Where does “Sell in May and go away” not work?

It does worst on single stocks: it beats in 84 of 476.

Does “Sell in May and go away” depend on exact parameters?

No neighbouring parameter beats the index: the published setting is a point, not a region.

FINAXIONResearch

Finaxion Research · Seasonal · Updated 2026-09-10

“Sell in May and go away”

Works in few markets

Its ground: forex, on daily, on a single asset — it beats in 91 of 486 combinations.

Markets beaten

91 / 486

Vs. index

-4.3 pts/yr

Total return

739.7%

Sharpe

0.55

Max drawdown

-36.8%

Trades

StrategyBuy and hold

Detail on the index (S&P 500), which is the reference for the chart, the robustness suite and the neighbours.

What works and what does not in “Sell in May and go away”?

"Sell in May and go away" beats buy-and-hold mostly on forex pairs: 6 of 8 markets (75%). Of the 91 daily markets where it beats, 83 hold out of sample (91%), but it has aged: in 112 markets it beat in the first half of the history and stopped in the second; the reverse happens in only 51. Its best daily market is NVDA: +13.4 points a year over the S&P 500 across 28 years, 55 trades, and its worst daily market is NCLH: -19.2 points a year against the S&P 500.

“Sell in May and go away” beats buy-and-hold mostly on forex pairs: 6 of 8 markets (75%).
It does worst on single stocks: it beats in 84 of 476.
Of the 91 daily markets where it beats, 83 hold out of sample (91%).
No neighbouring parameter beats the index: the published setting is a point, not a region.
It has aged: in 112 markets it beat in the first half of the history and stopped in the second; the reverse happens in only 51.
Its best daily market is NVDA: +13.4 points a year over the S&P 500 across 28 years, 55 trades.
Its worst daily market is NCLH: -19.2 points a year against the S&P 500.

Findings derived from the full panel. Each carries its number and its denominator; the computations are reproducible with artifact 0b534dd04389.

The promise

“The market rises from November to April and stalls from May to October. Sell in May, come back in November, and skip the drawdowns.”

Exactly what we tested

Long from the first trading day of November to the last of April; cash from May to October. Calendar rules: simulated with our seasonal engine, same costs as everything else.

Why

Its ground: forex, on daily, on a single asset — it beats in 91 of 486 combinations.
Daily, it beats buy-and-hold in 91 of 486 markets: CAT, DIS, HON, ADI, ADSK, AMAT, AMD, BKNG, BKR, KHC, LRCX, MAR, MNST, MU, NXPI, TER, TMUS, TXN, WBD, WDC, A, AES, AKAM, ALGN, AMT, AOS, AVB, AVY, BAC, BAX, BLDR, BSX, CBRE, CCI, CIEN, CMI, CMS, COO, CRH, DHI, EL, EQR, F, FCX, FIS, GLW, HAL, HIG, HII, HPQ, HST, IP, JBHT, LEN, LH, LVS, LYB, MAS, MGM, MLM, MOS, NEM, ON, OXY, PH, PNR, PSKY, RL, SBAC, SLB, SNA, STLD, SWK, TPR, TRMB, TSN, TT, TXT, UHS, URI, VLO, WY, WYNN, ZBH, EURUSD=X, GBPUSD=X, USDJPY=X, AUDUSD=X, USDCHF=X, NZDUSD=X, LTC-USD.
Indices and ETFs: 0 of 6.
Stocks, one by one (Dow 30 + Nasdaq-100): 84 of 470.
Forex: 6 of 8.
Crypto: 1 of 2.
Out of sample without overfitting in 83 of the 91 markets it beats.
Neighbouring parameter sets that also beat (on the index): 0%.

In every market

Indices and ETFs · 0 / 6 · against the s&p 500 over the same window: 0 / 6

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
S&P 500 (SPY)	+739.7%	+3081.0%	-2341.3%	-4.3 pts	67	OVERFIT
Nasdaq-100 (QQQ)	+269.3%	+1565.8%	-1296.5%	-3.7 pts	55	OVERFIT
Russell 2000 (IWM)	+338.2%	+801.9%	-463.6%	-2.9 pts	52	OVERFIT
Emergentes (EEM)	+390.0%	+830.9%	-440.9%	-4.6 pts	47	INCONCLUSIVE
Oro (GLD)	+440.4%	+820.3%	-379.9%	-2.9 pts	43	INCONCLUSIVE
Bonos 20 años (TLT)	+39.4%	+131.2%	-91.8%	-9.9 pts	48	OVERFIT

Balanced portfolio: Dow 30 (max 10 positions) · 0 / 0

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
Dow 30 (cartera)	n/a · calendar rule: no portfolio run

Balanced portfolio: Nasdaq-100 (max 20 positions) · 0 / 0

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
Nasdaq-100 (cartera)	n/a · calendar rule: no portfolio run

Balanced portfolio: S&P 500 (max 25 positions) · 0 / 0

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
S&P 500 (cartera)	n/a · calendar rule: no portfolio run

Stocks, one by one (Dow 30 + Nasdaq-100) · 84 / 470 · against the s&p 500 over the same window: 69 / 216

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
AAPL	+20248.7%	+322813.1%	-302564.3%	before 1993	91	INCONCLUSIVE
AMGN	+4103.2%	+187272.6%	-183169.4%	before 1993	86	OVERFIT
AMZN	+6113.6%	+265196.1%	-259082.5%	+5.5 pts	58	OVERFIT
AXP	+8943.1%	+27029.4%	-18086.2%	before 1993	108	OVERFIT
BA	+35511.7%	+108724.7%	-73212.9%	before 1993	129	INCONCLUSIVE
CAT	+337882.3%	+172708.3%	+165174.0%	before 1993	129	INCONCLUSIVE
CRM	+333.5%	+5992.9%	-5659.5%	-4.1 pts	44	OVERFIT
CSCO	+4925.5%	+222956.6%	-218031.1%	before 1993	73	OVERFIT
CVX	+13273.0%	+68037.6%	-54764.6%	before 1993	129	OVERFIT
DIS	+808884.4%	+189847.3%	+619037.2%	before 1993	129	INCONCLUSIVE
GOOGL	+220.7%	+13534.3%	-13313.6%	-5.8 pts	44	OVERFIT
GS	+427.4%	+2027.1%	-1599.8%	-2.2 pts	54	OVERFIT
HD	+147601.0%	+1985758.9%	-1838157.9%	before 1993	90	INCONCLUSIVE
HON	+60976.1%	+21058.8%	+39917.3%	before 1993	129	INCONCLUSIVE
IBM	+12213.2%	+16203.8%	-3990.6%	before 1993	129	INCONCLUSIVE
JNJ	+14951.8%	+445196.6%	-430244.8%	before 1993	129	OVERFIT
JPM	+18315.9%	+34522.5%	-16206.6%	before 1993	93	OVERFIT
KO	+10765.1%	+199349.6%	-188584.5%	before 1993	129	OVERFIT
MCD	+97507.9%	+236707.0%	-139199.0%	before 1993	120	OVERFIT
MMM	+4555.1%	+31160.0%	-26604.9%	before 1993	129	OVERFIT
MRK	+7691.2%	+233375.1%	-225683.9%	before 1993	129	OVERFIT
MSFT	+12121.1%	+859506.0%	-847384.9%	before 1993	81	OVERFIT
NKE	+1439.0%	+32003.7%	-30564.7%	before 1993	91	OVERFIT
NVDA	+24733.3%	+587720.8%	-562987.5%	+13.4 pts	55	OVERFIT
PG	+497.9%	+59706.6%	-59208.7%	before 1993	129	OVERFIT
SHW	+43461.7%	+231766.6%	-188304.9%	before 1993	93	OVERFIT
TRV	+3739.0%	+12287.7%	-8548.8%	before 1993	101	OVERFIT
UNH	+18812.7%	+353381.4%	-334568.6%	before 1993	84	OVERFIT
V	+1013.2%	+2961.1%	-1948.0%	+1.8 pts	37	OVERFIT
WMT	+11310.4%	+915365.3%	-904055.0%	before 1993	108	OVERFIT
ABNB	n/a · history < 10y (5.7y)
ADBE	+84740.2%	+147731.1%	-62990.9%	before 1993	80	INCONCLUSIVE
ADI	+106855.7%	+81534.0%	+25321.6%	before 1993	93	INCONCLUSIVE
ADP	+1856.8%	+74205.9%	-72349.1%	before 1993	93	OVERFIT
ADSK	+64462.6%	+58084.6%	+6378.1%	before 1993	82	INCONCLUSIVE
AEP	+1192.4%	+13797.6%	-12605.2%	before 1993	129	OVERFIT
ALAB	n/a · history < 10y (2.4y)
ALNY	+87.2%	+3338.4%	-3251.2%	-8.2 pts	44	INCONCLUSIVE
AMAT	+997717.5%	+664974.8%	+332742.7%	before 1993	93	INCONCLUSIVE
AMD	+1273295.6%	+14863.3%	+1258432.3%	before 1993	93	ROBUST
APP	n/a · history < 10y (5.4y)
ARM	n/a · history < 10y (3.0y)
ASML	+21135.7%	+96277.5%	-75141.8%	+7.5 pts	63	OVERFIT
AVGO	+2454.9%	+32512.1%	-30057.2%	+6.2 pts	34	OVERFIT
AXON	+2957.0%	+123065.2%	-120108.3%	+5.0 pts	50	INCONCLUSIVE
BKNG	+8844.8%	+922.2%	+7922.5%	+9.2 pts	55	INCONCLUSIVE
BKR	+3940.3%	+933.9%	+3006.4%	before 1993	79	INCONCLUSIVE
CCEP	+6626.4%	+7081.8%	-455.4%	before 1993	79	INCONCLUSIVE
CDNS	+5609.3%	+16839.0%	-11229.7%	before 1993	78	OVERFIT
CEG	n/a · history < 10y (4.6y)
CMCSA	+3821.9%	+47049.9%	-43228.0%	before 1993	93	OVERFIT
COST	+1369.8%	+12800.7%	-11431.0%	before 1993	80	OVERFIT
CPRT	+3966.9%	+21554.9%	-17588.1%	+1.2 pts	65	OVERFIT
CRWD	n/a · history < 10y (7.2y)
CSX	+10119.8%	+40426.1%	-30306.3%	before 1993	91	OVERFIT
CTAS	+3493.4%	+123411.3%	-119917.9%	before 1993	86	OVERFIT
DASH	n/a · history < 10y (5.7y)
DDOG	n/a · history < 10y (6.9y)
DXCM	+1309.1%	+3002.6%	-1693.5%	+1.9 pts	43	INCONCLUSIVE
EA	n/a · history < 10y (9.0y)
EXC	+1186.4%	+17730.6%	-16544.1%	before 1993	106	OVERFIT
FANG	+861.1%	+1406.8%	-545.6%	+2.9 pts	28	INCONCLUSIVE
FAST	+63674.7%	+262350.7%	-198675.9%	before 1993	78	OVERFIT
FER	+238.2%	+593.7%	-355.4%	-5.7 pts	28	OVERFIT
FTNT	+1590.3%	+10184.6%	-8594.3%	+4.2 pts	33	INCONCLUSIVE
GEHC	n/a · history < 10y (3.7y)
GILD	+919.5%	+33594.8%	-32675.2%	before 1993	69	OVERFIT
HONA	n/a · insufficient data
IDXX	+2853.8%	+58789.5%	-55935.7%	before 1993	70	OVERFIT
INTC	+21927.2%	+49216.9%	-27289.7%	before 1993	93	INCONCLUSIVE
INTU	-10.7%	+15430.2%	-15440.8%	-11.1 pts	67	OVERFIT
ISRG	+427.0%	+18484.9%	-18057.9%	-1.9 pts	52	OVERFIT
KDP	+397.5%	+1090.2%	-692.7%	-2.6 pts	36	INCONCLUSIVE
KHC	-15.1%	-42.2%	+27.1%	-15.8 pts	22	ROBUST
KLAC	+244133.8%	+289399.1%	-45265.4%	before 1993	92	INCONCLUSIVE
LIN	+3863.5%	+10777.0%	-6913.5%	before 1993	68	OVERFIT
LITE	+677.6%	+5280.9%	-4603.3%	+6.1 pts	22	OVERFIT
LRCX	+213694.1%	+159814.6%	+53879.5%	before 1993	84	INCONCLUSIVE
MAR	+4264.1%	+2539.5%	+1724.6%	+5.3 pts	57	INCONCLUSIVE
MCHP	+1877.5%	+41961.5%	-40084.1%	-1.5 pts	67	INCONCLUSIVE
MDLZ	+259.6%	+461.4%	-201.8%	-4.2 pts	50	INCONCLUSIVE
MELI	+2726.1%	+6911.0%	-4184.9%	+8.0 pts	38	INCONCLUSIVE
META	+611.2%	+1410.2%	-799.1%	-0.5 pts	28	OVERFIT
MNST	+109605.6%	+61968.9%	+47636.7%	before 1993	81	INCONCLUSIVE
MPWR	+2907.3%	+15002.1%	-12094.9%	+5.9 pts	43	OVERFIT
MRVL	+1306.1%	+1645.0%	-338.9%	+2.2 pts	52	INCONCLUSIVE
MSTR	-41.0%	+1158.6%	-1199.6%	-10.9 pts	56	INCONCLUSIVE
MU	+96943.3%	+70877.8%	+26065.6%	before 1993	84	INCONCLUSIVE
NFLX	+7812.3%	+67643.2%	-59830.9%	+9.4 pts	48	OVERFIT
NXPI	+2298.8%	+1721.2%	+577.6%	+7.2 pts	32	INCONCLUSIVE
ODFL	+5674.1%	+36444.7%	-30770.6%	before 1993	70	INCONCLUSIVE
ORLY	+1752.7%	+55255.7%	-53503.0%	-1.8 pts	67	OVERFIT
PANW	+287.5%	+4215.4%	-3927.9%	-4.9 pts	28	OVERFIT
PCAR	+32684.5%	+57106.4%	-24421.9%	before 1993	93	OVERFIT
PDD	n/a · history < 10y (8.1y)
PEP	+3241.4%	+37760.7%	-34519.3%	before 1993	108	OVERFIT
PLTR	n/a · history < 10y (5.9y)
PYPL	-23.9%	+44.7%	-68.6%	-16.7 pts	22	INCONCLUSIVE
QCOM	+2084.3%	+50430.1%	-48345.8%	before 1993	69	INCONCLUSIVE
REGN	+69.5%	+3718.3%	-3648.8%	before 1993	71	OVERFIT
