We all know how markets have traded most of the time since the 2008 crash. Risk-on, risk-off. One day everything is moving up in value, the next everything is falling. Regardless of what you were invested in stocks, bonds, commodities, international equities, etc. the correlation of movement in prices and values was high. Investors received little or no benefit from diversifying. Indexing outperformed active management most of the time.
Things are changing.