Crude oil prices and Gilt Funds
A cursory look at some of the bond funds investing in long-term government bonds shows that bond funds have given annualised returns of anywhere between 45 to 55 per cent. One of the reasons for such return is fall in the bond yields, which has fallen by 80 basis points from its recent high. This is triggered by fall in the crude oil prices.
One of the highlights of the year 2018 was the rise and fall of crude oil prices. From its low of US$ 62 per barrel in the month of February 2018, it touched a high of US$ 86 per barrel in a span of eight months. What was more dramatic was its drastic fall in the next two months to a 14 month low of US$ 56 per barrel. Such volatility has great implication for the Indian economy. This is because India fulfils 82 per cent of its requirement through import and had spent Rs. 5,66,450 crore in the last fiscal. This negatively impacts the government finances due to the increase in government borrowings. The impact of all this is reflected in the bond funds, especially, those that invest their major part in long-term government bonds and hence this extraordinary returns in the last one month.
To understand the relationship between both factors we charted daily returns of SBI ETF 10-year gilt fund and Brent Crude between September 2016 and December 2018. The below graph shows there is a somewhat inverse relationship between the returns by crude oil and the fund. However, you cannot draw any conclusive about that.
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)
Therefore, we did a study of their rolling correlation between both in the same period. Again we did not arrive at any conclusive evidence of a negative correlation between both the factors. The graph below shows the rolling correlation of one-month between both factors.
Hence, there are factors other than crude oil that impact the bond yields and returns provided by these funds. Currently, as macros of the economy are improving, it is resulting in fall of bond yields and a rise in prices of bond funds.