The Power Index ranks five core style factors by relative performance for the March 31, 2026 session, using the move from March 30 close to March 31 close.
The five factors are:
Growth = IWF
Momentum = MTUM
Quality = QUAL
Value = IWD
Low Volatility = USMV
This was not a small reshuffle.
It was a hard flip in the order.
On the prior session, Low Volatility was first and Momentum was last. One day later, Low Volatility dropped to fifth and Momentum jumped to second. Growth climbed from fourth to first.
That is not a calm handoff. It is a fast change in what money wanted.
Ranked: The Reversal
Money did not hide on Tuesday.
It moved toward speed.
Growth finished first at +3.58%.
Momentum finished second at +3.42%.
Quality came in third at +2.40%.
Value lagged at +1.53%.
Low Volatility finished last at +0.60%.
The spread from first to fifth was 2.98 points.
That is wide for a one-day factor table. It gives the ranking real shape. This was not a session where everything rose together and the order barely mattered. The order mattered a lot.
The main signal is speed of reshuffle.
Growth moved up 3 spots in one session.
Momentum moved up 3 spots in one session.
Low Volatility fell 4 spots in one session.
That kind of move tells you the market stopped paying for stability and started paying for upside. Fast.
There is a second signal here too. Leadership expanded only part of the way.
The broad market rose, but the bigger upside still sat closer to the large-cap growth end of the tape. SPY gained 2.56% while RSP gained 1.49%. That leaves a 1.07-point gap between cap-weight and equal-weight.
That gap matters.
It says the move was not fake. Plenty of stocks did move higher. But the strongest push still came from the bigger names and the more aggressive factor exposures. So this was not broad and even participation. It was a real rally with a clear preference inside it.
Quality sitting third is the stabilizer in the table.
It joined the move, but it did not lead it. That keeps the ranking from reading like pure chase. The market was willing to add risk, but it still did not throw discipline out the window.
So the table gives a clean behavioral read:
Money paid for growth first.
It paid for momentum right behind it.
It stopped paying up for low-volatility shelter.
That is the actual story in the ranking.
The open question is simple. Was this a one-day burst, or the start of a new pecking order? The table does not answer that yet. But it does show one thing very clearly:
Tuesday did not reward defense. It rewarded reach.