Dual Momentum — Gary Antonacci's Framework

Most momentum strategies tell you which stock to buy. Dual momentum tells you whether to be in the market at all — a distinction that dramatically improves drawdown management without sacrificing returns.

Why This Matters

Gary Antonacci's Dual Momentum framework, documented in his book Dual Momentum Investing (2014), combines two distinct forms of momentum: relative momentum (which asset is performing best relative to others) and absolute momentum (is the best-performing asset actually producing positive returns?). The combination produces a simple, rules-based system that has historically captured equity upside while dramatically reducing exposure to prolonged bear markets.