Recent market gyrations have many people asking: Is it time to pivot from a growth equities allocation to a value equities allocation? But that’s the wrong question. Instead of asking which style is likely to outperform, investors should be asking why they’re performing differently.

US growth stocks surged for much of 2018. In the first three quarters, the Russell 1000 Growth Index advanced by 17.1%, outperforming the Russell 1000 Value Index by 13.2%. But as the markets became more challenging in October, the value index outperformed the growth index by 7.1% through the end of November.