When reviewing month-to-date performance, the Momentum factor currently finds itself in negative territory. It is accompanied by High Beta and Pure Growth, making them the only three large-cap factor indices experiencing this downturn. The dynamic between Equal Weight and Momentum has been quite interesting this year. In the early months, Equal Weight took the lead, but that relationship experienced a sharp reversal during April. We have seen a handful of brief windows featuring broader participation since then. One notable instance happened in late July when the ratio advanced close to 100. As we moved into October, Equal Weight initiated a recovery compared to Momentum. Even with this recent progress, their relative performance gap stays negative for the moment.
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