Click here to download the latest EDHEC-Risk Alternative Indexes performance update. The month of April was characterized by a strong performance on the stock markets, with the S&P 500 registering a third consecutive month of profits (5.34%). Market implied volatility decreased to 18.61%, its lowest value since the beginning of 2020, but also a value lower than its long-term average performance (around 21%); The bond market recovered, with both regular bonds (0.31%) and convertible bonds (2.37%) posted positive returns, after three months of losses for the former and one month of loss for the latter.