A broad exposition of the central role of popularity in asset pricing, arguing for the consideration of popularity outside of a standard risk framework and differentiating low-popularity equity strategies from low-volatility and low-beta strategies.

The latest version of “Risk and Return Within the Stock Market: What Works Best?” that studies the long-term risk vs. return characteristics of 21 return-predictive metrics as applied to the U.S. equity market from 1971 to 2016. Contrary to the conventional wisdom on risk and reward, most portfolio sorting metrics exhibit an inverse risk-return relationship, with lower risk portfolios outperforming higher risk portfolios. A broad theme that emerges from the empirical evidence is that popularity

Roger Ibbotson is the Chairman and Director of Research of Zebra Capital Management, LLC. He is a member of the Zebra Capital portfolio management team having served in this role since the firm was founded in 2001. He is also Professor in the Practice Emeritus of Finance at Yale School of Management.

Zebra Capital Management, LLC (“Zebra Capital”) is a Connecticut limited liability company and investment management firm with its principal place of business in Stamford, Connecticut. Zebra Capital has been in business since 2001 and is owned and managed by Professor Roger Ibbotson, Managing Member and Chairman, and Mr. John J. Holmgren Jr., Managing Member, President and Chief Investment Officer.

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Zebra Capital Management, LLC (“Zebra Capital”) (i) operates the Zebra Capital website, (ii) together with its affiliate, Zebra Advisors, LLC (“Zebra Advisors”; Zebra Capital and Zebra Advisors being collectively referred to as “us”, “we” or “our”), provides investment advisory services to pooled investment vehicles, an open-ended registered investment company, pension and profit sharing plans and separate accounts; and (iii) licenses certain of its intellectual property to third parties on a ca

Zebra Capital Management, LLC (“Zebra Capital Management”) was organized as a limited liability company under the laws of the State of Connecticut, is based in Stamford, Connecticut, and is registered with the U.S. Securities and Exchange Commission as an investment adviser. Registration with the U.S. Securities and Exchange Commission does not imply any level of skill or training.

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