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Insider buying: Dollar value bought, 500 largest, 25 holdings, traded next day

Backtest from 1 Apr 2010 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.5%
S&P 500 +13.8%
Last 12 months
+8.1%
S&P 500 +12.1%
Sharpe ratio
0.56
S&P 500 0.79
Biggest drop
−42.7%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 201020122014201620182020202220242026 $85.9k$61.0k
StrategyS&P 500 $10,000 in Insider buying: Dollar value bought, 500 largest, 25 holdings, traded next day from 1 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)+11.5%+13.8%
Total return+510%+759%
Last 12 months+8.1%+12.1%
Last 3 months+2.1%—
Last month+4.0%—
This year so far+6.0%—
Volatility a year20.3%16.1%
Sharpe ratio0.560.79
Biggest drop−42.7%−31.8%
Beta to the S&P 5001.131.00
Alpha a year (t-statistic)−3.0% (−1.36)—
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
AME4.0%——
AMRZ4.0%——
AON4.0%——
BABA4.0%——
BSX4.0%——
BX4.0%——
CRBG4.0%——
CRM4.0%——
DINO4.0%——
ECL4.0%——
INTC4.0%——
IR4.0%——
ITT4.0%——
MSCI4.0%——
ORCL4.0%——
PEP4.0%——
PFE4.0%——
PNFP4.0%——
RSG4.0%——
TFC4.0%——
TM4.0%——
UBER4.0%——
VST4.0%——
WELL4.0%——
XYL4.0%——

Equal weight at the latest rebalance, rebuilt every month.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest1 Apr 2010 to 2 Nov 2026+11.5%+13.8%0.560.79−42.7%1.13−3.0% (−1.36)
2018 onwards5 Jan 2018 to 2 Nov 2026+8.5%+13.9%0.350.66−42.7%1.14−5.5% (−1.56)
Last three years3 Nov 2023 to 2 Nov 2026+18.4%+21.8%0.811.16−15.5%0.93−1.1% (−0.17)
Last year7 Nov 2025 to 2 Nov 2026+10.2%+14.2%0.450.84−11.6%0.76−0.7% (−0.06)
DateCompanyAction
2 Nov 2026XYLBought
2 Nov 2026PEPBought
2 Nov 2026ORCLBought
2 Nov 2026BXBought
1 Oct 2026VSTBought
1 Oct 2026UBERBought
1 Oct 2026TSCOBought
1 Oct 2026TFCBought
1 Oct 2026PNFPBought
1 Oct 2026MSCIBought
1 Oct 2026ITTBought
1 Oct 2026DINOBought
1 Oct 2026CRMBought
1 Oct 2026CRBGBought
1 Oct 2026AONBought
1 Sept 2026WELLBought
1 Sept 2026VEONBought
1 Sept 2026TTMIBought
1 Sept 2026TMBought
1 Sept 2026SBSWBought
1 Sept 2026RSGBought
1 Sept 2026PFEBought
1 Sept 2026NDAQBought
1 Sept 2026LBought
1 Sept 2026IRBought

Dated at the rebalance that made the change.

DateCompanyAction
2 Nov 2026TSCOSold
2 Nov 2026FISVSold
2 Nov 2026ELVSold
2 Nov 2026BGSold
1 Oct 2026VEONSold
1 Oct 2026TTMISold
1 Oct 2026SBSWSold
1 Oct 2026NDAQSold
1 Oct 2026LSold
1 Oct 2026IFFSold
1 Oct 2026FTISold
1 Oct 2026FTAISold
1 Oct 2026CORSold
1 Oct 2026AMTSold
1 Oct 2026ADBESold

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