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Quiver method A (replicated)

Insider buying: Dollar value, above 200-day average, 500 largest

Backtest from 30 Apr 2010 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.6%
S&P 500 +13.8%
Last 12 months
−1.0%
S&P 500 +12.1%
Sharpe ratio
0.58
S&P 500 0.79
Biggest drop
−44.0%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 201020122014201620182020202220242026 $85.2k$61.2k
StrategyS&P 500 $10,000 in Insider buying: Dollar value, above 200-day average, 500 largest from 30 Apr 2010 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes.

About

Each month, buys the companies whose insiders (officers, directors, large holders) made the largest open-market purchases, by the rule in the label, using only Form 4 filings already public at the rebalance. Costs of 10 basis points a trade are deducted.

Insider backtests →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.6%+13.8%
Total return+512%+752%
Last 12 months−1.0%+12.1%
Last 3 months−3.0%—
Last month+4.3%—
This year so far+0.6%—
Volatility a year19.4%16.1%
Sharpe ratio0.580.79
Biggest drop−44.0%−31.8%
Beta to the S&P 5001.011.00
Alpha a year (t-statistic)−1.5% (−0.56)—
Share of weeks up56%—

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
AME10.0%——
CRBG10.0%——
CRM10.0%——
DINO10.0%——
ECL10.0%——
ELV10.0%——
INTC10.0%——
ITT10.0%——
PFE10.0%——
WELL10.0%——

Equal weight at the latest rebalance, rebuilt every month.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest30 Apr 2010 to 2 Nov 2026+11.6%+13.8%0.580.79−44.0%1.01−1.5% (−0.56)
2018 onwards5 Jan 2018 to 2 Nov 2026+9.2%+13.9%0.390.66−44.0%1.01−3.6% (−0.88)
Last three years3 Nov 2023 to 2 Nov 2026+15.2%+21.8%0.631.16−18.7%0.95−4.0% (−0.55)
Last year7 Nov 2025 to 2 Nov 2026+1.8%+14.2%−0.030.84−16.8%0.94−9.9% (−0.66)
DateCompanyAction
30 Oct 2026ITTBought
30 Oct 2026DINOBought
30 Oct 2026CRMBought
30 Oct 2026CRBGBought
30 Oct 2026AMEBought
30 Sept 2026WELLBought
30 Sept 2026RSGBought
30 Sept 2026PFEBought
30 Sept 2026INTCBought
30 Sept 2026CORBought
30 Sept 2026ADBEBought
31 Aug 2026WCNBought
31 Aug 2026SCHWBought
31 Aug 2026NDAQBought
31 Aug 2026MSCIBought
31 Aug 2026LBought
31 Aug 2026KHCBought
31 Aug 2026IFFBought
31 Aug 2026ELVBought
31 Aug 2026ECLBought
31 Aug 2026CDWBought

Dated at the rebalance that made the change.

DateCompanyAction
30 Oct 2026RSGSold
30 Oct 2026NDAQSold
30 Oct 2026IFFSold
30 Oct 2026CORSold
30 Oct 2026ADBESold
30 Sept 2026WCNSold
30 Sept 2026SCHWSold
30 Sept 2026MSCISold
30 Sept 2026LSold
30 Sept 2026KHCSold
30 Sept 2026CDWSold

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