In this paper, we applied a copula-GARCH model to the daily data between 2010 and 2018 to test the time-varying dependence of the Liv-ex 50, the most representative wine-price index, in a portfolio that included the six main stock markets (S&P500, CAC40, DAX30, FTSE100, Hang Seng, and NIKKEI 225). Our results suggest that the Liv-ex 50 underperformed the six stock indices but provided the best diversification abilities in terms of volatility, asymmetry and extreme events.