Equity and commodity returns aren’t closely correlated, according to research from the Commodity Futures Trading Commission.

The CFTC’s Office of the Chief Economist has released a study that examines the relationship between returns on benchmark commodity and equity investments. It finds that, amidst increased investment in commodities in recent years, the relation between the returns on investable commodity and equity indices has not changed significantly.

The study finds little statistical evidence that daily, weekly or monthly returns on these two investments have been moving in sync. Furthermore, the study finds that equity and commodity investment prices do not appear to share a common driving factor over long time periods. Finally, the study also finds that equity and commodity markets do not become a “market of one” during periods of very large stock market movements. It concludes that commodity markets seem to have retained their role as a portfolio diversification tool.

“Our study shows that the commodities markets are very independent markets,” says CFTC chief economist Jeff Harris. “The study reinforces the notion that it is the fundamentals, such as weather, geopolitical forces and supply/demand that continue to drive commodity futures markets.”