We use a unique, non-public dataset of individual trader positions in 17 U.S. commodity futures markets to provide novel evidence on those markets' financialization in the past decade. We then show that the correlation between the rates of return on commodities and equities rises amid greater...

This paper builds on the latter literature on the commodity futures markets and undertakes, for the first time, an in-depth analysis on the investment properties of commodity-related equities (commodity stocks). The empirical evidence suggests that there have been changes in the diversification...