Gyroscopic Investing

Here's a start. -> https://www.researchgate.net/publicatio ... al_Markets

https://www.bogleheads.org/forum/viewto ... 3#p5583003

You could also look at what rates did to stocks through the 70s

Indeed, US stocks in general did basically nothing through the decade of the 70s. (The full period of market beta underperforming was 1965 to 1981).

We have three periods lasting at least 13 years or longer in US stock market history going back to 1926 where stocks underperformed totally riskless T-bills. It is important to note in that in each of those three periods the size and value premiums were huge.

The following chart shows inflation adjusted returns for US stocks (blue) vs US SCV (red) for the 10 year period of 1972 to 1982. (Data limitations prevent the set from going back further.)


This isn't exactly related to the OP's question, but to the extent in which you may be worried about macroeconomic forces such as rising rates impacting stocks, SCV diversification may help.

^ Counter-party risks?

https://www.bogleheads.org/forum/viewtopic.php?t=326051