New Delhi: Over the past 35 years, the US has combined the second-lowest GDP growth volatility among large, advanced economies with the second-highest mean growth rate. The combination is unusual. Most economies trade growth for stability or stability for growth. The US trades neither away.This has profound implications for Indian investors. A moderate allocation to US/global equity through GIFT City structures provides genuine diversification away from India-specific risk and a passive currency hedge.The COVID-19 shock provides the cleanest natural experiment in modern data. Every major economy experienced the same exogenous shock at the same time. The differences in 2020 contractions…