As of April 2026, the performance of various factor-based investment strategies on the National Stock Exchange (NSE) reveals that the Value strategy has outperformed others during a period of market decline. This year has seen a broad-based weakness, with investors gravitating towards undervalued stocks, indicating a defensive shift in preferences. The Alpha strategy, known for its stock-picking prowess, has failed to yield positive returns, while Momentum strategies are also struggling due to a lack of sustained trends. Interestingly, even traditionally defensive strategies like Low Volatility and Quality have underperformed, suggesting that even fundamentally strong companies are facing challenges. Over the past decade, the Alpha strategy has been the most effective, demonstrating its ability to generate excess returns through superior stock selection. The Nifty 500 index has shown lower returns compared to factor-based investing, underscoring the potential benefits of diversification across different strategies.