ROP	+2583.8%	+26003.6%	-23419.8%	before 1993	69	OVERFIT
ROST	+17528.9%	+55801.1%	-38272.2%	before 1993	82	INCONCLUSIVE
SBUX	+2556.8%	+43019.5%	-40462.7%	before 1993	68	OVERFIT
SHOP	+460.5%	+8568.8%	-8108.3%	+2.6 pts	22	OVERFIT
SNDK	n/a · history < 10y (1.5y)
SNPS	+425.3%	+5482.1%	-5056.8%	before 1993	69	OVERFIT
STX	+4889.3%	+15614.6%	-10725.3%	+6.5 pts	47	INCONCLUSIVE
TER	+158852.1%	+31309.8%	+127542.3%	before 1993	107	INCONCLUSIVE
TMUS	+516.4%	+318.0%	+198.4%	-1.1 pts	39	OVERFIT
TRI	+266.9%	+578.4%	-311.5%	-5.1 pts	48	OVERFIT
TSLA	+724.2%	+23002.8%	-22278.6%	-1.2 pts	32	OVERFIT
TTWO	+539.0%	+5509.7%	-4970.8%	-3.5 pts	59	OVERFIT
TXN	+51177.8%	+38040.6%	+13137.2%	before 1993	108	INCONCLUSIVE
VRTX	+90.0%	+12000.4%	-11910.5%	before 1993	70	OVERFIT
WBD	+347.3%	+302.2%	+45.1%	-3.8 pts	42	ROBUST
WDAY	+14.4%	+305.5%	-291.1%	-13.8 pts	28	OVERFIT
WDC	+1449571.1%	+66202.2%	+1383368.9%	before 1993	96	INCONCLUSIVE
XEL	+1010.4%	+7388.9%	-6378.5%	before 1993	107	OVERFIT
A	+736.6%	+486.3%	+250.3%	-0.1 pts	53	INCONCLUSIVE
ABBV	+367.0%	+1156.0%	-789.0%	-2.9 pts	27	OVERFIT
ABT	+2921.3%	+62056.2%	-59134.9%	before 1993	93	OVERFIT
ACGL	+326.7%	+4268.0%	-3941.3%	-5.8 pts	62	OVERFIT
ACN	+200.2%	+1726.5%	-1526.3%	-5.1 pts	50	OVERFIT
ADM	+559.0%	+9265.6%	-8706.6%	before 1993	93	OVERFIT
AEE	+161.5%	+813.9%	-652.4%	-5.9 pts	57	OVERFIT
AES	+1509.1%	+647.5%	+861.6%	before 1993	70	INCONCLUSIVE
AFL	+10415.1%	+205848.4%	-195433.3%	before 1993	93	OVERFIT
AIG	+259.5%	+468.3%	-208.8%	before 1993	107	OVERFIT
AIZ	+446.6%	+1585.5%	-1138.8%	-3.0 pts	45	OVERFIT
AJG	+979.9%	+41899.5%	-40919.6%	before 1993	84	OVERFIT
AKAM	+156.2%	-25.2%	+181.4%	-4.9 pts	54	INCONCLUSIVE
ALB	+1266.0%	+3091.3%	-1825.4%	-2.5 pts	65	INCONCLUSIVE
ALGN	+3578.9%	+846.9%	+2732.0%	+6.3 pts	51	INCONCLUSIVE
ALL	+1158.8%	+3674.2%	-2515.4%	-2.9 pts	66	INCONCLUSIVE
ALLE	+83.6%	+265.9%	-182.3%	-9.1 pts	25	INCONCLUSIVE
AMCR	+59.0%	+100.6%	-41.6%	-11.7 pts	28	INCONCLUSIVE
AME	+16848.5%	+25325.0%	-8476.5%	before 1993	84	INCONCLUSIVE
AMP	+622.4%	+2154.1%	-1531.7%	-1.3 pts	42	OVERFIT
AMT	+1525.3%	+1310.2%	+215.1%	+1.2 pts	57	OVERFIT
ANET	+467.3%	+5592.8%	-5125.5%	+1.5 pts	24	OVERFIT
AON	+3422.2%	+29815.0%	-26392.8%	before 1993	92	OVERFIT
AOS	+32670.3%	+13924.9%	+18745.4%	before 1993	86	INCONCLUSIVE
APA	+1003.2%	+2417.2%	-1414.0%	before 1993	94	INCONCLUSIVE
APD	+11402.3%	+20722.2%	-9319.9%	before 1993	93	INCONCLUSIVE
APH	+8639.4%	+146951.6%	-138312.2%	before 1993	69	OVERFIT
APO	+383.3%	+1845.9%	-1462.5%	-3.2 pts	31	OVERFIT
APTV	+83.4%	+174.0%	-90.5%	-11.0 pts	29	OVERFIT
ARE	+193.6%	+624.3%	-430.7%	-5.9 pts	58	INCONCLUSIVE
ARES	+181.6%	+1191.9%	-1010.2%	-5.2 pts	24	OVERFIT
ATO	+1548.8%	+13696.4%	-12147.5%	before 1993	85	OVERFIT
AVB	+55.1%	+42.3%	+12.8%	-10.7 pts	20	INCONCLUSIVE
AVY	+14184.5%	+8544.4%	+5640.1%	before 1993	107	INCONCLUSIVE
AWK	+262.4%	+950.9%	-688.5%	-4.6 pts	37	OVERFIT
AZO	+5345.2%	+40631.8%	-35286.5%	before 1993	71	INCONCLUSIVE
BAC	+12561.3%	+4053.1%	+8508.2%	before 1993	107	INCONCLUSIVE
BALL	+18101.6%	+49568.6%	-31467.0%	before 1993	107	OVERFIT
BAX	+2537.8%	+1778.4%	+759.4%	before 1993	90	INCONCLUSIVE
BBY	+2101.6%	+89506.6%	-87405.0%	before 1993	83	INCONCLUSIVE
BDX	+7285.8%	+21440.4%	-14154.6%	before 1993	107	OVERFIT
BEN	+11500.1%	+130378.8%	-118878.7%	before 1993	86	INCONCLUSIVE
BF-B	+2536.1%	+14873.5%	-12337.4%	before 1993	93	OVERFIT
BG	+618.1%	+1105.5%	-487.4%	-1.4 pts	50	OVERFIT
BIIB	-32.8%	+6832.8%	-6865.6%	before 1993	70	OVERFIT
BLDR	+2451.6%	+393.7%	+2057.9%	+5.4 pts	42	INCONCLUSIVE
BLK	+1365.1%	+13724.5%	-12359.4%	+1.7 pts	54	OVERFIT
BMY	+945.8%	+23662.6%	-22716.8%	before 1993	108	OVERFIT
BNY	+6025.2%	+32230.3%	-26205.2%	before 1993	106	OVERFIT
BR	+233.9%	+1234.2%	-1000.4%	-4.6 pts	39	OVERFIT
BRK-B	+880.8%	+2072.5%	-1191.7%	-2.6 pts	60	OVERFIT
BRO	+9940.2%	+76212.8%	-66272.5%	before 1993	91	INCONCLUSIVE
BSX	+1369.1%	+1028.2%	+340.9%	before 1993	68	INCONCLUSIVE
BX	+358.3%	+1023.3%	-665.0%	-2.6 pts	38	OVERFIT
BXP	+523.3%	+888.9%	-365.6%	-3.0 pts	58	INCONCLUSIVE
C	+571.4%	+1897.9%	-1326.5%	before 1993	99	INCONCLUSIVE
CAH	+4908.1%	+39284.8%	-34376.7%	before 1993	86	INCONCLUSIVE
CARR	n/a · history < 10y (6.5y)
CASY	+1281.6%	+80461.2%	-79179.7%	before 1993	86	OVERFIT
CB	+707.3%	+6587.6%	-5880.3%	-4.3 pts	67	OVERFIT
CBOE	+152.6%	+1060.1%	-907.5%	-8.7 pts	32	OVERFIT
CBRE	+2545.9%	+2283.8%	+262.1%	+4.9 pts	44	INCONCLUSIVE
CCI	+1674.9%	+899.9%	+775.0%	+1.8 pts	56	INCONCLUSIVE
CCL	+1083.1%	+1154.4%	-71.3%	before 1993	78	OVERFIT
CDW	+116.8%	+858.2%	-741.4%	-8.4 pts	26	OVERFIT
CF	+832.4%	+5815.9%	-4983.5%	+0.1 pts	42	OVERFIT
CFG	+97.7%	+349.9%	-252.2%	-7.9 pts	24	OVERFIT
CHD	+11543.8%	+93736.5%	-82192.8%	before 1993	93	OVERFIT
CHRW	+791.7%	+4307.6%	-3516.0%	-1.5 pts	58	INCONCLUSIVE
CHTR	+126.6%	+335.5%	-208.9%	-9.1 pts	33	OVERFIT
CI	+10565.0%	+12980.8%	-2415.8%	before 1993	89	OVERFIT
CIEN	+3953.8%	+195.6%	+3758.2%	+3.5 pts	59	INCONCLUSIVE
CINF	+3715.4%	+41545.9%	-37830.5%	before 1993	93	OVERFIT
CL	+4330.5%	+20919.0%	-16588.5%	before 1993	106	INCONCLUSIVE
CLX	+3228.3%	+6184.2%	-2955.9%	before 1993	107	OVERFIT
CME	+599.0%	+6884.2%	-6285.2%	-2.8 pts	47	OVERFIT
CMG	+2296.6%	+4221.6%	-1925.0%	+5.6 pts	41	OVERFIT
CMI	+286138.6%	+28968.2%	+257170.4%	before 1993	107	INCONCLUSIVE
CMS	+771.0%	+630.8%	+140.2%	before 1993	107	OVERFIT
CNC	+1489.5%	+4388.8%	-2899.3%	+1.8 pts	49	INCONCLUSIVE
CNP	+897.5%	+13998.0%	-13100.5%	before 1993	129	OVERFIT
COF	+1320.3%	+5724.6%	-4404.2%	-2.4 pts	63	OVERFIT
COHR	+7080.4%	+68288.9%	-61208.5%	before 1993	78	OVERFIT
