One interpretation of an upward sloping yield curve is that the returns to short-dated bonds are:
uncorrelated with bad times.
more positively correlated with bad times than are returns to long-dated bonds.
more negatively correlated with bad times than are returns to long-dated bonds.
(Institute 457-458)
Institute, CFA. 2018 CFA Program Level II Volume 6 Alternative Investments and Portfolio Management. CFA Institute, 07/2017. VitalBook file.
这道书后题目是教材原文,请问如何理解短期债券收益在经济不好时期是nagetively correlatied,以及相对于长期债券有更好的对经济下行的hedge作用。这个nagetively correlatied是指经济越不好,短期债券相对长期债券收益越高吗,如果是,原因是什么?