Carry - nothing going on

The UBS V24 carry index shows there is just not much going on with this core FX strategy. For the last year there has been no change in carry performance. Over the last five years there  has been a decline in the returns for the strategy. Performance gained after the financial crisis in the third quarter of 2008, but there have been some larger declines associated with the EU sovereign problems. The decline in volatility has not bee a help for the strategy. The performance has moved lower with the decline in yields around the world. The yield differentials are low. The QE programs around the world has not helped carry performance.