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Inflation linked bonds

Real returnLong term about similar government bond - 0.5% (intermediate)
VolatilityGovernment bond + 4% +- 2%
CorrelationMediated thhrough inflation
TestfolioTIP
InflationReal but interest rate sensitive

Inflation linked bonds are issued by the US (TIPS, linked to CPI), several Euro countries (linked to HICP), and others. They are generally a nominal government bond plus an inflation adjusted payoff. One pays a risk premium for holding them, but it may be worth it for the protection.