Historically, U.S. equities have outperformed bonds while rates are rising
Sources: Morningstar Direct and Wells Fargo Investment Institute, November 19, 2018. For illustrative purposes only. The S&P 500 Index is a market capitalization-weighted index considered representative of the U.S. equity market. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market. Index returns are not fund returns. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results. There is no guarantee any asset class will perform in a similar manner in the future or in other rising rate environments even if it has done so historically. Both stocks and bonds involve risk, and their returns and risk levels can vary depending on prevailing market and economic conditions. Bond prices fluctuate inversely to changes in interest rates.