This bar chart displays both the maximum drawdown and cumulative total return for high-yielding asset classes and benchmark portfolios during the early stages of the pandemic, from February 3, 2020, to March 31, 2020. For the high-yielding asset classes, global REITs had a maximum drawdown of –49.6% and a cumulative total return of –36.7%. Global high-dividend equities had a maximum drawdown of –33.1% and a cumulative total return of –20.1%. By comparison, the benchmark portfolio of globally diversified equity had a maximum drawdown of –33.90% and a cumulative total return of –21.07%. Next we can look at high-yielding fixed income instruments. Global high-yield bonds had a maximum drawdown of –22.8% and a cumulative total return of –16.5%. Emerging-market bonds had a maximum drawdown of –16.4% and a cumulative total return of –11.8%. Long-duration fixed income had a maximum drawdown of –24.6% and a cumulative total return of –8.4%. As a comparison, the benchmark portfolio of globally diversified fixed income had a smaller maximum drawdown of only –5.45% and a cumulative total return of –1.05%. The balanced portfolio made up of 50% globally diversified equity and 50% globally diversified fixed income had a maximum drawdown of –19.68% and a cumulative total return of –11.06%. The higher-yielding equities and bonds carried additional downside risk both in terms of maximum drawdown and cumulative total return when compared with the more traditional benchmark portfolios.