rho = -0.20 to -0.40 SPX vs UST-10Y; positive in inflation regime
| source | CRSP + FRED historical |
| derivation | data_calibrated |
| quality | calibrated |
| set | 2026-05-25 |
| last reviewed | 2026-05-25 |
| next review due | 2026-12-31 |
Drives GMxB hedge dynamics; rate-driven equity reprice spans tens of bps.