Hypothetical scenario – you want to play all offense with your stock portfolio, i.e. own the hottest stocks with the most potential upside, but use the rest of your portfolio to play the strongest defense possible. The ARKK + 5 year Treasury combo actually had a lower drawdown than the SPY, mostly because of all those bonds. Owning lower beta, “less risky” names wasn’t a good defense at all in early 2020 when the plague came. Equally-weighted ARKK + Treasurys blew the stock market away.