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Ranked lists

Top 100: Highest return on equity

Backtest from 31 Mar 2010 to 30 Sept 2026 · quarterly · hypothetical

Watch this strategy
Return a year
+14.4%
S&P 500 +14.0%
Last 12 months
+5.5%
S&P 500 +15.7%
Sharpe ratio
0.75
S&P 500 0.86
Biggest drop
−29.1%
S&P 500 −23.9%
$10.0k$20.0k$40.0k$80.0k 201020122014201620182020202220242026 $91.6k$87.2k
StrategyS&P 500 $10,000 in Top 100: Highest return on equity from 31 Mar 2010 against the S&P 500 (total return) over the same dates, marked quarterly, log scale. Hypothetical: before taxes and trading costs.

About

Holds the top 100 companies on our “highest return on equity” list, equal weight, rebuilt every quarter from figures in quarters that ended at least 90 days earlier, the same rules as the live list.

The live list →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.4%+14.0%
Total return+816%+772%
Last 12 months+5.5%+15.7%
Last 3 months−2.5%—
Last month−2.5%—
This year so far+6.7%—
Volatility a year18.2%15.1%
Sharpe ratio0.750.86
Biggest drop−29.1%−23.9%
Beta to the S&P 5001.141.00
Alpha a year (t-statistic)−1.0% (−0.57)—
Share of quarters up73%—

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
MTD1.0%——
UNIT1.0%——
AMRX1.0%——
GDDY1.0%——
CL1.0%——
CLX1.0%——
RILY1.0%——
CHH1.0%——
STX1.0%——
BLKB1.0%——
APP1.0%——
EXPE1.0%——
TPR1.0%——
GFF1.0%——
RH1.0%——
HALO1.0%——
FTAI1.0%——
MEDP1.0%——
HAS1.0%——
LYFT1.0%——
TNET1.0%——
AAPL1.0%——
LVS1.0%——
KMB1.0%——
HD1.0%——
EAT1.0%——
TDC1.0%——
FTNT1.0%——
NVDA1.0%——
CPRI1.0%——
AVAH1.0%——
WEN1.0%——
NTAP1.0%——
ITW1.0%——
COR1.0%——
LLY1.0%——
FTDR1.0%——
MSI1.0%——
MANH1.0%——
LE1.0%——
BYD1.0%——
AMT1.0%——
GEV1.0%——
AMGN1.0%——
UI1.0%——
LMT1.0%——
WDC1.0%——
KLAC1.0%——
MUSA1.0%——
TREE1.0%——
MMM1.0%——
MCO1.0%——
SYY1.0%——
APAM1.0%——
IDXX1.0%——
TRGP1.0%——
ADP1.0%——
LII1.0%——
DAN1.0%——
MU1.0%——
JBL1.0%——
SHW1.0%——
LRCX1.0%——
NGVT1.0%——
ZTS1.0%——
BLBD1.0%——
BCO1.0%——
AMP1.0%——
ADBE1.0%——
DK1.0%——
TJX1.0%——
LYV1.0%——
CAT1.0%——
CENX1.0%——
ATMU1.0%——
DEC1.0%——
FIX1.0%——
PARR1.0%——
PEGA1.0%——
EXTR1.0%——
ORCL1.0%——
WSM1.0%——
SLDE1.0%——
CSTM1.0%——
DRI1.0%——
THC1.0%——
KTB1.0%——
CLS1.0%——
PEP1.0%——
CMG1.0%——
NFLX1.0%——
BKE1.0%——
GE1.0%——
GOOGL1.0%——
CON1.0%——
NATL1.0%——
HMY1.0%——
EBAY1.0%——
MPC1.0%——
GWW1.0%——

Equal weight at the latest rebalance, rebuilt every quarter.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest31 Mar 2010 to 30 Sept 2026+14.4%+14.0%0.750.86−29.1%1.14−1.0% (−0.57)
2018 onwards31 Mar 2018 to 30 Sept 2026+11.7%+15.1%0.500.75−29.1%1.17−4.4% (−1.66)
Last three years31 Dec 2023 to 30 Sept 2026+12.1%+20.2%0.661.25−5.6%0.87−5.3% (−1.21)
DateCompanyAction
30 Sept 2026WDCBought
30 Sept 2026THCBought
30 Sept 2026PARRBought
30 Sept 2026NGVTBought
30 Sept 2026MUBought
30 Sept 2026MTDBought
30 Sept 2026MPCBought
30 Sept 2026LYVBought
30 Sept 2026LEBought
30 Sept 2026KLACBought
30 Sept 2026HMYBought
30 Sept 2026HASBought
30 Sept 2026GOOGLBought
30 Sept 2026GFFBought
30 Sept 2026EXTRBought
30 Sept 2026DRIBought
30 Sept 2026DKBought
30 Sept 2026CLXBought
30 Sept 2026CENXBought
30 Sept 2026AMRXBought
30 Jun 2026VRTBought
30 Jun 2026STXBought
30 Jun 2026RILYBought
30 Jun 2026EBAYBought
30 Jun 2026DANBought

Dated at the rebalance that made the change.

DateCompanyAction
30 Sept 2026WUSold
30 Sept 2026VRTSold
30 Sept 2026VEONSold
30 Sept 2026ULTASold
30 Sept 2026ULSold
30 Sept 2026TSCOSold
30 Sept 2026RCLSold
30 Sept 2026NVOSold
30 Sept 2026MTNSold
30 Sept 2026KOSold
30 Sept 2026ITSold
30 Sept 2026GFISold
30 Sept 2026FORTYSold
30 Sept 2026ENRSold
30 Sept 2026CDWSold
30 Sept 2026ATATSold
30 Sept 2026ASMLSold
30 Sept 2026AONSold
30 Sept 2026ALNYSold
30 Sept 2026ALLSold
30 Jun 2026WNCSold
30 Jun 2026VRSKSold
30 Jun 2026LYVSold
30 Jun 2026LNGSold
30 Jun 2026IESCSold

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