Velthorne Asset Management

HYG vs LQD: How Velthorne Asset Management Reads Credit Signals in Quiet Markets. AI-Generated.

A flat equity close can feel like a non-event, yet market risk rarely disappears—it simply changes shape. On Friday, the S&P 500 finished almost unchanged at +0.03%, while credit benchmarks held steady with HYG at $81.14 and LQD at $110.84. Those levels may look ordinary, but the relationship between high yield and investment grade often tells a clearer story than the index itself, and Velthorne Asset Management treats that spread as a practical signal of how investors are pricing risk beneath the surface.