.85% 1.35% 0.47 R2K Growth 4.59% 2.08% 0.45 R2K 4.82% 1.73% 0.36 S&P Small 5.21% 1.73% 0.33 S&P Mid 3.82% 1.05% 0.27 R2K Value 5.18% 1.41% 0.27 DJ Trans 5.00% -0.70% -0.14 2.40% -0.47% -0.19 DJ Ind 2.37% -1.34% -0.57 1-Year US Equity Risk-Adjusted Ranking Index Risk Return Sharpe DJ Ind 9.52% 16.37% 1.72 Nasdaq 11.79% 19.73% 1.67 R2K Value 15.88% 25.03% 1.58 9.% 14.20% 1.45 S&P Mid 12.99% 18.34% 1.41 R2K 15.70% 22.14% 1.41 S&P Small 15.72% 21.48% 1.37 R2K Growth 16.00% 19.23% 1.20 DJ Util 14.74% 15.44% 1.05 DJ Trans 15.55% 15.82% 1.02 30-Day US Fixed Income Risk-Adjusted Ranking Index Risk Return Sharpe Muni 0.45% 2.19% 4.91 USD EM 0.61% 2.38% 3.94 144A 0.62% 2.02% 2.00 ABS 0.31% 0.78% 2.54 Agency 0.58% 1.41% 2.43 Credit 1.08% 2.53% 2.34 Agg 1.00% 2.19% 2.19 Treasury 1.01% 2.19% 2.16 MBS 0.97% 1.92% 1.98 CMBS 1.04% 1.89% 1.82 HY 0.94% 1.40% 1.49 TIPS 1.40% 1.92% 1.38 1-Year US Fixed Income Risk-Adjusted Ranking Index Risk Return Sharpe HY 3.28% 12.61% 3.84 USD EM 3.89% 7.74% 1.99 144A 2.85% 4.37% 1.54 ABS 1.06% 1.60% 1.51 Credit 4.04% 3.42% 0.85 TIPS 4.26% 2.55% 0.60 Agency 2.01% 0.96% 0.48 CMBS 3.44% 1.47% 0.43 Agg 3.32% 1.38% 0.42 MBS 2.42% 0.97% 0.40 Muni 2.48% 0.70% 0.28 Treasury 3.% 0.00% 0.00 Return Return Return 4% 3% 2% 1% Nasdaq DJ Util S&P Mid R2K Growth R2K S&P Small R2K Value 0% -1% DJ Trans DJ Ind -2% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 26% 24% 22% 20% 18% 16% 14% DJ Ind Risk Nasdaq S&P Mid R2K Value R2K S&P Small R2K Growth DJ Util DJ Trans 12% 9% 10% 11% 12% 13% 14% 15% 16% 17% 3.0% 2.5% 2.0% 1.5% 1.0% ABS Muni Risk USD EM 144A Agency Agg MBS HY Credit Treasury CMBS TIPS 0.5% 0.0% 0.5% 1.0% 1.5% Return 14% 12% 10% 8% 6% Risk 4% 144A CMBS 2% ABS Agency MBS Agg Treasury Muni 0% 1.0% 2.0% 3.0% 4.0% Risk HY USD EM Credit TIPS

Performance Rankings 15 30-Day Commodity Risk-Adjusted Ranking Index Risk Return Sharpe Cattle 4.63% 10.93% 2.36 Gold 3.14% 6.73% 2.15 Lumber 10.32% 13.91% 1.35 Silver 5.05% 5.69% 1.13 Gasoline 8.02% 7.39% 0.92 Aluminum 4.79% 3.69% 0.77 Rice 4.83% 3.29% 0.68 Gas 11.08% 4.78% 0.43 H. Oil 6.22% 0.72% 0.12 Crude Oil 7.55% 0.26% 0.03 Corn 5.53% -0.62% -0.11 Copper 6.48% -1.19% -0.18 CRY 2.61% -0.71% -0.27 Wheat 8.46% -4.71% -0.56 Hogs 11.32% -7.10% -0.63 Coffee 7.82% -6.32% -0.81 Soybean 3.59% -4.98% -1.39 Return 15% 10% 5% 0% -5% -10% Lumber Cattle Gold Gasoline Silver Gas Aluminum Rice CRY Corn H. Oil Crude Oil Copper Soybean Wheat Coffee Hogs 2% 4% 6% 8% 10% 12% Risk 1-Year Commodity Risk-Adjusted Ranking Index Risk Return Sharpe Lumber 27.04% 38.94% 1.44 Aluminum 15.22% 17.90% 1.18 Gas 47.23% 51.62% 1.09 H. Oil 34.66% 24.60% 0.71 Copper 20.51% 13.03% 0.64 Crude Oil 35.10% 21.53% 0.61 Gasoline 35.73% 13.79% 0.39 Silver 22.56% 7.92% 0.35 Coffee 26.27% 8.41% 0.32 Gold 13.33% 3.73% 0.28 Cattle 22.