COIN	n/a · history < 10y (5.4y)
COO	+2766.1%	+879.8%	+1886.3%	before 1993	87	INCONCLUSIVE
COP	+2749.9%	+13561.7%	-10811.8%	before 1993	89	OVERFIT
COR	+2258.0%	+17062.1%	-14804.0%	-0.4 pts	63	INCONCLUSIVE
CPAY	+778.6%	+1383.7%	-605.0%	+0.5 pts	31	INCONCLUSIVE
CPT	+769.5%	+2453.9%	-1684.4%	-4.2 pts	66	OVERFIT
CRH	+27097.0%	+7617.9%	+19479.1%	before 1993	74	INCONCLUSIVE
CRL	+38.4%	+1210.2%	-1171.8%	-7.2 pts	52	INCONCLUSIVE
CSGP	+1798.0%	+3390.6%	-1592.7%	+2.2 pts	56	INCONCLUSIVE
CTSH	+1015.1%	+35498.3%	-34483.2%	-0.1 pts	56	INCONCLUSIVE
CTVA	n/a · history < 10y (7.3y)
CVNA	n/a · history < 10y (9.3y)
CVS	+13894.5%	+15658.6%	-1764.1%	before 1993	107	INCONCLUSIVE
D	+826.4%	+17762.4%	-16936.1%	before 1993	93	OVERFIT
DAL	+15.8%	+339.1%	-323.2%	-10.0 pts	38	OVERFIT
DD	+8106.6%	+10113.6%	-2007.0%	before 1993	108	OVERFIT
DE	+82181.8%	+101089.1%	-18907.3%	before 1993	108	INCONCLUSIVE
DECK	+1566.2%	+7024.7%	-5458.6%	-1.9 pts	66	OVERFIT
DELL	+269.0%	+4059.8%	-3790.8%	-1.3 pts	20	OVERFIT
DG	+537.8%	+550.3%	-12.4%	-2.6 pts	33	OVERFIT
DGX	+3867.1%	+9626.0%	-5758.9%	+3.1 pts	59	INCONCLUSIVE
DHI	+13545.0%	+13111.0%	+434.0%	before 1993	68	INCONCLUSIVE
DHR	+214179.0%	+483557.2%	-269378.2%	before 1993	95	OVERFIT
DLR	+1036.7%	+3540.7%	-2504.1%	+0.6 pts	44	OVERFIT
DLTR	+2321.0%	+10731.5%	-8410.4%	-0.4 pts	63	OVERFIT
DOC	+290.1%	+6136.8%	-5846.8%	before 1993	82	OVERFIT
DOV	+13892.7%	+29264.8%	-15372.1%	before 1993	93	INCONCLUSIVE
DOW	n/a · history < 10y (7.4y)
DPZ	+3110.2%	+5638.6%	-2528.3%	+5.9 pts	44	OVERFIT
DRI	+4078.2%	+6998.7%	-2920.5%	+1.8 pts	62	OVERFIT
DTE	+2279.2%	+35264.3%	-32985.1%	before 1993	129	OVERFIT
DUK	+848.6%	+16239.0%	-15390.4%	before 1993	93	OVERFIT
DVA	+1187.7%	+4219.3%	-3031.6%	-2.0 pts	62	INCONCLUSIVE
DVN	+687.0%	+1411.9%	-724.9%	before 1993	82	INCONCLUSIVE
EBAY	+5442.1%	+14035.1%	-8593.0%	+6.2 pts	56	OVERFIT
ECHO	+157.3%	+227.3%	-70.0%	-6.2 pts	37	INCONCLUSIVE
ECL	+2036.7%	+20174.1%	-18137.4%	before 1993	107	OVERFIT
ED	+3687.3%	+45081.6%	-41394.3%	before 1993	129	OVERFIT
EFX	+20005.9%	+77234.4%	-57228.5%	before 1993	93	INCONCLUSIVE
EG	+320.2%	+2975.7%	-2655.6%	-5.8 pts	62	OVERFIT
EIX	+365.5%	+14610.5%	-14245.0%	before 1993	106	OVERFIT
EL	+2952.1%	+1551.3%	+1400.8%	+1.2 pts	61	INCONCLUSIVE
ELV	+2257.1%	+2326.9%	-69.8%	+3.3 pts	50	INCONCLUSIVE
EME	+11125.2%	+59203.5%	-48078.2%	+4.9 pts	63	OVERFIT
EMR	+5958.8%	+19839.1%	-13880.3%	before 1993	108	OVERFIT
EOG	+3433.7%	+9279.7%	-5846.0%	before 1993	74	INCONCLUSIVE
EQIX	+38.1%	+240.5%	-202.4%	-7.2 pts	52	OVERFIT
EQR	+86.7%	+44.2%	+42.5%	-8.8 pts	20	INCONCLUSIVE
EQT	+6392.4%	+19557.1%	-13164.8%	before 1993	93	OVERFIT
ERIE	+338.0%	+3362.8%	-3024.8%	-5.7 pts	62	OVERFIT
ES	+268.3%	+2960.1%	-2691.8%	before 1993	107	OVERFIT
ESS	+575.5%	+5274.8%	-4699.3%	-5.0 pts	64	OVERFIT
ETN	+90091.4%	+116541.5%	-26450.1%	before 1993	108	OVERFIT
ETR	+252.5%	+19797.9%	-19545.5%	before 1993	108	OVERFIT
EVRG	+1107.2%	+5086.7%	-3979.5%	before 1993	107	OVERFIT
EW	+3258.1%	+6500.0%	-3241.9%	+6.0 pts	53	INCONCLUSIVE
EXE	n/a · history < 10y (5.6y)
EXPD	+5284.1%	+148324.6%	-143040.5%	before 1993	84	OVERFIT
EXPE	+186.2%	+916.1%	-730.0%	-6.0 pts	42	OVERFIT
EXR	+607.4%	+2698.9%	-2091.6%	-2.0 pts	44	OVERFIT
F	+38691.4%	+6752.4%	+31939.0%	before 1993	108	INCONCLUSIVE
FCX	+2583.6%	+1061.6%	+1521.9%	+0.5 pts	62	INCONCLUSIVE
FDS	+838.8%	+9088.9%	-8250.2%	-2.6 pts	60	OVERFIT
FDX	+2272.7%	+53776.9%	-51504.2%	before 1993	97	OVERFIT
FDXF	n/a · insufficient data
FE	+336.5%	+563.0%	-226.6%	-4.2 pts	57	OVERFIT
FFIV	-67.2%	+5374.0%	-5441.2%	-12.5 pts	54	OVERFIT
FICO	+8265.9%	+94747.8%	-86481.8%	before 1993	78	OVERFIT
FIS	+483.8%	+363.8%	+120.1%	-2.2 pts	50	INCONCLUSIVE
FITB	+1395.2%	+28280.0%	-26884.9%	before 1993	93	OVERFIT
FIX	+2024.3%	+11966.2%	-9941.9%	+1.5 pts	58	OVERFIT
FLEX	+1118.9%	+7898.6%	-6779.8%	-2.9 pts	65	OVERFIT
FOX	n/a · history < 10y (7.5y)
FOXA	n/a · history < 10y (7.5y)
FRT	+9529.1%	+24360.2%	-14831.2%	before 1993	106	OVERFIT
FSLR	+203.4%	+716.1%	-512.7%	-5.2 pts	39	INCONCLUSIVE
FTV	+49.9%	+100.1%	-50.3%	-11.4 pts	20	OVERFIT
GD	+36073.7%	+221689.9%	-185616.2%	before 1993	129	OVERFIT
GDDY	+301.8%	+389.4%	-87.6%	-1.1 pts	23	INCONCLUSIVE
GE	+20978.2%	+54356.2%	-33378.0%	before 1993	129	INCONCLUSIVE
GEN	+2667.5%	+12085.6%	-9418.1%	before 1993	74	INCONCLUSIVE
GEV	n/a · history < 10y (2.4y)
GIS	+541.1%	+15015.5%	-14474.4%	before 1993	93	OVERFIT
GL	+2627.1%	+12680.6%	-10053.4%	before 1993	92	OVERFIT
GLW	+45377.6%	+19301.2%	+26076.4%	before 1993	89	INCONCLUSIVE
GM	-1.5%	+240.1%	-241.6%	-14.6 pts	31	OVERFIT
GNRC	+132.2%	+2091.1%	-1958.9%	-9.4 pts	33	OVERFIT
GPC	+3029.0%	+12785.5%	-9756.5%	before 1993	93	OVERFIT
GPN	+473.4%	+2567.9%	-2094.5%	-2.0 pts	51	INCONCLUSIVE
GRMN	+487.8%	+5377.3%	-4889.6%	-1.8 pts	51	OVERFIT
GWW	+13259.3%	+55300.2%	-42040.9%	before 1993	107	OVERFIT
HAL	+4701.9%	+2860.8%	+1841.2%	before 1993	108	INCONCLUSIVE
HAS	+58973.5%	+201529.8%	-142556.3%	before 1993	93	INCONCLUSIVE
HBAN	+577.3%	+3799.5%	-3222.2%	before 1993	93	OVERFIT
HCA	+573.5%	+1699.7%	-1126.2%	-1.0 pts	31	OVERFIT
HIG	+1591.5%	+951.1%	+640.5%	-0.8 pts	61	OVERFIT
HII	+894.4%	+883.6%	+10.8%	+1.8 pts	31	OVERFIT
HLT	+262.5%	+659.1%	-396.6%	-3.4 pts	25	OVERFIT
HOOD	n/a · history < 10y (5.1y)
HPE	+134.2%	+625.0%	-490.9%	-6.7 pts	22	INCONCLUSIVE
HPQ	+164589.2%	+77945.5%	+86643.7%	before 1993	129	INCONCLUSIVE
HRL	+4053.6%	+19046.1%	-14992.5%	before 1993	93	OVERFIT
HSIC	+869.7%	+1913.1%	-1043.4%	-2.9 pts	61	INCONCLUSIVE
HST	+17789.0%	+12843.9%	+4945.2%	before 1993	93	INCONCLUSIVE
