Yes indeed simple asset allocation strategies. A classic example would be the old 60/40 stock bond split with period rebalancing but adding in a momentum element. For instance if stock momentum has been positive over the last month allocate 60/40 on the rebalance, if not then 100% bonds for the following period. In backtesting it usually gives similar performance to the 60/40 spilt with lower vol and DD.
However, at least in the short term the return seems to diminish as well.
Over the long term very little performance on bonds is from price movement and over the cycles that will net out to close to zero. The vast majority of the return is from coupon. People argue that markets change and that back testing over short periods is valid but you won't see what I have just described unless you go into deep history.
Trouble is the HF industry and indeed the active fund management industry is so fixated on the short term. Their ridiculously short term track records are pointless. You really need to look at deep history and even then it might not have much predictive value. But better than a few years back to 2002.
Very short term history is much more applicable to HFT an intra day stuff where indeed markets have changed dramatically. Over the long, long term I don't believe much matters except economic growth for investment success.