Not quite. Teams' performance outside World Cup years doesn't really align with performance closer to the world events
Top teams and their record in T20 World Cup cycles
This might suggest Pakistan and India should be favourites going into this World Cup, but history indicates that in T20, form between World Cups does not always translate into form during a World Cup. South Africa, the best side going into the 2012 edition with 11 wins in 16 matches in the period since the previous World Cup, crashed out in the Super Eights, losing three in a row. The eventual winner, West Indies, had the second-worst win-loss ratio among the top eight sides between 2010 and 2012.
West Indies, who also won in 2016, headed into that event with an average record as well. In the semi-finals they defeated India, the team with the best record between 2014 and 2016.
In the 2014 event, though, the form team did end up winning: Sri Lanka, the eventual champions, started their hunt having the best win-loss ratio in T20Is since the previous event.
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