Investors are fleeing stocks. So why is the market still rising?

The stock market is cruising, but investors are playing it safe.

Despite the bull market — in which stocks are up almost 20 percent this year — investors around the world have actually yanked over $140 billion out of equity funds so far this year and are shoveling their money into low-risk, low-yield government bonds and money market funds instead. That's because they fear the market's potential volatility, Axios reports.

"People don't trust the stock market," said Emily Roland, head of capital markets research at John Hancock Investment Management.

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Roland added that the cautious approach is concerning. "We're seeing everybody embrace safety, which is fine, but from a long-term investing diversification standpoint, it doesn't end up working in your favor," she said.

Stocks have remained strong, though, mostly because of company buybacks and low volumes, Axios reported in May. In fact, despite some experts' concerns, the lack of action from investors is not necessarily a bad thing — because it means that investors aren't overconfident.

The second half of the year could shed more light on the situation, but it looks likely to present the same combination of optimism and pessimism. The labor market is doing well, and markets are expecting more easy monetary policy from central banks. But a slowdown in trade and global growth continues to loom over everyone's heads. Read more at Axios.