A broad rotation among investment factors is currently unfolding, effectively reversing the trends we saw previously. With the sole exception of High Beta, the market dynamic has shifted so that last year's top performers are now lagging, while indices that struggled before are taking the lead so far in 2026. The S&P 500 Momentum index highlights this dramatic change. After declining 1.7% in the past week, it has become the only U.S. equity factor index reported by @SPDJIndices to post a loss for the year. This represents a stark turnaround for Momentum, which finished last year in second place, trailing only High Beta.