The myth that growth and momentum are similar stems from the intuitive sense that both strategies seek to profit by aligning with the market consensus (as opposed to being a contrarian strategy like value). But if we dig into the definition of growth and momentum, we will quickly find that this intuition is misleading due to the very different methods used to create each strategy. And if we dig even further into each strategy’s investment characteristics, we will see that the holdings and sector exposures of the strategies are typically very misaligned.