What are known market effects? Here’s a list:

Momentum - The tendency of assets that have performed well (poorly) in the recent past to continue performing well (poorly) in the near future

Trend - The tendency of asset prices to move in persistent directions over extended periods

Value - The tendency of relatively cheap assets to outperform relatively expensive ones

Carry - The return earned from holding an asset, excluding price changes (like interest rates, dividends, or roll yield)

Size - The tendency of smaller capitalization securities to outperform larger ones

Quality - The tendency of companies with strong fundamentals (profitability, stability, growth) to outperform

Low Volatility - The tendency of lower-risk assets to deliver higher risk-adjusted returns

Mean Reversion - The tendency of prices to return to their average after extreme movements

Seasonality - Recurring patterns tied to calendar effects (like January effect, month-end flows)