Is Risk Parity Worth the Hype?

I've been diving into the concept of Risk Parity lately and I'm curious about what you all think. It seems like a solid approach to diversify portfolios by balancing risk across different assets rather than just focusing on traditional asset allocation. But I can't help but wonder if it actually performs as well as some say, especially in volatile markets.

Are any of you using Risk Parity strategies in your trading or investing? What kind of results have you seen? I'm particularly interested in the practical side of it—like how you go about implementing it in your portfolio. Just trying to figure out if it's something I should seriously consider or if it’s more of a buzzword than anything else. Looking forward to hearing your thoughts!