The main factor that affects bond prices are interest rates. Higher the duration of bonds more sensitive it is to changes in interest rates. So I would say there is no direct correlation between market crashes and bond prices. In the event of a equity market crash money may chase more safer investments and bonds may be one of those places but not necessarily so. In the event of a crash, if the central banks decide that it is more important to control inflation than focus on growth and increase market rates, Bond prices also will fall. I will give you two examples as well. In 2020, during covid crisis the markets fell and all the central banks focussed on growth and dropped the rates. Due to the drop in rates the bonds had a great time, just as we would like to. But in 2022, when the equity markets were not doing that good and there were even talks about recession. The central banks focussed on inflation and started increasing rates. So most bond funds fell along with equities.
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