Lowvol investing is not a 'feel good' strategy. In a bull market you have underperformance, while in a bear market you have negative performance... Still, no pain no gain 💪🐢 Furthermore, value/income helps against bubbles deflating. Whereas momentum/sentiment helps against inflation. Therefore, conservative stocks are more resilient than lowvol stocks.

This graph shows that the VOL premium survives 7(!) factors. I use public data only. Here is a thread in 7 steps 1. Using public data from paradoxinvesting.com/data (VOL data) and Kenneth French (Rm-Rf) the CAPM alpha can be computed. The 1-factor alpha has a t-stat of 6. Far above critical levels of 2 or even 3 as suggested by @camharvey