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Investors favoring bond exchange traded funds rather than stock and commodity ETFs so far this month is a sign of waning risk appetite.

The latest flows in exchange traded products “suggest that investors have begun to engage in a ‘risk-off’ trade during May,” said Deutsche Bank ETF analysts, led by Shan Lan, in a note Thursday.

“Equity ETP flows have been moving sideways accumulating just $138 million inflows in the first two weeks of the current month, while commodity ETPs have lost $3 billion in outflows in the same period,” according to the report.

“Meanwhile fixed-income ETPs have been benefited with $2.7 billion in new money, with most of it favoring investment grade investments,” the Deutsche Bank analysts wrote. “In addition, flows have been accompanied by the corresponding market readings, with the Treasury market rallying, and the stock and commodity markets taking a plunge in the first couple of weeks of May.”

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Vanguard Total Market Bond ETF (NYSEARCA:BND)