EDHEC is pleased to release the latest performance update of the EDHEC-Risk Alternative Indexes. April was characterized by a strong recovery of the markets linked to the decline in the pandemic in most countries. The S&P 500 index recovered a large part of its loss from the previous month (12.82%), its strongest increase in a month since the start of our study period (January 1997). Market implied volatility decreased sharply to 34.15% but still remains higher than the long-term average which is around 20%.