Rather, it’s long-only implementations benchmarked against the S&P 500.
e.g. if we look at counterpointmutualfunds.com/factor-scorebo… (h/t @michaelbkrause), we see something slightly different.
![](https://pbs.twimg.com/media/EADAJ4KUcAEOr2S.png)
This can lead to results that do not necessarily match academic factor definitions.