Here's a monthly chart of $IWD /$IWF (black line, rhs) and the US 10yr yield (orange, lhs) going back 15 years or so. The bottom panel here is the rolling 36month (aka 3yr) correlation between these two. As you can see, the rolling correlation currently sits at 0.88. While not quite as high as a few months ago, it seems clear that yields are still very much influencing the value vs. growth dynamic in equities.