% 5.20% 0.23 CRY 13.69% 2.03% 0.15 Corn 24.11% -4.52% -0.19 Soybean 21.91% -4.49% -0.21 Rice 24.76% -5.73% -0.23 Hogs 37.93% -12.56% -0.33 Wheat 26.87% -16.62% -0.62 Return 60% 50% Gas 40% Lumber 30% H. Oil 20% Crude Oil Aluminum Copper Gasoline 10% Gold Silver Coffee Cattle 0% CRY Rice Soybean Corn -10% Hogs Wheat -20% 10% 15% 20% 25% 30% 35% 40% 45% 50% Risk

30-Day Currency Risk-Adjusted Ranking Index Risk Return Sharpe JPY 2.47% 5.25% 2.12 INR 1.82% 3.18% 1.75 GBP 3.45% 5.25% 1.52 RUB 3.65% 4.93% 1.35 MXN 4.29% 5.38% 1.26 DXY 2.01% 1.88% 0.93 CHF 2.11% 1.63% 0.77 NZD 2.68% 1.90% 0.71 EUR 2.58% 1.50% 0.58 BRL 4.93% 1.54% 0.31 CNY 1.16% 0.35% 0.30 AUD 2.93% 0.56% 0.19 CAD 2.16% 0.13% 0.06 Performance Rankings 16 Return 8% 7% 6% 5% 4% 3% INR JPY GBP RUB MXN 2% DXY NZD CHF EUR BRL 1% CNY AUD 0% CAD 1% 2% 3% 4% 5% Risk 1-Year Currency Risk-Adjusted Ranking Index Risk Return Sharpe RUB 14.48% 17.92% 1.24 BRL 15.36% 12.64% 0.82 INR 4.71% 2.93% 0.62 NZD 10.63% 2.27% 0.21 JPY 12.64% 1.12% 0.09 AUD 10.15% -2.01% -0.20 CHF 7.28% -1.87% -0.26 MXN 17.08% -5.96% -0.35 EUR 7.96% -4.73% -0.59 CAD 7.86% -5.50% -0.70 GBP 13.87% -10.16% -0.73 DXY 7.06% -5.28% -0.75 CNY 3.58% -6.05% -1.69 Return 20% 15% 10% 5% 0% -5% -10% INR DXY CNY CAD CHF EUR NZD AUD JPY GBP -15% 0% 5% 10% 15% Risk RUB BRL MXN

Asset Correlations 17 Equity return correlations between 4/21/16 and 3/9/17 4/21/2016 3/9/2017 S&P Mid S&P Small NASDAQ STOXX FTSE Nikkei Brazil Russia India China 1 0.912 0.844 0.938 0.697 0.584 0.206 0.518 0.338 0.302 0.062 S&P Mid 0.912 1 0.955 0.857 0.6 0.565 0.177 0.462 0.384 0.286 0.0 S&P Small 0.844 0.955 1 0.812 0.636 0.518 0.177 0.387 0.414 0.255 0.062 NASDAQ 0.938 0.857 0.812 1 0.688 0.586 0.164 0.476 0.319 0.286 0.040 STOXX 0.697 0.6 0.636 0.688 1 0.830 0.355 0.399 0.497 0.415 0.074 FTSE 0.584 0.565 0.518 0.586 0.830 1 0.245 0.433 0.442 0.346 0.090 Nikkei 0.206 0.177 0.177 0.164 0.355 0.245 1 0.085 0.159 0.382 0.298 Brazil 0.518 0.462 0.387 0.476 0.399 0.433 0.085 1 0.188 0.265 0.003 Russia 0.338 0.384 0.414 0.319 0.497 0.442 0.159 0.188 1 0.276 0.056 India 0.302 0.286 0.255 0.286 0.415 0.346 0.382 0.265 0.276 1 0.181 China 0.062 0.0 0.062 0.040 0.074 0.090 0.298 0.003 0.056 0.181 1 Equity return correlations in between 3/10/17 and 4/21/17 3/10/2017 30 S&P Mid S&P Small NASDAQ STOXX FTSE Nikkei Brazil Russia India China 1 0.904 0.2 0.927 0.436 0.343 0.090 0.725 0.084 0.041-0.341 S&P Mid 