The credit vs equity fear gap

Both the CDX IG and the VIX are down over past weeks, but the gap between credit and equity "fear" is what stands out. Various risks are not spilling over to equities like we saw occur last year. The most recent declines in front end rates have been a relative boost to equities, that benefit more from rates moving lower than what credit does (add also the fact that big tech have been the primary leader of equities moving higher, and this is a rate sensitive sector)