Do lower and negative correlations between markets enhance diversification for building diversified portfolios and (potentially) earning higher risk-adjusted returns? If the answer is "yes," Mr. Market has become moderately more generous in spots in recent months by expanding the opportunity set of relatively low and negative correlations across asset classes.
Skeptics will note, correctly, that quantifying the degree of diversification (or the lack thereof) in assets is a task that requires looking beyond correlation through the lens of the rear-view mirror. Nonetheless, this metric is a reasonable first approximation for measuring the relationship between markets