How are ppl diversifying outside the stock market these days?

A portfolio can have S&P 500, total market funds, and tech-heavy ETFs and still have a lot of exposure to the same underlying equity risk. When equities get choppy it can feel like everything is moving together. What assets actually behave differently when stocks get hit? The usual ones that come up are real estate, REITs, fractional platforms like Fundrise and Arrived, managed futures, commodities, and private credit. The annoying part is that most articles seem to be selling one of these instead of actually comparing them. A few things seem especially worth looking at: Correlation: Which of these actually decouple from equities during a real drawdown? Which ones only look uncorrelated until stocks start falling and everything sells off together? Lockups: Private credit, non-traded REITs, and some managed futures funds can have redemption gates. How much does liquidity matter when comparing these alternatives? Fees: Where do the fee structures actually eat into returns versus just looking scary on paper? Sizing: At what point does an alternatives allocation become large enough to meaningfully affect overall portfolio behavior? Not looking to time a crash or make a dramatic allocation shift. More interested in whether these alternatives actually provide diversification when equities have a rough stretch. Would be interested in hearing how different alternatives have behaved during actual equity drawdowns rather than another article pitching one specific asset class.