0.904 1 0.950 0.892 0.451 0.246 0.090 0.598 0.024 0.107-0.329 S&P Small 0.2 0.950 1 0.834 0.529 0.276 0.044 0.472-0.022 0.078-0.286 NASDAQ 0.927 0.892 0.834 1 0.383 0.263 0.060 0.738 0.028-0.039-0.360 STOXX 0.436 0.451 0.529 0.383 1 0.762 0.148 0.172 0.169 0.244 0.085 FTSE 0.343 0.246 0.276 0.263 0.762 1 0.272 0.216 0.312 0.263 0.261 Nikkei 0.090 0.090 0.044 0.060 0.148 0.272 1 0.106 0.042 0.362 0.119 Brazil 0.725 0.598 0.472 0.738 0.172 0.216 0.106 1-0.113-0.174-0.163 Russia 0.084 0.024-0.022 0.028 0.169 0.312 0.042-0.113 1 0.372 0.284 India 0.041 0.107 0.078-0.039 0.244 0.263 0.362-0.174 0.372 1 0.170 China -0.341-0.329-0.286-0.360 0.085 0.261 0.119-0.163 0.284 0.170 1 Fixed Income return correlations between 4/21/16 and 3/9/17 Agg Treasury Agency Credit MBS ABS CMBS 144A HY Muni TIPS Agg 1 0.984 0.979 0.981 0.897 0.876 0.947 0.927 0.062 0.661 0.839 Treasury 0.984 1 0.982 0.954 0.834 0.881 0.944 0.876-0.055 0.648 0.816 Agency 0.979 0.982 1 0.937 0.874 0.921 0.966 0.8-0.031 0.667 0.810 Credit 0.981 0.954 0.937 1 0.834 0.815 0.907 0.949 0.161 0.620 0.839 MBS 0.897 0.834 0.874 0.834 1 0.819 0.852 0.832 0.123 0.650 0.740 ABS 0.876 0.881 0.921 0.815 0.819 1 0.903 0.771-0.084 0.594 0.742 CMBS 0.947 0.944 0.966 0.907 0.852 0.903 1 0.862 0.001 0.639 0.4 144A 0.927 0.876 0.8 0.949 0.832 0.771 0.862 1 0.321 0.689 0.817 HY 0.062-0.055-0.031 0.161 0.123-0.084 0.001 0.321 1 0.156 0.199 Muni 0.661 0.648 0.667 0.620 0.650 0.594 0.639 0.689 0.156 1 0.551 TIPS 0.839 0.816 0.810 0.839 0.740 0.742 0.4 0.817 0.199 0.551 1 Fixed Income return correlations in between 3/10/17 and 4/21/17 Agg Treasury Agency Credit MBS ABS CMBS 144A HY Muni TIPS Agg 1 0.994 0.988 0.992 0.978 0.930 0.967 0.957-0. 0.505 0.877 Treasury 0.994 1 0.984 0.986 0.957 0.914 0.958 0.942-0.188 0.497 0.865 Agency 0.988 0.984 1 0.981 0.960 0.952 0.974 0.961-0.128 0.514 0.838 Credit 0.992 0.986 0.981 1 0.952 0.928 0.969 0.972-0.081 0.525 0.878 MBS 0.978 0.957 0.960 0.952 1 0.910 0.933 0.917-0.070 0.470 0.859 ABS 0.930 0.914 0.952 0.928 0.910 1 0.968 0.928-0.082 0.496 0.759 CMBS 0.967 0.958 0.974 0.969 0.933 0.968 1 0.960-0.117 0.514 0.824 144A 0.957 0.942 0.961 0.972 0.917 0.928 0.960 1 0.000 0.551 0.856 HY -0. -0.188-0.128-0.081-0.070-0.082-0.117 0.000 1-0.101 0.072 Muni 0.505 0.497 0.514 0.525 0.470 0.496 0.514 0.551-0.101 1 0.252 TIPS 0.877 0.865 0.838 0.878 0.859 0.759 0.824 0.856 0.072 0.252 1

