Skip to content ETFs Review Our ETFs Start an ETF Research New? Start Here Blog Academic Research Books About Firm Team Strategies 1042 QRP Solutions Long-Only Custom Solutions Search Why Momentum Investing Has Been Struggling—And What Volatility Has to Do With It A look at recent academic research connecting market volatility spikes to the underperformance of momentum strategies (especially for long/short versions of the strategy) The Big Picture If you’ve used momentum as part of your investment strategy over the past decade and found it disappointing, you’re not imagining things. Haim Mozes, author of the study “ Volatility Spikes and Momentum, ” published in the Spring 2026 issue of The Journal of Beta Investment Strategies , investigated the relationship between volatility spikes—sudden, sharp jumps in the VIX, Wall Street’s so-called “fear gauge”—and the performance of momentum investing.…