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A profitable diversification vehicle The Swiss bond market plays an important role in international asset allocation. Generally, Swiss yields have been well correlated with German yields. On a monthly basis, the correlation between 10-year Swiss and German government bond yields has been 82% in the period from 1987 to 1995. However, the Swiss market continues to exhibit sufficient divergent behaviour for Swiss bonds to be an important and profitable diversification vehicle for international fixed income portfolios, particularly in periods of heightened international risk. |
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