… prior to 2008 correlations between equities and commodities were near zero. This lack of correlation gave comfort to investors who wanted to diversify their portfolio with different asset classes. But something happened after 2008. The correlation between equities and commodities started to become greater. The authors find the correlation between crude oil jumped from 0.00 prior to 2008 to 0.50 after 2008. They found similar results from other commodities.