ในช่วง 10 ปีที่ผ่านมา ผลตอบแทนจากการลงทุนในตราสารหนี้ปรับตัวลดลงอย่างเห็นได้ชัด โดยเฉพาะพันธบัตรรัฐบาลและหุ้นกู้ในประเทศที่พัฒนาแล้ว นอกจากนั้น สินทรัพย์แต่ละประเภทยังไม่สามารถให้ผลตอบแทนที่ดี อย่างสม่ำเสมอ ยกตัวอย่างเช่น Global Real Estate Equity เป็นสินทรัพย์ที่ให้ผลตอบแทนดีที่สุดปี 2549 แต่ให้ผลตอบแทนต่ำที่สุดในปี 2550 ขณะที่หุ้นในตลาดเกิดใหม่ที่วัดโดย MSCI Emerging market เมื่อเทียบกับหุ้นในตลาดหลักของสหรัฐฯ เช่น ดัชนี S&P 500 ต่างสลับกันให้ผลตอบแทนดีและไม่ดี ( ในช่วงปี 2549 – 2561)
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