Goldman's Dominic Wilson, Kamakshya Trivedi, Aleksandar Timcenko and Stacy Carlson have put together a very interesting note regarding the two main drivers of investments these days: The European credit crisis and global growth.

They're separate issues, and at any time, one or the other could be driving global markets.

What they did is create different indices that try to account for each.

So for example, in the Europe index is stuff like the Spain 10-year spread, the Czech Kroner, the French 10-year spread, and European banks.

In the growth index is stuff like the S&P, brent oil, and the Canadian dollar.

By attempting to isolate the two main drivers of market movements like this, they can them come up with a basket of investments that attempt to only correspond to one risk or another.

So if you just want to trade global growth, you should buy stuff like: The Russell 2000, the NASDAQ, copper, the New Zealand Dollar, and Brazilian Equities.

And if you just want to trade European risk, buy stuff like European credit, Hungarian equities, EU banks, and Turkish equities.

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See Also:

• Why The Core Is Also To Blame For The Euro Crisis
• Everything You Need To Know About The EU Summit That Just Ended With A Whimper
• The Chart That Debunks Everything The Germans Believe About The Crisis