The extended bull run the past decade saw growth stocks sprint past their value counterparts as investors piled their capital on growth-oriented equities like technology. However, that could all be changing and the current state of the market could reveal that a value comeback is on the horizon.

The disparity in performance is evident in exchange-traded funds like the iShares Edge MSCI USA Value Factor ETF (BATS: VLUE) and the iShares Edge MSCI USA Momentum Factor ETF (BATS: MTUM). The former has been trading higher in recent days as investors are shifting to a risk-off mode and looking at value-oriented equities to stave off losses during a market downturn.

“The rotation, despite it being a positive signal in terms of investor macro sentiment, is probably a net negative for the overall SPX in that super-cap tech will likely be caught up in the selling and these stocks dominate the index weighting,” said Adam Crisafulli, executive director at J.P. Morgan, said in a note.

Per a CNBC report, “The S&P 500 is up nearly 2% this month and is about 1.6% below its record high set in July amid optimism around U.S.-China trade relations. However, CNBC’s Jim Cramer urges investors to be cautious at these levels, especially after the rotation that took place Monday.”

ETFs to Watch

For investors looking to capitalize on continued emphasis on growth, they can play the Direxion Russell 1000 Growth Over Value ETF (NYSEArca: RWGV). RWGV offers them the ability to benefit not only from growth opportunities potentially performing well, but from their outperformance compared to value. Conversely, if investors believe that value-oriented equities will outperform growth-oriented equities, RWVG provides a means to not only see value opportunities perform well, but as a way to capitalize on their outperformance compared to growth.

If they feel value could resurrect itself, they could also use the Direxion Russell 1000 Value Over Growth ETF (NYSEArca: RWVG). RWVG seeks investment results that track the Russell 1000® Value/Growth 150/50 Net Spread Index (the “index”). The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities that comprise the Long Component of the index or shares of exchange-traded funds (“ETFs”) on the Long Component of the index.

RWVG’s index measures the performance of a portfolio that has 150% long exposure to the Russell 1000® Value Index (the “Long Component”) and 50% short exposure to the Russell 1000® Growth Index (the “Short Component”).

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