Global equity markets are experiencing dramatic volatility. During December and January, the MSCI All-Country World Index, which includes both the developed markets and the emerging markets fell close to 10 per cent in US dollar terms. The MSCI World index which includes only the developed markets around the world was down 8.8 per cent during the last the two months. The MSCI Emerging Market Index was down 12.1 per cent.

Investors will be excused for asking if there are any equity markets that offer relative protection from this turmoil.