I am no finance expert but everything I have seen in the last 5-8 years is that "a correlation between good fundamentals and historical returns." have noting to do with stock valuations any more.
I'm not a finance expert also, but I could learn over the years the (not quantitative truth) that fundamental analysis at least is more reliable than buy moment or day-trading. Right?
So, my conclusion is in line to what you mentioned: The ranking tool I build (and tried to sell as a predictive tool) also fails in that plan. It's actually just too enought to separete the gems from the rubble to help a little bit the investor who wants to consider fundamental analysis...