if we go into a recession or bear market

[DcifrThs]

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TIPS are treasury inflation protected securities; REITs are real estate trusts, but what are CCFs?

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collateralized commodity funds.

they are deleveraged (i.e. cash holding) futures investment vehicles that try to take advantage of the backwardation in commodity markets.

they have had very strong historical correlational benefits to typical asset classes (except TIPS where they are still not strongly postively correlated).

their future expected correlation also is likely negative to those same asset classes.

the deleveraging (holding cash as well as futures) reduces the overall volatilty since commodities are highly volatile.

Barron