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Yes, you basically want exposure to well-known and crowded factors to be tightly controlled. Momentum can do well during market crashes (e.g. 2008) but has big crashes of its own (e.g. Mar-May 2009, or Nov 2020) - see chart below from Fama and Frenchpic.twitter.com/CFHOh9zsMx
Short vol strategies (esp out of the money puts or short variance) have a ton of tail risk but equity long/short PMs in pod shops tend not to be taking on this kind of risk. More likely to be long momentum or short interest factors.
