• Fluctuating periods of "risk-on" and "risk-off" mean that spikes in equity market volatility and large drawdowns are increasingly common in today's economy (see Exhibit 1).

• Passive investment strategies could help position portfolios to withstand market volatility.

• S&P Dow Jones Indices (S&P DJI) offers a variety of indices specifically designed to help smooth out equity market drawdowns and improve risk-adjusted returns.

• These indices can be broadly placed into three categories: defensive equity, multi-asset, and volatility.