No, I am afraid that return differences of smaller periods like 3-5 years is just statistical dispersion. RTM effects may already take much longer than that to set in, usually around 10 up to 20 years just for a half cycle.

Also statistically, small deviations need many decades or an ordinary investor‘s life time in order to become sufficiently significant and to support a sound prognosis of the further fate for assets below world regions without betting or even guessing.

Thus, sound asset allocation may well include world regions in order to harvest rebalancing alpha exploiting RTM. But at least for me it definitely ends there without much better insights than the best active managers taking similar bets with long successful track records.