Asset Correlations 18 US equity and fixed income return correlations between 4/21/16 and 3/9/17 S&P Mid S&P Small Nasdaq Agg Treasury Agency Credit MBS ABS CMBS 1 0.912 0.844 0.938-0.258-0.323-0.310-0.181-0.215-0.348-0.286 S&P Mid 0.912 1 0.955 0.857-0.290-0.346-0.328-0.221-0.251-0.337-0.302 S&P Small 0.844 0.955 1 0.812-0.352-0.398-0.385-0.286-0.314-0.378-0.360 Nasdaq 0.938 0.857 0.812 1-0.229-0.292-0.278-0.163-0.176-0.327-0.246 Agg -0.258-0.290-0.352-0.229 1 0.984 0.979 0.981 0.897 0.876 0.947 Treasury -0.323-0.346-0.398-0.292 0.984 1 0.982 0.954 0.834 0.881 0.944 Agency -0.310-0.328-0.385-0.278 0.979 0.982 1 0.937 0.874 0.921 0.966 Credit -0.181-0.221-0.286-0.163 0.981 0.954 0.937 1 0.834 0.815 0.907 MBS -0.215-0.251-0.314-0.176 0.897 0.834 0.874 0.834 1 0.819 0.852 ABS -0.348-0.337-0.378-0.327 0.876 0.881 0.921 0.815 0.819 1 0.903 CMBS -0.286-0.302-0.360-0.246 0.947 0.944 0.966 0.907 0.852 0.903 1 US equity and fixed income return correlations in between 3/10/17 and 4/21/17 S&P Mid S&P Small Nasdaq Agg Treasury Agency Credit MBS ABS CMBS 1 0.904 0.2 0.927-0.250-0.282-0.274-0.263-0.175-0.260-0.300 S&P Mid 0.904 1 0.950 0.892-0.162-0.185-0.178-0.177-0.102-0.168-0.219 S&P Small 0.2 0.950 1 0.834-0.236-0.252-0.258-0.250-0. -0.245-0.288 Nasdaq 0.927 0.892 0.834 1-0.253-0.2-0.279-0.266-0.187-0.257-0.303 Agg -0.250-0.162-0.236-0.253 1 0.994 0.988 0.992 0.978 0.930 0.967 Treasury -0.282-0.185-0.252-0.2 0.994 1 0.984 0.986 0.957 0.914 0.958 Agency -0.274-0.178-0.258-0.279 0.988 0.984 1 0.981 0.960 0.952 0.974 Credit -0.263-0.177-0.250-0.266 0.992 0.986 0.981 1 0.952 0.928 0.969 MBS -0.175-0.102-0. -0.187 0.978 0.957 0.960 0.952 1 0.910 0.933 ABS -0.260-0.168-0.245-0.257 0.930 0.914 0.952 0.928 0.910 1 0.968 CMBS -0.300-0.219-0.288-0.303 0.967 0.958 0.974 0.969 0.933 0.968 1 US equity and fixed income return correlations between 4/21/16 and 3/9/17 3/9/2017 S&P Mid S&P Small Nasdaq HY Muni USD EM 144A TIPS Glb. Agg DXY 1 0.912 0.844 0.938 0.474-0.188 0.203-0.107-0.072-0.081 0. S&P Mid 0.912 1 0.955 0.857 0.428-0.238 0.103-0.174-0.094-0.111 0.084 S&P Small 0.844 0.955 1 0.812 0.389-0.261 0.029-0.245-0.151-0.198 0.008 Nasdaq 0.938 0.857 0.812 1 0.474-0.141 0.242-0.075-0.089-0.059 0.097 HY 0.474 0.428 0.389 0.474 1 0.156 0.656 0.321 0.199 0.183 0.227 Muni -0.188-0.238-0.261-0.141 0.156 1 0.595 0.689 0.551 0.572 0.165 USD EM 0.203 0.103 0.029 0.242 0.656 0.595 1 0.791 0.576 0.593 0.361 144A -0.107-0.174-0.245-0.075 0.321 0.689 0.791 1 0.817 0.689 0.382 TIPS -0.072-0.094-0.151-0.089 0.199 0.551 0.576 0.817 1 0.590 0.346 Glb. Agg -0.081-0.111-0.198-0.059 0.183 0.572 0.593 0.689 0.590 1 0.682 DXY 0. 