HSY	+2509.0%	+53964.6%	-51455.6%	before 1993	93	OVERFIT
HUBB	+982.1%	+3853.5%	-2871.4%	-3.3 pts	64	OVERFIT
HUM	+1654.1%	+20168.9%	-18514.8%	before 1993	89	OVERFIT
HWM	n/a · history < 10y (9.8y)
IBKR	+290.7%	+1526.1%	-1235.4%	-3.5 pts	38	OVERFIT
ICE	+770.4%	+2307.9%	-1537.5%	-0.2 pts	41	OVERFIT
IEX	+7235.2%	+12761.2%	-5526.0%	before 1993	74	INCONCLUSIVE
IFF	+4355.9%	+4754.9%	-399.1%	before 1993	103	INCONCLUSIVE
INCY	+869.7%	+6471.7%	-5602.1%	-3.7 pts	65	INCONCLUSIVE
INVH	n/a · history < 10y (9.6y)
IP	+5149.7%	+4590.1%	+559.6%	before 1993	129	ROBUST
IQV	+25.0%	+520.3%	-495.3%	-12.6 pts	26	OVERFIT
IR	n/a · history < 10y (9.3y)
IRM	+631.2%	+9911.6%	-9280.4%	-3.6 pts	61	INCONCLUSIVE
IT	+686.7%	+6431.0%	-5744.3%	-4.4 pts	66	OVERFIT
ITW	+12539.3%	+51254.1%	-38714.8%	before 1993	107	INCONCLUSIVE
IVZ	+1037.3%	+1093.8%	-56.5%	-2.5 pts	62	INCONCLUSIVE
J	+9905.9%	+33544.7%	-23638.8%	before 1993	93	INCONCLUSIVE
JBHT	+31948.9%	+24926.6%	+7022.3%	before 1993	85	INCONCLUSIVE
JBL	+437.1%	+41217.7%	-40780.6%	-5.7 pts	66	OVERFIT
JCI	+1714.6%	+4376.5%	-2661.9%	before 1993	78	OVERFIT
JKHY	+14538.3%	+71288.2%	-56749.9%	before 1993	81	OVERFIT
KEY	+1048.3%	+1405.6%	-357.2%	before 1993	77	INCONCLUSIVE
KEYS	+218.0%	+1042.3%	-824.3%	-4.1 pts	24	OVERFIT
KIM	+600.9%	+3036.5%	-2435.6%	before 1993	69	OVERFIT
KKR	+329.4%	+1784.9%	-1455.5%	-5.4 pts	32	OVERFIT
KMB	+2505.3%	+16039.9%	-13534.6%	before 1993	93	OVERFIT
KMI	+107.2%	+117.5%	-10.3%	-9.1 pts	31	INCONCLUSIVE
KR	+49154.7%	+182706.1%	-133551.4%	before 1993	129	OVERFIT
KVUE	n/a · history < 10y (3.3y)
L	+2730.5%	+22398.8%	-19668.4%	before 1993	93	OVERFIT
LDOS	+111.2%	+530.2%	-419.0%	-7.3 pts	40	INCONCLUSIVE
LEN	+105034.9%	+29032.9%	+76001.9%	before 1993	93	INCONCLUSIVE
LH	+1521.0%	+1408.2%	+112.7%	before 1993	73	INCONCLUSIVE
LHX	+6252.8%	+8519.5%	-2266.7%	before 1993	89	INCONCLUSIVE
LII	+2396.5%	+3122.4%	-725.9%	+4.1 pts	54	INCONCLUSIVE
LLY	+8177.6%	+129720.0%	-121542.5%	before 1993	108	OVERFIT
LMT	+26038.6%	+67444.7%	-41406.0%	before 1993	129	INCONCLUSIVE
LNT	+1034.6%	+9408.5%	-8373.9%	before 1993	107	OVERFIT
LOW	+26027.5%	+77328.4%	-51300.9%	before 1993	93	INCONCLUSIVE
LULU	+359.6%	+759.0%	-399.4%	-2.8 pts	38	INCONCLUSIVE
LUV	+8058.8%	+24508.5%	-16449.7%	before 1993	93	INCONCLUSIVE
LVS	+103.0%	+50.3%	+52.7%	-7.6 pts	43	INCONCLUSIVE
LYB	+793.0%	+648.8%	+144.2%	+0.3 pts	33	ROBUST
LYV	+84.1%	+1558.0%	-1473.9%	-8.1 pts	41	OVERFIT
MA	+1920.1%	+14066.9%	-12146.9%	+4.7 pts	40	OVERFIT
MAA	+876.3%	+3525.2%	-2648.9%	-3.6 pts	65	INCONCLUSIVE
MAS	+8595.8%	+7423.1%	+1172.7%	before 1993	93	INCONCLUSIVE
MCK	+1071.6%	+6946.5%	-5874.9%	-3.1 pts	63	OVERFIT
MCO	+2487.1%	+7753.9%	-5266.8%	-0.3 pts	64	OVERFIT
MDT	+1229.7%	+51421.0%	-50191.3%	before 1993	106	OVERFIT
MET	+498.2%	+1176.9%	-678.7%	-1.3 pts	53	OVERFIT
MGM	+2192.4%	+1501.4%	+691.0%	before 1993	76	INCONCLUSIVE
MKC	+3531.9%	+14401.8%	-10869.9%	before 1993	107	OVERFIT
MLM	+5602.2%	+3089.6%	+2512.7%	+2.3 pts	65	INCONCLUSIVE
MO	+28408.0%	+2914781.4%	-2886373.4%	before 1993	129	OVERFIT
MOS	+1512.1%	+268.9%	+1243.2%	before 1993	77	INCONCLUSIVE
MPC	+416.3%	+2972.8%	-2556.5%	-3.1 pts	30	OVERFIT
MRNA	n/a · history < 10y (7.7y)
MRSH	+1466.9%	+21192.9%	-19726.0%	before 1993	107	OVERFIT
MS	+2452.0%	+6159.1%	-3707.1%	-0.7 pts	67	OVERFIT
MSCI	+884.1%	+2406.7%	-1522.6%	+1.7 pts	37	OVERFIT
MSI	+9919.7%	+79243.2%	-69323.5%	before 1993	129	OVERFIT
MTB	+11861.6%	+105049.8%	-93188.2%	before 1993	93	OVERFIT
MTD	+1434.5%	+9346.3%	-7911.8%	+0.5 pts	57	OVERFIT
NCLH	-46.3%	-34.9%	-11.4%	-19.2 pts	27	OVERFIT
NDAQ	+253.6%	+2371.2%	-2117.6%	-5.5 pts	48	OVERFIT
NDSN	+4744.8%	+37769.3%	-33024.5%	before 1993	93	OVERFIT
NEE	+558.3%	+23772.9%	-23214.5%	before 1993	107	OVERFIT
NEM	+3390.6%	+2099.8%	+1290.8%	before 1993	93	INCONCLUSIVE
NI	+1009.9%	+5234.9%	-4225.0%	before 1993	107	OVERFIT
NOC	+2957.0%	+23369.3%	-20412.2%	before 1993	89	OVERFIT
NOW	+53.4%	+2907.9%	-2854.5%	-11.9 pts	28	OVERFIT
NRG	+681.3%	+1442.6%	-761.2%	-1.6 pts	45	OVERFIT
NSC	+2476.0%	+24520.7%	-22044.7%	before 1993	88	OVERFIT
NTAP	+812.1%	+19659.8%	-18847.6%	-3.1 pts	61	OVERFIT
NTRS	+8566.5%	+53074.8%	-44508.3%	before 1993	93	OVERFIT
NUE	+66043.5%	+70209.1%	-4165.5%	before 1993	93	INCONCLUSIVE
NVR	+19524.8%	+61512.0%	-41987.2%	+6.5 pts	66	INCONCLUSIVE
NWS	+46.0%	+152.4%	-106.4%	-11.5 pts	26	INCONCLUSIVE
NWSA	+42.3%	+122.2%	-79.9%	-11.7 pts	26	INCONCLUSIVE
O	+1177.3%	+5366.4%	-4189.1%	-2.8 pts	64	OVERFIT
OKE	+833.3%	+19101.6%	-18268.3%	before 1993	92	OVERFIT
OMC	+13673.7%	+15677.5%	-2003.8%	before 1993	93	OVERFIT
ON	+3920.3%	+208.7%	+3711.6%	+6.6 pts	52	ROBUST
ORCL	+3296.7%	+296729.4%	-293432.7%	before 1993	81	OVERFIT
OTIS	n/a · history < 10y (6.5y)
OXY	+3935.9%	+3580.0%	+355.9%	before 1993	89	INCONCLUSIVE
PCG	+290.2%	+1389.7%	-1099.5%	before 1993	108	OVERFIT
PEG	+3209.1%	+18884.4%	-15675.2%	before 1993	93	OVERFIT
PFE	+1443.7%	+20062.7%	-18619.0%	before 1993	108	OVERFIT
PFG	+353.2%	+920.1%	-566.9%	-3.9 pts	50	OVERFIT
PGR	+11563.8%	+819581.9%	-808018.2%	before 1993	93	OVERFIT
PH	+45847.0%	+41129.4%	+4717.6%	before 1993	93	INCONCLUSIVE
PHM	+32427.7%	+95847.7%	-63420.0%	before 1993	93	INCONCLUSIVE
PLD	+837.2%	+1782.5%	-945.3%	-1.2 pts	57	OVERFIT
PM	+319.2%	+785.7%	-466.5%	-4.1 pts	37	INCONCLUSIVE
PNC	+14588.5%	+37937.9%	-23349.4%	before 1993	101	INCONCLUSIVE
PNR	+26345.0%	+11510.8%	+14834.2%	before 1993	106	INCONCLUSIVE
PNW	+610.9%	+2247.6%	-1636.7%	before 1993	107	OVERFIT
PODD	+163.0%	+831.5%	-668.4%	-5.7 pts	38	OVERFIT
PPG	+8685.1%	+21327.4%	-12642.4%	before 1993	93	INCONCLUSIVE
