GL is the largest single alpha source (+1.67%/mo); the bottom-decile reversal trade exceeds GW (+1.58%/mo), driving a positive L/S spread (+0.56%/mo). XGB probability spread (GW−GL) = +0.0012, the model acts as a volatility-regime filter, not a stock picker; GL alpha is structural rather than predictive. In the v2 hybrid, the persistence gate drops the GL leg when its 2-month realized return turns negative, concentrating capital in GW during those windows.