With declining returns, these stocks that act as bonds can be a good bet

Morgan Stanley's strategists note an even stronger outperformance of equities that behave like bonds, as yields continue to decline in light of the weak economic outlook.

The emergence of the conciliatory tone of the Fed helped real estate stocks, which had been under pressure facing expectations of a rise in interest rates. Higher rates have not only reduced home sales thanks to higher mortgage rates, but have also hurt industry's beloved dividend payments, a feature that REITs share with utilities.

"Real estate investment trusts and utilities seem to have the most positive correlations of residual returns with bonds in the post-crisis era," said Wilson. "Investors do not need to look beyond the relatively strong outperformance of utilities and REITs since last summer to see the relative benefit of positive bond correlations."