What Inflation? Value Gives Up Recovery vs Growth

The charts show pairs of growth and value ETFs, with the value as the numerator. Value stocks usually include energy, industrials, financials and materials. Growth is dominated by technology companies in various sectors (Amazon, Google, Facebook and Tesla are all tech companies to me, but they are in three separate sectors). It shows the market has almost completely reversed the relative gains in value shares since the low in 2020 when value stocks implodoed during the pandemic panic and technology stocks soared thanks to the lockdowns and the Federal Reserve. Value stocks then rallied strongly on inflation concerns, rising commodity prices, rising interest rates, etc.