I've recently stumbled on something that really surprised me. These papers (1, 2) find that past standard deviation of returns is inversely related to future returns. That is, portfolio of low historical variance constituents (stocks) $\to$ better returns.
My question: Are there any studies that contradict these findings for any market(s)? Or is this pretty much the consensus view at the moment? Is this anomaly as well established as the size, momentum, B/M anomalies?
(I'm talking specifically about historical return standard deviation, and not idiosyncratic volatility. I already know that the results for idiosyncratic volatility are ambiguous and there are findings either way.)
1 "Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly", Baker, Bradley & Wurgler, (2011), Financial Analysts Journal.
2 "The Volatility Effect" by Blitz and Vliet, (2007), Journal of Portfolio Management.