PPL	+387.4%	+7311.8%	-6924.5%	before 1993	93	OVERFIT
PRU	+407.8%	+767.8%	-360.0%	-3.3 pts	49	OVERFIT
PSA	+3222.2%	+13958.7%	-10736.5%	before 1993	91	OVERFIT
PSKY	+85.3%	-34.8%	+120.1%	-8.1 pts	41	INCONCLUSIVE
PSX	+252.0%	+1071.7%	-819.6%	-5.4 pts	29	OVERFIT
PTC	+512.3%	+8443.5%	-7931.2%	before 1993	73	OVERFIT
PWR	+6660.2%	+8155.1%	-1494.9%	+6.7 pts	57	INCONCLUSIVE
Q	n/a · history < 10y (0.8y)
RCL	+559.0%	+4611.6%	-4052.6%	-5.1 pts	67	INCONCLUSIVE
REG	+1028.0%	+2046.5%	-1018.5%	-3.2 pts	66	INCONCLUSIVE
RF	+3165.4%	+7230.0%	-4064.5%	before 1993	93	INCONCLUSIVE
RJF	+7685.8%	+52691.1%	-45005.3%	before 1993	86	OVERFIT
RL	+1517.6%	+1376.9%	+140.6%	+0.5 pts	58	INCONCLUSIVE
RMD	+1935.2%	+43254.4%	-41319.2%	-0.7 pts	62	OVERFIT
ROK	+26085.3%	+57325.7%	-31240.4%	before 1993	89	INCONCLUSIVE
ROL	+4665.1%	+36503.9%	-31838.8%	before 1993	93	OVERFIT
RSG	+1319.1%	+1977.7%	-658.5%	+1.0 pts	56	OVERFIT
RTX	+159177.2%	+231131.9%	-71954.7%	before 1993	129	INCONCLUSIVE
RVTY	+1907.6%	+25547.2%	-23639.6%	before 1993	107	OVERFIT
SBAC	+3130.9%	+2259.6%	+871.2%	+5.1 pts	54	OVERFIT
SCHW	+6565.9%	+45501.9%	-38936.0%	before 1993	78	OVERFIT
SJM	+272.4%	+1119.0%	-846.6%	-6.8 pts	64	INCONCLUSIVE
SLB	+2306.9%	+1125.4%	+1181.5%	before 1993	89	INCONCLUSIVE
SMCI	+3287.2%	+4155.7%	-868.5%	+8.8 pts	39	ROBUST
SNA	+16412.7%	+12522.0%	+3890.7%	before 1993	107	INCONCLUSIVE
SO	+1083.2%	+32617.4%	-31534.2%	before 1993	89	OVERFIT
SOLV	n/a · history < 10y (2.4y)
SPG	+1123.3%	+5330.6%	-4207.2%	-2.9 pts	65	INCONCLUSIVE
SPGI	+12529.4%	+140503.3%	-127973.9%	before 1993	107	OVERFIT
SRE	+570.1%	+1463.0%	-892.9%	-1.9 pts	56	OVERFIT
STE	+209.2%	+15491.4%	-15282.2%	before 1993	68	OVERFIT
STLD	+11542.4%	+7831.8%	+3710.5%	+7.3 pts	59	OVERFIT
STT	+12226.5%	+199686.1%	-187459.6%	before 1993	93	INCONCLUSIVE
STZ	+1275.0%	+10007.0%	-8732.0%	before 1993	69	OVERFIT
SW	+631.1%	+775.0%	-143.9%	-0.5 pts	36	INCONCLUSIVE
SWK	+6026.3%	+5887.9%	+138.3%	before 1993	93	INCONCLUSIVE
SWKS	+522.5%	+1317.3%	-794.8%	before 1993	84	INCONCLUSIVE
SYF	+42.0%	+325.2%	-283.2%	-11.0 pts	24	INCONCLUSIVE
SYK	+58581.6%	+430371.4%	-371789.8%	before 1993	93	OVERFIT
SYY	+5853.1%	+115885.9%	-110032.9%	before 1993	106	OVERFIT
T	+770.1%	+10219.8%	-9449.7%	before 1993	85	OVERFIT
TAP	+313.0%	+518.8%	-205.8%	before 1993	102	INCONCLUSIVE
TDG	+1455.4%	+13285.3%	-11829.9%	+3.3 pts	41	OVERFIT
TDY	+792.5%	+7164.6%	-6372.1%	+0.1 pts	53	OVERFIT
TECH	+614.2%	+79246.8%	-78632.6%	before 1993	75	OVERFIT
TEL	+367.6%	+671.1%	-303.5%	-2.4 pts	38	OVERFIT
TFC	+1437.8%	+10226.4%	-8788.6%	before 1993	93	OVERFIT
TGT	+15621.9%	+90566.5%	-74944.5%	before 1993	107	INCONCLUSIVE
TJX	+6456.2%	+36154.4%	-29698.2%	before 1993	78	OVERFIT
TKO	+1140.3%	+1638.9%	-498.5%	+1.0 pts	54	INCONCLUSIVE
TMO	+7412.2%	+36784.3%	-29372.0%	before 1993	93	OVERFIT
TPL	+11493.3%	+75277.1%	-63783.8%	before 1993	93	INCONCLUSIVE
TPR	+9162.1%	+7766.6%	+1395.5%	+10.4 pts	52	INCONCLUSIVE
TRGP	+695.7%	+2202.9%	-1507.2%	-0.3 pts	31	OVERFIT
TRMB	+7009.4%	+3366.4%	+3643.1%	before 1993	72	INCONCLUSIVE
TROW	+5635.7%	+35932.6%	-30296.9%	before 1993	81	OVERFIT
TSCO	+4406.1%	+15199.0%	-10792.9%	+1.5 pts	65	INCONCLUSIVE
TSN	+6805.0%	+4340.8%	+2464.2%	before 1993	93	INCONCLUSIVE
TT	+58374.8%	+49748.2%	+8626.6%	before 1993	93	OVERFIT
TTD	n/a · history < 10y (9.9y)
TXT	+5458.3%	+4901.2%	+557.0%	before 1993	107	INCONCLUSIVE
TYL	+3144.2%	+43359.1%	-40214.8%	before 1993	93	INCONCLUSIVE
UAL	-40.9%	+240.6%	-281.5%	-13.7 pts	41	OVERFIT
UBER	n/a · history < 10y (7.3y)
UDR	+3099.3%	+14119.5%	-11020.2%	before 1993	93	OVERFIT
UHS	+74342.3%	+15293.2%	+59049.1%	before 1993	90	INCONCLUSIVE
ULTA	+511.0%	+1721.3%	-1210.3%	-0.9 pts	38	OVERFIT
UNP	+4082.6%	+30311.4%	-26228.8%	before 1993	93	OVERFIT
UPS	+91.8%	+233.2%	-141.4%	-6.0 pts	53	INCONCLUSIVE
URI	+11117.9%	+7088.3%	+4029.6%	+8.5 pts	57	INCONCLUSIVE
USB	+5066.1%	+44799.0%	-39732.9%	before 1993	106	OVERFIT
VEEV	-39.9%	+668.8%	-708.7%	-18.1 pts	26	OVERFIT
VICI	n/a · history < 10y (8.7y)
VLO	+73198.4%	+23394.0%	+49804.4%	before 1993	89	INCONCLUSIVE
VLTO	n/a · history < 10y (2.9y)
VMC	+20109.6%	+48759.3%	-28649.7%	before 1993	107	OVERFIT
VRSK	+220.7%	+648.8%	-428.1%	-7.3 pts	34	OVERFIT
VRSN	+1301.4%	+5322.0%	-4020.7%	+0.4 pts	57	INCONCLUSIVE
VRT	n/a · history < 10y (8.1y)
VST	n/a · history < 10y (9.9y)
VTR	+213.5%	+1496.8%	-1283.3%	-5.8 pts	58	OVERFIT
VTRS	+1122.3%	+1568.8%	-446.4%	before 1993	93	INCONCLUSIVE
VZ	+494.4%	+4889.1%	-4394.8%	before 1993	85	OVERFIT
WAB	+3708.5%	+4137.7%	-429.3%	+1.6 pts	62	INCONCLUSIVE
WAT	+1446.1%	+10865.4%	-9419.3%	-1.2 pts	61	OVERFIT
WEC	+1618.0%	+23656.8%	-22038.8%	before 1993	93	OVERFIT
WELL	+5488.6%	+58774.1%	-53285.5%	before 1993	93	OVERFIT
WFC	+4900.2%	+63452.2%	-58552.0%	before 1993	108	OVERFIT
WM	+2019.9%	+8471.2%	-6451.3%	before 1993	76	OVERFIT
WMB	+10178.2%	+11974.1%	-1795.9%	before 1993	89	OVERFIT
WSM	+9581.5%	+69865.8%	-60284.3%	before 1993	86	INCONCLUSIVE
WST	+10276.5%	+79208.6%	-68932.1%	before 1993	93	OVERFIT
WTW	+347.8%	+1181.6%	-833.8%	-3.2 pts	50	OVERFIT
WY	+27053.2%	+1781.4%	+25271.8%	before 1993	106	ROBUST
WYNN	+2664.6%	+1217.6%	+1447.1%	+3.5 pts	48	INCONCLUSIVE
XOM	+15913.6%	+183657.9%	-167744.3%	before 1993	129	OVERFIT
XYL	+91.1%	+455.0%	-364.0%	-10.8 pts	30	INCONCLUSIVE
XYZ	+107.1%	+527.5%	-420.5%	-7.7 pts	21	INCONCLUSIVE
YUM	+3399.2%	+4282.5%	-883.3%	+3.7 pts	58	OVERFIT
ZBH	+663.8%	+292.2%	+371.6%	-1.2 pts	50	INCONCLUSIVE
ZBRA	+596.6%	+8617.7%	-8021.0%	before 1993	70	OVERFIT
ZTS	+79.5%	+179.3%	-99.8%	-10.2 pts	27	OVERFIT

