It is hard to unify the often disparate findings of stock momentum and reversal effects documented in literature. In this research, Marija Veitmane, Senior Macro Strategist for EMEA at State Street, and Andrew Li, Quantitative Researcher at State Street Associates disentangle the overlapping effects of momentum and reversal to show clearly where the most durable relationships lie. We drill into industry, factor, and security-specific momentum in US equities, separating out high versus low market volatility, “past winners” versus “past losers,” and the periods before and after the Global Financial Crisis. We find that many distinct sources of momentum and reversal coexist, short-term reversal has intensified post-2010, winning sectors tend to crash more than winning factors, and more.