Long - term historical factor returns are perhaps the most widely accepted way to estimate factor premiums (expected returns), both in the literature and in the practitioner community. (researchaffiliates.com)
We also observe the relatively strong correlation between value and investment factor returns, which suggests that in combination the two factors may be redundant. (researchaffiliates.com)
The analysis is based on monthly asset returns (total return) and monthly factor returns. (portfoliovisualizer.com)