0.084 0.008 0.097 0.227 0.165 0.361 0.382 0.346 0.682 1 US equity and fixed income return correlations in between 3/10/17 and 4/21/17 S&P Mid S&P Small Nasdaq HY Muni USD EM 144A TIPS Glb. Agg DXY 1 0.904 0.2 0.927 0.323-0.261-0.066-0.286-0.162-0.183-0.054 S&P Mid 0.904 1 0.950 0.892 0.331-0.184-0.037-0.196-0.143-0.139 0.006 S&P Small 0.2 0.950 1 0.834 0.348-0.198-0.038-0.257-0.191-0.121 0.011 Nasdaq 0.927 0.892 0.834 1 0.292-0.310-0.083-0.264-0.147-0.199-0.096 HY 0.323 0.331 0.348 0.292 1-0.101 0.437 0.000 0.072-0.147-0.019 Muni -0.261-0.184-0.198-0.310-0.101 1 0.507 0.551 0.252 0.704 0.517 USD EM -0.066-0.037-0.038-0.083 0.437 0.507 1 0.729 0.629 0.568 0.661 144A -0.286-0.196-0.257-0.264 0.000 0.551 0.729 1 0.856 0.604 0.675 TIPS -0.162-0.143-0.191-0.147 0.072 0.252 0.629 0.856 1 0.374 0.577 Glb. Agg -0.183-0.139-0.121-0.199-0.147 0.704 0.568 0.604 0.374 1 0.715 DXY -0.054 0.006 0.011-0.096-0.019 0.517 0.661 0.675 0.577 0.715 1

Asset Correlations 19 Spread change correlations between 4/21/16 and 3/9/17 Credit Finance Industrial Utility Supranationa HY MBS ABS CMBS 144A Build Am Credit 1 0.823 0.835 0.595 0.520 0.683 0.275-0.005 0.145 0.827 0.195 Finance 0.823 1 0.746 0.511 0.545 0.566 0.243-0.027 0.153 0.739 0.146 Industrial 0.835 0.746 1 0.528 0.399 0.695 0.220 0.019 0.169 0.757 0.107 Utility 0.595 0.511 0.528 1 0.368 0.449 0. 0.003 0.114 0.516 0.226 Supranational 0.520 0.545 0.399 0.368 1 0.266 0.236-0.009 0.130 0.510 0.097 HY 0.683 0.566 0.695 0.449 0.266 1 0.187 0.047 0.188 0.779 0.163 MBS 0.275 0.243 0.220 0. 0.236 0.187 1-0.086 0.124 0.242-0.006 ABS -0.005-0.027 0.019 0.003-0.009 0.047-0.086 1 0.326 0.047-0.062 CMBS 0.145 0.153 0.169 0.114 0.130 0.188 0.124 0.326 1 0.199 0.061 144A 0.827 0.739 0.757 0.516 0.510 0.779 0.242 0.047 0.199 1 0.170 Build Am 0.195 0.146 0.107 0.226 0.097 0.163-0.006-0.062 0.061 0.170 1 Spread change correlations in between 3/10/17 and 4/21/17 Credit Finance Industrial Utility Supranationa HY MBS ABS CMBS 144A Build Am Credit 1 0.7 0.625 0.501 0.483 0.628-0.311-0.143 0.182 0.669-0.183 Finance 0.7 1 0.638 0.560 0.304 0.536-0.369-0.227 0.234 0.695-0.075 Industrial 0.625 0.638 1 0.397 0.012 0.692-0.246-0.060 0.179 0.646-0.088 Utility 0.501 0.560 0.397 1 0.342 0.273-0.188 0.027 0.319 0.586 0.115 Supranational 0.483 0.304 0.012 0.342 1 0.127-0.029 0.066 0.266 0.396 0.033 HY 0.628 0.536 0.692 0.273 0.127 1-0.360-0.025 0.013 0.683-0.165 MBS -0.311-0.369-0.246-0.188-0.029-0.360 1-0.174-0.334-0.255-0.072 ABS -0.143-0.227-0.060 0.027 0.066-0.025-0.174 1 0.412-0.203 0.161 CMBS 0.182 0.234 0.179 0.319 0.266 0.013-0.334 0.412 1 0.206 0.271 144A 0.669 0.695 0.646 0.586 0.396 0.683-0.255-0.203 0.206 1 0.070 Build Am -0.183-0.075-0.088 0.115 0.033-0.165-0.072 0.161 0.271 0.070 1 Spread change correlations between 4/21/16 and 3/9/17 Credit Aaa Credit Aa Credit A Credit Baa CMBS Aaa CMBS Aa CMBS A CMBS Bbb ABS Auto ABS Card ABS Flt Credit Aaa 1 0.569 0.611 0.497 0.058 0.175 0.135 0. 