When investors think about risk in investing, they often focus on stock markets. But lately, the most dangerous market for investors hasn't involved stocks at all.

In the following video, Fool contributor Dan Caplinger takes a close look at emerging markets and finds that stock markets there haven't been the biggest victims of recent volatility. With the double hit from rising interest rates and falling currency values, emerging-market bonds have seen a lot of pain. Dan notes that while many investors see bonds as being safer than stocks, the current situation in the emerging markets shows the danger of believing too much in that sentiment.

Fool contributor Dan Caplinger owns shares of Vanguard Emerging Markets ETF. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.