The EDHEC-Risk team has released the latest performance update of the EDHEC-Risk Alternative Indexes. March was characterized by an intensification of the crisis, with very slow economic in many countries, given the recommendation to stay at home. The S&P 500 index registered an even bigger decline than last month (-12.35%), its biggest drop in a month since October 2008, bringing it back to its January 2019 level. Market implied volatility further increased, reaching 53.54%, its highest value since November 2008. On the bond market, the situation also deteriorated, as both regular bonds (-1.02%) and convertible bonds (-10.85%) posted  negative returns.