Recent data indicates that the S&P 500 has been underperforming relative to global assets correlated with risk sentiment. Over a span of 20 days, the index has cumulatively underperformed by 6.06%. This decline is attributed to rising anxiety over the impact of U.S. tariffs on the economy. In contrast, low-volatility stocks have gained traction during this period, with the Low Volatility Index increasing by 1.4%. Meanwhile, the S&P 500 High Beta Index has experienced a significant decline of 14.4% over the last 12 days, highlighting the contrasting performance between high beta and low volatility stocks amid market turmoil.