The two-month stock rout at the start of the year sent actively managed funds pouring into cash and loading up on bearish wagers.
The least-bad performance among U.S. assets were declines of 4.9% in the S&P 500 and speculative credit.
The need to pay off tax bills on massive capital gains could be one reason for the selloff.
That's the explanation analysts are coming up with to explain continued stock investing in the face of hot inflation.
Roughly $3.5 trillion of single-stock and index-level options were estimated to expire today.
Mom and pop investors are buying. Hedge fund clients are selling. Who is right?
Russia's invasion of Ukraine has left virtually no asset immune from heart-stopping swings.
Similar readings have occurred six other times since 2010, all near the bottom of a major market selloffs.
Investors have sunk $152 billion into equities this year despite significant market losses in January.
The momentum products have delivered subpar risk-adjusted returns relative to the broader market since 2015, the study said.