As developed markets recover from the global financial crisis, correlations between value, momentum, and risk are changing, and investors will need to come to grips with those changes to get the most out of their portfolios. Fortunately, value and earnings momentum strategies both stand to benefit from these changing correlations. Correlation between Value and Risk has been coming down “Ex-post correlation between Value and Risk has gradually been coming off its highs as macroeconomic risk has fallen – i.e. Value is less driven by macro/the Risk trade,” writes Citi analyst Chris Montagu. “Estimates Momentum is uncorrelated to Value and is…