Is this bad or surprising? I would hope that the SP500 shows a whole lot more price appreciation than the 10-year Treasuries as there's not a whole lot of increase they can do without going to negative yields. (Tech) companies can start to pay dividends, but for years they have told a growth story re: price appreciation rather than being labeled a "widow and orphans" stock.
Also: companies seem more durable than US gov financially at this point.
I would expect the equity riskier than gov bonds and therefore having higher risk premium.
As of now, gov bonds are less risky than equity (by definition) but provide higher yields.
I don’t know a metric like div yields which take into account dividends+buybacks+Reinvested earnings.