Safe-haven assets for U.S. equities during the 2020 COVID-19 bear market


  • Chung Baek Troy University
  • Thomas Jackman Nebraska Wesleyan University



The recent stock market downturn is differentiated from the previous ones as it is due to an economic, rather than a financial occurrence (the COVID-19 Pandemic). The purpose of our study is to examine gold, bitcoin, and U.S. Treasury bonds as a safe haven during the COVID-19 bear market. Unlike many studies that support gold as a traditional safe haven for stocks, our study finds that bitcoin and Treasury bonds perform better as a safe haven than gold during the recent COVID-19 bear market. 

Author Biographies

Chung Baek, Troy University

(Full) Professor of Finance

Department of Economics and Finance

Troy University

Thomas Jackman, Nebraska Wesleyan University

(Full) Professor of Business Administration

Department of Bus Admin, Economics, and Accounting

Nebraska Wesleyan University


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How to Cite

Baek, C., & Jackman, T. (2021). Safe-haven assets for U.S. equities during the 2020 COVID-19 bear market. Economics and Business Letters, 10(3), 331-335.