Alternative的基础班课件中42页有提到PE的roles in portifolios，有一个是说可以提供好的分散化，课上说非上市公司和上市公司的相关性很低，所以可以有分散化的作用。
但是在Alternative经典题的3.6中，李skr老师又说Private Equity和Public Equity的相关系数并不低，不能分散风险，所以选项A是错的。
两者是否相矛盾呢？
韩韩_品职助教 · 2019年06月03日
原版书分别在两个部分提到了PE的相关性，一是在historical performance知识点下，二是在roles in the portfolio下。这两处说法就有不一致的地方。
historical performance:
Private equity returns have exhibited a low correlation with the returns to publicly traded securities, making private equity an attractive
addition to a portfolio. However, because of a lack of observable market prices for private equity, short-term return and correlation data
may be subject to the smoothing effects of stale prices.
Roles in portfolio:
The moderately high average correlation of private equity returns with publicly traded share returns that has been documented has a plausible economic explanation: All types of businesses have some exposure to economic and industry conditions, so correlations between public and private equity returns may be expected to be positive. Furthermore, venture capital uses public equity markets as one main exit route, so returns to VC fund investors can be expected to be higher when public equity market values are advancing.
Private equity probably can play a moderate role as a risk diversifier. However, many investors look to private equity investment for long-term return enhancement.
所以不要关注historical performance那里，重点还是要掌握roles in portfolio这个知识点下的内容。