Understood Point1, Yes, Momentum ratio captures, volatility(SD). however, I was not comparing mometum ratio ranking with Z score sanking, but plain vanilla 6 mnoths return vs z score. So with volatility or wihtout volatility accounted for constituents are almost same. May be this is bull run, therefore volatitlity is minimal and therefore not reflecting. calls for some more deep thinking.
on point 2 - i did change the weight - hardly any change in constituents.
Offcourse Ranks change and that calls for a case worth considering allocation of stocks basis ranks. but then, i agree to your argument that at this situation when bull run can burst in smallcaps, it is foolhardly to tinker the weightage of stocks without backtesting.
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