Recent trends suggest that neural-network-inspired word embedding models outperform traditional count-based distributional models on word similarity and analogy detection tasks. We reveal that much of the performance gains of word embeddings are due to certain system design choices and hyperparameter optimizations, rather than the embedding algorithms themselves. Furthermore, we show that these modifications can be transferred to traditional distributional models, yielding similar gains. In contrast to prior reports, we observe mostly local or insignificant performance differences between the methods, with no global advantage to any single approach over the others.