The escalation of tensions in Iran has produced one of the most pronounced dispersions in factor returns observed in recent years. The narrative is clearly reflected in the data: strategies structurally short volatility in the energy complex have suffered significant losses, while momentum has emerged as the dominant outperformer.

Across the 50 Premialab Pure Factors, the top-to-bottom dispersion ranges from -16.4% to +7.4% YTD, highlighting the extent to which geopolitical shocks can differentiate performance across systematic strategies.