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Funds (13F)

Capstone Investment Advisors, LLC

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+14.2%
S&P 500 +14.1%
Last 12 months
+13.9%
S&P 500 +12.1%
Sharpe ratio
0.68
S&P 500 0.76
Biggest drop
−32.8%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.7k$57.0k
StrategyS&P 500 $10,000 in Capstone Investment Advisors, LLC from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Capstone Investment Advisors, LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Capstone Investment Advisors, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.2%+14.1%
Total return+477%+470%
Last 12 months+13.9%+12.1%
Last 3 months+2.4%—
Last month−5.2%—
This year so far+15.6%—
Volatility a year18.8%16.1%
Sharpe ratio0.680.76
Biggest drop−32.8%−31.8%
Beta to the S&P 5001.071.00
Alpha a year (t-statistic)−0.3% (−0.14)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
MSFT21.2%——
NVDA18.2%——
AMZN9.7%——
TSLA7.3%——
META4.4%——
AAPL3.6%——
MU3.5%——
ORCL2.4%——
AVGO2.2%——
SPCX1.8%——
MSTR1.5%——
PLTR1.4%——
BABA1.0%——
KVUE0.9%——
TSM0.7%——
ETSY0.6%——
CBRS0.6%——
ROKU0.6%——
SNDK0.6%——
ADBE0.5%——
NFLX0.5%——
AMD0.5%——
GSAT0.3%——
UBER0.3%——
GXO0.3%——
LULU0.3%——
VAL0.2%——
AXTA0.2%——
CEG0.2%——
CRM0.2%——
LITE0.2%——
CME0.2%——
INIO0.2%——
BX0.2%——
TECH0.2%——
INTU0.2%——
COIN0.2%——
CRWV0.2%——
GOOGL0.1%——
NOW0.1%——
KKR0.1%——
JAN0.1%——
AA0.1%——
QXO0.1%——
T0.1%——
NATL0.1%——
COMP0.1%——
CDNL0.1%——
AU0.1%——
URI0.1%——
WFC0.1%——
COHR0.1%——
FPS0.1%——
CVX0.1%——
CELH0.1%——
VST0.1%——
NKE0.1%——
TT0.1%——
LHX0.1%——
CAVA0.1%——
J0.1%——
LLYVK0.1%——
FLY0.1%——
SMCI0.1%——
APO0.1%——
CW0.1%——
LION0.1%——
CMG0.1%——
DPC0.1%——
INTC0.1%——
NEM0.1%——
BA0.1%——
FCX0.1%——
IBM0.1%——
DIS0.1%——
PYPL0.1%——
PEP0.1%——
CMCSA0.1%——
MCD0.1%——
VZ0.1%——
BSX0.1%——
BUD0.1%——
SBUX0.1%——
AMAT0.1%——
GIS0.1%——
ISRG0.1%——
WULF0.1%——
ABT0.1%——
ON0.1%——
LPX0.1%——
MDLZ0.1%——
PM0.1%——
GEV0.1%——
B0.1%——
VRT0.1%——
HD0.1%——
HOOD0.1%——
DDOG0.1%——
KO0.1%——
MCK0.1%——
VIK0.1%——
JPM0.1%——
QCOM0.1%——
BTI0.1%——
EL0.1%——
TMUS0.1%——
ACN0.1%——
COP0.1%——
HWM0.1%——
ARM0.1%——
DOW0.1%——
NVT0.1%——
KMB0.0%——
TXRH0.0%——
MS0.0%——
TDW0.0%——
ROST0.0%——
BLK0.0%——
EQH0.0%——
EXPO0.0%——
MNST0.0%——
PFE0.0%——
BMNR0.0%——
SWX0.0%——
LII0.0%——
REYN0.0%——
SPOT0.0%——
PBR0.0%——
SE0.0%——
HRI0.0%——
PG0.0%——
FDX0.0%——
FIX0.0%——
DASH0.0%——
ZTS0.0%——
MAR0.0%——
COLM0.0%——
KTOS0.0%——
COF0.0%——
MA0.0%——
LOW0.0%——
FWONK0.0%——
GS0.0%——
ULTA0.0%——
CRS0.0%——
NVO0.0%——
FIVE0.0%——
ATI0.0%——
SPGI0.0%——
CASY0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+14.2%+14.1%0.680.76−32.8%1.07−0.3% (−0.14)
2018 onwards5 Jan 2018 to 2 Nov 2026+13.4%+13.9%0.560.64−32.8%1.07−0.6% (−0.24)
Last three years3 Nov 2023 to 2 Nov 2026+28.8%+21.8%1.151.16−19.3%1.26+2.5% (0.45)
Last year7 Nov 2025 to 2 Nov 2026+18.8%+14.2%0.700.84−14.8%1.64−0.8% (−0.07)
DateCompanyAction
21 Aug 2026ZIONBought
21 Aug 2026YETIBought
21 Aug 2026XRAYBought
21 Aug 2026XPEVBought
21 Aug 2026XENEBought
21 Aug 2026WUBought
21 Aug 2026WTTRBought
21 Aug 2026WSCBought
21 Aug 2026WMGBought
21 Aug 2026WLFCBought
21 Aug 2026WKBought
21 Aug 2026WINGBought
21 Aug 2026WHRBought
21 Aug 2026VSHBought
21 Aug 2026VRSNBought
21 Aug 2026VRSKBought
21 Aug 2026VISNBought
21 Aug 2026VIKBought
21 Aug 2026VCBought
21 Aug 2026UWMCBought
21 Aug 2026UTIBought
21 Aug 2026UPSBought
21 Aug 2026UNMBought
21 Aug 2026UMBFBought
21 Aug 2026ULTABought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZWSSold
21 Aug 2026ZBHSold
21 Aug 2026XXISold
21 Aug 2026WTFCSold
21 Aug 2026WTSold
21 Aug 2026WMTSold
21 Aug 2026WGSSold
21 Aug 2026WSold
21 Aug 2026VTRSSold
21 Aug 2026VRRMSold
21 Aug 2026VKTXSold
21 Aug 2026VERASold
21 Aug 2026VCYTSold
21 Aug 2026VCELSold
21 Aug 2026VSold
21 Aug 2026UPWKSold
21 Aug 2026UNPSold
21 Aug 2026UNFISold
21 Aug 2026UHSSold
21 Aug 2026UCTTSold
21 Aug 2026UALSold
21 Aug 2026USold
21 Aug 2026TXTSold
21 Aug 2026TXNSold
21 Aug 2026TTWOSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest