examined the performance of factors across different economic regimes. Their study also covered the same period, November 1975 through March 2014.Following is a summary of their findings:

• The equal-weighted and value-weighted factors have been the most pro-cyclical, and the minimum-volatility and quality factors have been the most defensive.
• The momentum, value-weighted and equal-weighted factor indexes tend to exhibit the highest active returns after a large positive shock to trend growth in developed-market economies. In other words, they are the most sensitive to economic growth.
• Minimum-volatility, high dividend yield and quality tend to outperform following