Hybrid prices tend to correlate with equity prices, especially in bear markets. Recent equity declines as well as commodity price declines should make hybrid investors a bit more cautious because of an important subset of the problems currently facing investors - the issue of climate change. While Australians did not want a carbion tax most are worried about climate change.
All scientists are worried about climate change. Professional investors use science as a standard or reference when making an investment. It is used to try to forecast how investments may perform in the future. Coal and oil prices are currently falling, partly because markets are coming to terms with the seriousness of the science and the likely fall in demand for coal, oil and to a lesser extent gas, not now, but in the future.
It is a sad state of affairs for those in these industries but the science is the science and there is nothing patriotic or sensible about putting good money into businesses that cannot generate enough cash to pay a dividend or interest on their debt. It isn't an environmental issue, it is a commercial one.
It is always sensible to derisk portfolios at an early sign of weakness, not by much but enough to feel like you are at least starting on some action should a crisis unfold. Hybrids are less risky than equity but more risky than term deposits.