Normally we’re not big fans of the phrase, as it’s often used reflexively rather than with specific intent. On the contrary, we reference relativity often and with specific intent. For example, we regularly remind readers that expectations for greater relative return should be accompanied by expectations for greater risk. This month, we offer perspective on the historical relative returns of a range of mixtures of equity and fixed income using the benchmarks we utilize for our portfolios as the basis for comparisons. The goal of the review is to further support the process of defining client comfort with exposure to market risk and to provide a means to establish reasonable expectations for short- and long-term outcomes.