共同基金績效持續性是否存在，是投資人在挑選基金投資標的時的一個很重要的考慮因素。有績效持續性的現象，那投資人就可以利用之前的績效來做未來投資標的的參考。本研究共分為連續的9段時間，使用Spearman 等級相關檢定再次驗證了國內共同基金績效不是每段期間都有績效持續性的現象，但共同基金的分類越細，績效持續性的現象越明顯，越有參考的價值。此外，績效反轉的現象與基金的風險程度有關，標準差越小反轉的情形也越小，甚至所有的債券型基金都沒有績效反轉的情形發生，再加入追漲差跌策略與系統風險(β)來做分類，所得到的結論為當市場多空反轉時，風險程度較高之基金較會有績效反轉的情況發生。所以投資人在參考基金過去績效的同時，必須先適當的分類，並且考慮基金的風險程度，如此共同基金過去的績效表現，才會有比較高的參考價值。

The performance persistence is a very important factor for investors to invest mutual funds. We have found a classification scheme that does not exhibit the problem of performance reversals. Our sample includes 120 funds from 1998 to 2002. We show that the relation between performance persistence and the standard deviation. Extremely, performance reversals do not display in the bond funds. After we add a variable representing the degree of a fund momentum strategy to the factor analysis, the previous performance reversals are largely removed. This result shows that dynamic investment strategies should also be included when determining funds.