Mark Gongloff finds this astonishing chart in a Morgan Stanley note this morning. It shows the degree to which hedge fund returns, in aggregate, are correlated with our old friend the S&P 500.

The breakdown of the correlation between a strengthening dollar and falling stocks for the first time since January 2009 indicates investors may be putting the global financial crisis behind them.

A record correlation between frontier-market stocks and U.S. equities signals that companies in the smallest developing countries are more linked than ever to events in major economies, and ...