0.023 0.059 0.006 Credit Aa 0.569 1 0.738 0.753 0.083 0.126 0.116 0.126 0.000-0.010-0.069 Credit A 0.611 0.738 1 0.787 0.093 0.142 0.151 0.159-0.049-0.027-0.055 Credit Baa 0.497 0.753 0.787 1 0.104 0.127 0.152 0.152-0.011 0.013-0.013 CMBS Aaa 0.058 0.083 0.093 0.104 1 0.585 0.496 0.338 0.294 0.317 0.373 CMBS Aa 0.175 0.126 0.142 0.127 0.585 1 0.768 0.585 0.110 0.155 0.166 CMBS A 0.135 0.116 0.151 0.152 0.496 0.768 1 0.603 0.113 0.171 0.215 CMBS Bbb 0. 0.126 0.159 0.152 0.338 0.585 0.603 1 0.013 0.022 0.044 ABS Auto 0.023 0.000-0.049-0.011 0.294 0.110 0.113 0.013 1 0.9 0.363 ABS Card 0.059-0.010-0.027 0.013 0.317 0.155 0.171 0.022 0.9 1 0.490 ABS Flt 0.006-0.069-0.055-0.013 0.373 0.166 0.215 0.044 0.363 0.490 1 Spread change correlations in between 3/10/17 and 4/21/17 Credit Aaa Credit Aa Credit A Credit Baa CMBS Aaa CMBS Aa CMBS A CMBS Bbb ABS Auto ABS Card ABS Flt Credit Aaa 1 0.560 0.245 0.487 0.307 0.218 0.085 0.219 0.147-0.099 0.089 Credit Aa 0.560 1 0.476 0.742 0.176 0.244 0.221 0.031-0.152-0.335-0.044 Credit A 0.245 0.476 1 0.496 0.301 0.297 0.481 0.185 0.058-0.0 0.165 Credit Baa 0.487 0.742 0.496 1 0.042 0.012-0.033 0.084-0.106-0.199-0.127 CMBS Aaa 0.307 0.176 0.301 0.042 1 0.688 0.421 0.490 0.537 0.541 0.504 CMBS Aa 0.218 0.244 0.297 0.012 0.688 1 0.531 0.383 0.220 0.248 0.485 CMBS A 0.085 0.221 0.481-0.033 0.421 0.531 1 0.212 0.178-0.008 0.221 CMBS Bbb 0.219 0.031 0.185 0.084 0.490 0.383 0.212 1 0.268 0.169 0.189 ABS Auto 0.147-0.152 0.058-0.106 0.537 0.220 0.178 0.268 1 0.761 0.757 ABS Card -0.099-0.335-0.0-0.199 0.541 0.248-0.008 0.169 0.761 1 0.634 ABS Flt 0.089-0.044 0.165-0.127 0.504 0.485 0.221 0.189 0.757 0.634 1

Asset Correlations 20 Currency return correlations between 4/21/16 and 3/9/17 EUR JPY GBP CAD AUD CHF NZD NOK SEK BRL MXN EUR 1 0.369 0.553 0.486 0.571 0.837 0.588 0.5 0.851 0.282 0.283 JPY 0.369 1-0.089 0.178 0.250 0.472 0.437 0.184 0.248 0.161-0.029 GBP 0.553-0.089 1 0.466 0.462 0.418 0.467 0.623 0.611 0.125 0.309 CAD 0.486 0.178 0.466 1 0.655 0.485 0.561 0.702 0.572 0.369 0.491 AUD 0.571 0.250 0.462 0.655 1 0.465 0.770 0.679 0.624 0.431 0.495 CHF 0.837 0.472 0.418 0.485 0.465 1 0.500 0.668 0.712 0.198 0.171 NZD 0.588 0.437 0.467 0.561 0.770 0.500 1 0.627 0.596 0.389 0.399 NOK 0.5 0.184 0.623 0.702 0.679 0.668 0.627 1 0.817 0.389 0.460 SEK 0.851 0.248 0.611 0.572 0.624 0.712 0.596 0.817 1 0.332 0.327 BRL 0.282 0.161 0.125 0.369 0.431 0.198 0.389 0.389 0.332 1 0.543 MXN 0.283-0.029 