Forex · 6 / 8 · against the s&p 500 over the same window: 0 / 8

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
EUR/USD	+17.3%	-3.1%	+20.4%	-10.3 pts	45	INCONCLUSIVE
GBP/USD	+17.0%	-21.2%	+38.2%	-10.3 pts	45	INCONCLUSIVE
USD/JPY	+103.4%	+40.2%	+63.2%	-7.8 pts	60	INCONCLUSIVE
USD/MXN	-16.8%	+49.9%	-66.8%	-11.8 pts	45	OVERFIT
AUD/USD	+35.8%	-6.6%	+42.4%	-9.7 pts	40	ROBUST
USD/CAD	-1.1%	+1.7%	-2.7%	-11.2 pts	46	OVERFIT
USD/CHF	-34.9%	-41.4%	+6.5%	-13.0 pts	46	INCONCLUSIVE
NZD/USD	+26.1%	-8.1%	+34.2%	-10.0 pts	45	INCONCLUSIVE

Crypto · 1 / 2 · against the s&p 500 over the same window: 2 / 2

Asset	Return	Buy and hold	Difference	Vs. S&P 500 (CAGR/yr)	Trades	Out of sample
Bitcoin	+1165.7%	+17075.3%	-15909.6%	+9.9 pts	24	OVERFIT
Ether	n/a · history < 10y (8.8y)
Litecoin	+1306.0%	+859.3%	+446.7%	+11.0 pts	24	INCONCLUSIVE
Solana	n/a · history < 10y (6.4y)
Cardano	n/a · history < 10y (8.8y)
Dogecoin	n/a · history < 10y (8.8y)

And intraday?

5-minute to 4-hour bars, every asset from where intraday history exists (stocks 2016, forex 2003, crypto 2015), against holding that same asset. Difference versus buy-and-hold. No walk-forward (see protocol).

