Value vs momentum strategy: Which works better in bull and bear markets?

A value strategy means investing in undervalued companies with strong fundamentals that are trading below their intrinsic value and are out of favour from a price perspective. The data clearly shows that momentum strategy has outperformed value strategy 65%, 78% and 97% of the time, displaying better outperformance and consistency, especially on a 10-year rolling returns basis. The data shows momentum strategy has displayed higher average returns, better maximum returns, lower downside, and reduced cyclicality compared to value strategy. To conclude, as per historical data both strategies perform in cycles, with momentum strategy working well, especially during bull market cycles, while value strategy shine during recovery and bull markets. However, looking at the cyclicality of value strategy one may consider a higher allocation to momentum strategy to maintain consistency and outperformance.