0.309 0.491 0.495 0.171 0.399 0.460 0.327 0.543 1 Currency return correlations in between 3/10/17 and 4/21/17 EUR JPY GBP CAD AUD CHF NZD NOK SEK BRL MXN EUR 1 0.617 0.610 0.395 0.350 0.865 0.503 0.627 0.4 0.463 0.257 JPY 0.617 1 0.533 0.378 0.313 0.620 0.528 0.697 0.537 0.343 0.233 GBP 0.610 0.533 1 0.252 0.166 0.704 0.384 0.547 0.546 0.104 0.060 CAD 0.395 0.378 0.252 1 0.633 0.342 0.532 0.594 0.457 0.578 0.657 AUD 0.350 0.313 0.166 0.633 1 0.279 0.814 0.552 0.445 0.627 0.644 CHF 0.865 0.620 0.704 0.342 0.279 1 0.484 0.675 0.4 0.298 0.170 NZD 0.503 0.528 0.384 0.532 0.814 0.484 1 0.653 0.437 0.582 0.593 NOK 0.627 0.697 0.547 0.594 0.552 0.675 0.653 1 0.732 0.559 0.519 SEK 0.4 0.537 0.546 0.457 0.445 0.4 0.437 0.732 1 0.421 0.354 BRL 0.463 0.343 0.104 0.578 0.627 0.298 0.582 0.559 0.421 1 0.633 MXN 0.257 0.233 0.060 0.657 0.644 0.170 0.593 0.519 0.354 0.633 1 Commodity return correlations between 4/21/16 and 3/9/17 Crude Oil Gas Gold Silver Copper Wheat Soybean Corn Coffee Cattle Lumber Crude Oil 1 0.126 0.004 0. 0.145 0.124 0.218 0.167 0.123-0.048 0.069 Gas 0.126 1-0.068-0.064 0.088-0.079 0.114-0.039-0.026 0.040-0.090 Gold 0.004-0.068 1 0.754 0.007 0.0 0.113 0.107 0.153-0.153 0.056 Silver 0. -0.064 0.754 1 0.213 0.070 0.189 0.088 0.220-0.149 0.117 Copper 0.145 0.088 0.007 0.213 1 0.016 0.221 0.098 0.110-0.0 0.027 Wheat 0.124-0.079 0.0 0.070 0.016 1 0.323 0.666 0.113-0.011-0.031 Soybean 0.218 0.114 0.113 0.189 0.221 0.323 1 0.561 0. 0.010 0.042 Corn 0.167-0.039 0.107 0.088 0.098 0.666 0.561 1 0.135-0.079-0.021 Coffee 0.123-0.026 0.153 0.220 0.110 0.113 0. 0.135 1-0.045 0.070 Cattle -0.048 0.040-0.153-0.149-0.0-0.011 0.010-0.079-0.045 1 0. Lumber 0.069-0.090 0.056 0.117 0.027-0.031 0.042-0.021 0.070 0. 1 Commodity return correlations in between 3/10/17 and 4/21/17 Crude Oil Gas Gold Silver Copper Wheat Soybean Corn Coffee Cattle Lumber Crude Oil 1 0.191 0.204 0.346 0.208 0.432-0.049 0.332 0.282-0.070-0.087 Gas 0.191 1-0.063 0.198-0.005 0.009 0.138-0.101 0.078-0.2-0.301 Gold 0.204-0.063 1 0.756-0.247 0.505 0.266 0.346 0.185 0.394-0.097 Silver 0.346 0.198 0.756 1-0.020 0.581 0.082 0.439 0.073 0.103-0.2 Copper 0.208-0.005-0.247-0.020 1-0.053 0.252-0.078-0. 0.039 0.168 Wheat 0.432 0.009 0.505 0.581-0.053 1 0. 0.765 0.071 0.072-0.158 Soybean -0.049 0.138 0.266 0.082 0.252 0. 1 0.189 0.008 0.375-0.067 Corn 0.332-0.101 0.346 0.439-0.078 0.765 0.189 1-0.077 0.115-0.221 Coffee 0.282 0.078 0.185 0.073-0. 0.071 0.008-0.077 1-0.178 0.136 Cattle -0.070-0.2 0.394 0.103 0.039 0.072 0.375 0.115-0.178 1 0.118 Lumber -0.087-0.301-0.097-0.2 0.168-0.158-0.067-0.221 0.136 0.118 1