The year after the win

Summary: Factor indices take turns at the top, and this piece shows that finishing first in one year says little about the next. It looks at what chasing last year’s winner would have earned, and what happened to Value after its worst stretch. It ends with a way to use factor indices without trying to predict who leads.

Summary: Factor indices take turns at the top, and this piece shows that finishing first in one year says little about the next. It looks at what chasing last year’s winner would have earned, and what happened to Value after its worst stretch. It ends with a way to use factor indices without trying to predict who leads. Among the eight indices in the table, Momentum finished first in 2021 and again in 2024. E

This article was originally published on November 01, 2026.