Seems that way, doesn't it? but look at the growth curve in Morningstar, some of the bond growth curves are scary. That they are safer is only a general observation, there are many that are safer, but if you pick the wrong ones, you are in for a much wilder ride. The Sharpe ratios for many bond funds are lower than that of some equity funds.

So you can't just assume that bond fund means safer, it really depends on the bond fund and equity fund that you are comparing