The US has been among the three riskiest developed countries since September. Risk has been rising for most countries since August-end, with the US as one of the frontrunners. US risk currently lags that of only Hong Kong and Ireland among developed countries, and Greece, Turkey and India among emerging countries, as measured by Axioma’s short-horizon Worldwide fundamental model, and based on stocks in our worldwide universe, denominated in US dollars. US risk climbed from a year-to-date low of 12.5% at the end of July to around 16% since September (still a much lower level than what we saw in January when US risk approached 22%). The US is not the only developed country whose risk is now higher than that of countries that are typically much more volatile. Most European developed markets, for example, are now riskier than Mexico, Russia and Taiwan.
See graph from the Equity Risk Monitors as of 17 October 2019: