Abstract

During wartime, investors seek safe havens for various assets, creating volatility in the financial markets. This study analyzes the safe-haven capacity of a group of assets during the Russia–Ukraine and Palestine–Israel conflicts. Using DCC?GARCH and event study, we find that assets with an upward correlation with the market before the conflict, which we define as a positive push, manifest safe-haven asset capacity and potentially bullish returns. These results could be key in the design of investment strategies. © 2025 Elsevier Inc.