Understanding the relationship between volume and stock returns is a central question in financial research. Volume is often considered as an essential indicator of market sentiment, liquidity, and the flow of information, and its impact on asset prices has been widely studied. However, the effect of volume on returns might be subject to shifts during different market conditions, especially during periods of financial distress such as the 2008 global financial crisis. We explore whether high trading volume affects returns differently before and after the crisis, with a focus on the S&P 500 index over the past 34 years. The results suggest a negative relationship between high volume and returns, with a pronounced effect only observed after the 2008 financial crisis. More interestingly, the effect has diminished after Covid-19 pandemic, reinforcing the complex nature of market interactions in general and the role of volume on trading returns in particular.