Every investment strategy experiences winning and losing streaks. They all take turns at the front and back of the line. Trend following has been sitting near the back of the line for the past 5-10 years, while stocks sit near the front.
Trend following performance derives from the aggregate trends of all the markets within the portfolio, not just one or two markets or sectors. Over the past few years, performance struggles as choppiness from other major asset classes weigh down positive performance from stocks. This, while annoying, can happen from time to time. The next 5-10 years may not look like the past 5-10 years. Maybe stocks chop around for a while and commodities trend well. Maybe stocks and bonds both decline while commodities and currencies rise. Who knows.
https://medium.com/@mmelissinos/trends-have-trends-663ce5e8379f
28: Trends Have Trends