Value outperformed momentum across every region
Value ETFs Beat Momentum in All Three Regions, Innovation Sleeve Ends Flat
Régis Holstein and Anthony HolsteinMonday, July 27, 2026
To start the week, the underlying value ETFs from our REQT model have beaten momentum in all three regions by a wide margin today, but since we hold both momentum and value at equal weight, most of that gap got cancelled out.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | +0.29% | −0.48% | +0.77% |
| Canada | +0.78% | −0.10% | +0.87% |
| International | +0.69% | −0.44% | +1.13% |
The sleeves that carried it were Canada at +0.48% and International at +0.33%, which is a bit of a reversal from the usual pattern where our largest sleeve does the work. The U.S. sleeve is our biggest at 40% of the portfolio and ended nearly. flat at +0.06%, as FCMO (the U.S. momentum factor) was down −0.48%, swallowing most of what the U.S. value side and the broad index funds produced.
| ETF | Weight | Move | Added |
|---|---|---|---|
| ZCN BMO S&P/TSX Capped | 10% | +0.61% | +0.06% |
| ORBX Global X Space Economy | 3% | +1.34% | +0.04% |
| FCCV Fidelity Canada Value | 5% | +0.78% | +0.04% |
| ZEA BMO MSCI EAFE | 10% | +0.38% | +0.04% |
| FCIV Fidelity International Value | 5% | +0.69% | +0.03% |
| ZEM BMO MSCI Emerging Markets | 5% | +0.62% | +0.03% |
| FCUV Fidelity U.S. Value | 10% | +0.29% | +0.03% |
| ZSP BMO S&P 500 | 16% | +0.17% | +0.03% |
| FINN Fidelity Global Innovators | 6% | +0.45% | +0.03% |
| ZSML BMO S&P Small Cap | 2% | +0.59% | +0.01% |
| ZMID BMO S&P Mid Cap | 2% | +0.16% | +0.00% |
| FCCM Fidelity Canada Momentum | 5% | −0.10% | −0.00% |
| FCIM Fidelity International Momentum | 5% | −0.44% | −0.02% |
| FCMO Fidelity U.S. Momentum | 10% | −0.48% | −0.05% |
| CIF CI Global Infrastructure | 6% | −1.14% | −0.07% |
Innovation ended at −0.01%, despite the global infrastructure allocation through CIF being down −1.14% as ORBX, the space technology ETF, rose +1.34%.
Year to date, REQT is at +16.76% and the trailing year is +28.95%. Here is the comparison of today's performance against all the real all-in-one ETFs:
| Fund | Today |
|---|---|
| REQT this model portfolio | +0.20% |
| GEQT iShares ESG Equity | +0.56% |
| TEQT TD All-Equity | +0.54% |
| FEQT Fidelity All-in-One Equity | +0.53% |
| XEQT iShares Core Equity | +0.49% |
| HEQT Global X All-Equity | +0.42% |
| ZEQT BMO All-Equity | +0.39% |
| VEQT Vanguard All-Equity | +0.33% |
| CAGE Avantis / CIBC All-Equity | +0.27% |
Thanks for reading and see you tomorrow with the next report.