%0 Journal Article %A James Chong %A G. Michael Phillips %T Low- (Economic) Volatility Investing %D 2012 %R 10.3905/jwm.2012.15.3.075 %J The Journal of Wealth Management %P 75-85 %V 15 %N 3 %X Low-volatility investing has recently witnessed a surge in media coverage and experienced renewed interest in academic research. We assess various low- (economic) volatility portfolios against the S&P 500 Index, S&P 500 Low Volatility Index, and Fama–French-inspired U.S. Core Equity 1 Portfolio. Our portfolios outperformed the benchmarks, for the whole period as well as subperiods, and even more so when economic variables and criteria were incorporated with the down-market beta. This study shed further light on the efficacy of economic factors—that by constructing a low-volatility portfolio with economic factors would enhance a portfolio’s risk–reward ratio over a portfolio constructed purely with return-based measures.TOPICS: Analysis of individual factors/risk premia, portfolio construction, performance measurement %U https://jwm.pm-research.com/content/iijwealthmgmt/15/3/75.full.pdf