April marked the best risk-adjusted monthly return for global equities since October 2015. Up for its fourth consecutive month, the global equity market, as measured by the S&P Global 1200, locked in its best YTD-through-April return on record. Equity market volatility in April declined sharply from average levels in March down to near their five-year low. Tightening credit spreads were offset by rising yields in April, leaving the investment grade bond market flat for the month. The price of oil climbed 6.8%, marking its fourth consecutive month of increases and bringing its YTD increase to 35%.