Asset	5 min	15 min	1 hour	4 hours	Daily
Litecoin	n/a	n/a	n/a	n/a	+446.7%
Solana	n/a	n/a	n/a	n/a	n/a
Cardano	n/a	n/a	n/a	n/a	n/a
Dogecoin	n/a	n/a	n/a	n/a	n/a
EUR/USD	n/a	n/a	n/a	n/a	+20.4%
GBP/USD	n/a	n/a	n/a	n/a	+38.2%
USD/JPY	n/a	n/a	n/a	n/a	+63.2%
AUD/USD	n/a	n/a	n/a	n/a	+42.4%
USD/CAD	n/a	n/a	n/a	n/a	-2.7%
USD/CHF	n/a	n/a	n/a	n/a	+6.5%
NZD/USD	n/a	n/a	n/a	n/a	+34.2%
S&P 500 (SPY)	n/a	n/a	n/a	n/a	-2341.3%
Nasdaq-100 (QQQ)	n/a	n/a	n/a	n/a	-1296.5%
Russell 2000 (IWM)	n/a	n/a	n/a	n/a	-463.6%
Emergentes (EEM)	n/a	n/a	n/a	n/a	-440.9%
Oro (GLD)	n/a	n/a	n/a	n/a	-379.9%
Bonos 20 años (TLT)	n/a	n/a	n/a	n/a	-91.8%
AAPL	n/a	n/a	n/a	n/a	-302564.3%
AMGN	n/a	n/a	n/a	n/a	-183169.4%
AMZN	n/a	n/a	n/a	n/a	-259082.5%
AXP	n/a	n/a	n/a	n/a	-18086.2%
BA	n/a	n/a	n/a	n/a	-73212.9%
CAT	n/a	n/a	n/a	n/a	+165174.0%
CRM	n/a	n/a	n/a	n/a	-5659.5%
CSCO	n/a	n/a	n/a	n/a	-218031.1%
CVX	n/a	n/a	n/a	n/a	-54764.6%
DIS	n/a	n/a	n/a	n/a	+619037.2%
GOOGL	n/a	n/a	n/a	n/a	-13313.6%
GS	n/a	n/a	n/a	n/a	-1599.8%
HD	n/a	n/a	n/a	n/a	-1838157.9%
HON	n/a	n/a	n/a	n/a	+39917.3%
IBM	n/a	n/a	n/a	n/a	-3990.6%
JNJ	n/a	n/a	n/a	n/a	-430244.8%
JPM	n/a	n/a	n/a	n/a	-16206.6%
KO	n/a	n/a	n/a	n/a	-188584.5%
MCD	n/a	n/a	n/a	n/a	-139199.0%
MMM	n/a	n/a	n/a	n/a	-26604.9%
MRK	n/a	n/a	n/a	n/a	-225683.9%
MSFT	n/a	n/a	n/a	n/a	-847384.9%
NKE	n/a	n/a	n/a	n/a	-30564.7%
NVDA	n/a	n/a	n/a	n/a	-562987.5%
PG	n/a	n/a	n/a	n/a	-59208.7%
SHW	n/a	n/a	n/a	n/a	-188304.9%
TRV	n/a	n/a	n/a	n/a	-8548.8%
UNH	n/a	n/a	n/a	n/a	-334568.6%
V	n/a	n/a	n/a	n/a	-1948.0%
WMT	n/a	n/a	n/a	n/a	-904055.0%
ABNB	n/a	n/a	n/a	n/a	n/a
ADBE	n/a	n/a	n/a	n/a	-62990.9%
ADI	n/a	n/a	n/a	n/a	+25321.6%
ADP	n/a	n/a	n/a	n/a	-72349.1%
ADSK	n/a	n/a	n/a	n/a	+6378.1%
AEP	n/a	n/a	n/a	n/a	-12605.2%
ALAB	n/a	n/a	n/a	n/a	n/a
ALNY	n/a	n/a	n/a	n/a	-3251.2%
AMAT	n/a	n/a	n/a	n/a	+332742.7%
AMD	n/a	n/a	n/a	n/a	+1258432.3%
APP	n/a	n/a	n/a	n/a	n/a
ARM	n/a	n/a	n/a	n/a	n/a
ASML	n/a	n/a	n/a	n/a	-75141.8%
AVGO	n/a	n/a	n/a	n/a	-30057.2%
AXON	n/a	n/a	n/a	n/a	-120108.3%
BKNG	n/a	n/a	n/a	n/a	+7922.5%
BKR	n/a	n/a	n/a	n/a	+3006.4%
CCEP	n/a	n/a	n/a	n/a	-455.4%
CDNS	n/a	n/a	n/a	n/a	-11229.7%
CEG	n/a	n/a	n/a	n/a	n/a
CMCSA	n/a	n/a	n/a	n/a	-43228.0%
COST	n/a	n/a	n/a	n/a	-11431.0%
CPRT	n/a	n/a	n/a	n/a	-17588.1%
CRWD	n/a	n/a	n/a	n/a	n/a
CSX	n/a	n/a	n/a	n/a	-30306.3%
CTAS	n/a	n/a	n/a	n/a	-119917.9%
DASH	n/a	n/a	n/a	n/a	n/a
DDOG	n/a	n/a	n/a	n/a	n/a
DXCM	n/a	n/a	n/a	n/a	-1693.5%
EA	n/a	n/a	n/a	n/a	n/a
EXC	n/a	n/a	n/a	n/a	-16544.1%
FANG	n/a	n/a	n/a	n/a	-545.6%
FAST	n/a	n/a	n/a	n/a	-198675.9%
FER	n/a	n/a	n/a	n/a	-355.4%
FTNT	n/a	n/a	n/a	n/a	-8594.3%
GEHC	n/a	n/a	n/a	n/a	n/a
GILD	n/a	n/a	n/a	n/a	-32675.2%
HONA	n/a	n/a	n/a	n/a	n/a
IDXX	n/a	n/a	n/a	n/a	-55935.7%
INTC	n/a	n/a	n/a	n/a	-27289.7%
INTU	n/a	n/a	n/a	n/a	-15440.8%
ISRG	n/a	n/a	n/a	n/a	-18057.9%
KHC	n/a	n/a	n/a	n/a	+27.1%
KLAC	n/a	n/a	n/a	n/a	-45265.4%
LIN	n/a	n/a	n/a	n/a	-6913.5%
LITE	n/a	n/a	n/a	n/a	-4603.3%
LRCX	n/a	n/a	n/a	n/a	+53879.5%
MAR	n/a	n/a	n/a	n/a	+1724.6%
MCHP	n/a	n/a	n/a	n/a	-40084.1%
MDLZ	n/a	n/a	n/a	n/a	-201.8%
MELI	n/a	n/a	n/a	n/a	-4184.9%
META	n/a	n/a	n/a	n/a	-799.1%
MNST	n/a	n/a	n/a	n/a	+47636.7%
MPWR	n/a	n/a	n/a	n/a	-12094.9%
MRVL	n/a	n/a	n/a	n/a	-338.9%
MSTR	n/a	n/a	n/a	n/a	-1199.6%
MU	n/a	n/a	n/a	n/a	+26065.6%
NFLX	n/a	n/a	n/a	n/a	-59830.9%
NXPI	n/a	n/a	n/a	n/a	+577.6%
ODFL	n/a	n/a	n/a	n/a	-30770.6%
ORLY	n/a	n/a	n/a	n/a	-53503.0%
PANW	n/a	n/a	n/a	n/a	-3927.9%
PCAR	n/a	n/a	n/a	n/a	-24421.9%
PDD	n/a	n/a	n/a	n/a	n/a
PEP	n/a	n/a	n/a	n/a	-34519.3%
PLTR	n/a	n/a	n/a	n/a	n/a
PYPL	n/a	n/a	n/a	n/a	-68.6%
QCOM	n/a	n/a	n/a	n/a	-48345.8%
REGN	n/a	n/a	n/a	n/a	-3648.8%
ROP	n/a	n/a	n/a	n/a	-23419.8%
ROST	n/a	n/a	n/a	n/a	-38272.2%
SBUX	n/a	n/a	n/a	n/a	-40462.7%
SHOP	n/a	n/a	n/a	n/a	-8108.3%
SNDK	n/a	n/a	n/a	n/a	n/a
SNPS	n/a	n/a	n/a	n/a	-5056.8%
STX	n/a	n/a	n/a	n/a	-10725.3%
TER	n/a	n/a	n/a	n/a	+127542.3%
TMUS	n/a	n/a	n/a	n/a	+198.4%
TRI	n/a	n/a	n/a	n/a	-311.5%
TSLA	n/a	n/a	n/a	n/a	-22278.6%
TTWO	n/a	n/a	n/a	n/a	-4970.8%
TXN	n/a	n/a	n/a	n/a	+13137.2%
VRTX	n/a	n/a	n/a	n/a	-11910.5%
WBD	n/a	n/a	n/a	n/a	+45.1%
WDAY	n/a	n/a	n/a	n/a	-291.1%
WDC	n/a	n/a	n/a	n/a	+1383368.9%
XEL	n/a	n/a	n/a	n/a	-6378.5%
KDP	n/a	n/a	n/a	n/a	-692.7%
USD/MXN	n/a	n/a	n/a	n/a	-66.8%
Bitcoin	n/a	n/a	n/a	n/a	-15909.6%
Ether	n/a	n/a	n/a	n/a	n/a

What if I nudge the parameters? (on the index)

Parameters	Return	Sharpe	Max DD	Vs. index
in_months [11, 12, 1, 2, 3, 4]	739.7%	0.55	-36.8%	-2341.3%
in_months [10, 11, 12, 1, 2, 3, 4]	×14	0.60	-47.3%	-1787.0%
in_months [11, 12, 1, 2, 3]	342.9%	0.43	-40.6%	-2738.1%
in_months [12, 1, 2, 3, 4, 5]	469.4%	0.47	-33.7%	-2611.6%

A rule that only works at the exact textbook numbers and dies one notch away is not an edge: it is luck.

Out of sample and robustness (on the index)

Walk-forward: OVERFIT · 21%

By halves: First half did not beat (+135.9% vs +237.3%); Second half did not beat (+255.9% vs +843.1%).

Beat buy-and-hold in 7 of 33 calendar years (21%).

Receipt

Computed on 2026-09-10 · period: each asset from its first bar (1962-01-01 to 2026-08-31) · round-trip costs: stocks and index 10 bps, forex 2 bps, crypto 30 bps · artifact 0b534dd04389 · Finaxion engine

By market

Each market's page, ordered by annual excess over the S&P 500. The first 12 are shown; the rest are in the sitemap. See all 41 markets

Sources for the claim

Bouman & Jacobsen (2002), The Halloween Indicator

How to cite

Finaxion Research (2026). “Sell in May and go away”: works in few markets. Daily backtest 1962-01-01–2026-08-31, artifact 0b534dd04389. https://finaxion.app/en/research/sell-in-may

Reproduce it with your own strategy