The risk-return trade-off refers to the compensation required by investors for bearing risks, which can be viewed as the risk preference of investors in a market. The current study investigates the dynamic interdependence of risk-return trade-offs between China's stock market and the crude oil market from the perspective of risk preference of investors, which is designed to explore the transmission process of investors' risk preference in both markets. Specifically, this study applies the time-varying parameter GARCH-M model, namely TVP-GARCH-M model, to characterize the time-dependent risk-re...