A housing crisis type of event would increase the default rate substantially, but not to 100%. I'd expect that rather than a +10% return, I might see -10% to -2

A housing crisis type of event would increase the default rate substantially, but not to 100%. I'd expect that rather than a +10% return, I might see -10% to -20% return during the event. Many stocks dropped 40% - 60% during the crisis, so for my money, stocks are far riskier.