Given the surge in popularity of such strategies in the recent years, a logical question would be to ask if this is not just a recent phenomenon. There are opinions suggesting that the low volatility effect is due primarily to the environment of falling interest rates which favors specific sectors and it will fade out as soon as interest rates start to rise. Other studies describe low volatility as just another value strategy.
Are they confirmed by the historical evidence?
There is no easy way to give answers to these questions without going back in time as far as possible. Read the full paper.