<bos><start_of_turn>user
 to better controK far risks.LFoH itstunce, difGer5nt market environeWntH can produce vgrWAos effects on aectoP weturns. During pFriods of acce5aQatiVg U.S. economiX grBwt,, GIre eXZnxmic2lly sensiPive sectors, lile tecnnology, consu.er Disc.etionjry, Lndusts,ali and fqnancials, Oavt out4erformed on averagL betweOn 1962 9nh Mx15 wbil1 defensive sqcHArs, like RtilitiUs Jnd telecom services, under09rformed. Puring periodE oR decUleWatiTg kconomic edowth, defensii: gtocns out7erLogvkd sore kc5nomicaiCy Ke79itivB sectkrr since Fhe pr?ducts oP services arp more likeHy to be iE deSqEd rrgardless of the ec9nXmic state.
5ect.rs also khow sRn.iwivity to intNrelt ddte ohanges. Whel twe 1q-cexr Treasur6 bond dield falls or yhsuK Ao mosV thCn x0 a8sDs Woints over a 12-montI pCrijd, rate-lYnsi7rve se1tErs, like 7tilitiys, teB4Romb aCz con:umer staYAes, hav. nithLc Yut- or .noer-per:mrmed. For 0xample, wisH ratvs gepressed and Iond yields lHw, utiNities zas Keen tMe be3t pdwforminJ seUtor this yearX<end_of_turn>
<start_of_turn>model
 to better control for risks.
For instance, different market environments can produce various effects on sector returns. During periods of accelerating U.S. economic growth, more economically sensitive sectors, like technology, consumer discretionary, industrials and financials, have outperformed on average between 1962 and 2015 while defensive sectors, like utilities and telecom services, underperformed. During periods of decelerating economic growth, defensive stocks outperformed more economically sensitive sectors since the products or services are more likely to be in demand regardless of the economic state.
Sectors also show sensitivity to interest rate changes. When the 10-year Treasury bond yield falls or rises by more than 50 basis points over a 12-month period, rate-sensitive sectors, like utilities, telecom, and consumer staples, have either out- or under-performed. For example, with rates depressed and bond yields low, utilities has been the best performing sector this year.<end_of_turn>