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Ranked lists

Top 100: Largest companies by revenue

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

Watch this strategy
Return a year
+15.0%
S&P 500 +14.0%
Last 12 months
+26.1%
S&P 500 +15.7%
Sharpe ratio
0.90
S&P 500 0.86
Biggest drop
−25.8%
S&P 500 −23.9%
$10.0k$20.0k$40.0k$80.0k 201020122014201620182020202220242026 $99.8k$87.2k
StrategyS&P 500 $10,000 in Top 100: Largest companies by revenue 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 “largest companies by revenue” 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)+15.0%+14.0%
Total return+898%+772%
Last 12 months+26.1%+15.7%
Last 3 months+2.3%—
Last month+2.3%—
This year so far+22.1%—
Volatility a year15.3%15.1%
Sharpe ratio0.900.86
Biggest drop−25.8%−23.9%
Beta to the S&P 5000.931.00
Alpha a year (t-statistic)+1.8% (1.07)—
Share of quarters up79%—

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
AMZN1.0%——
WMT1.0%——
AAPL1.0%——
UNH1.0%——
GOOGL1.0%——
CVS1.0%——
MCK1.0%——
XOM1.0%——
TM1.0%——
COR1.0%——
MSFT1.0%——
COST1.0%——
CI1.0%——
NVDA1.0%——
CVX1.0%——
CNC1.0%——
ELV1.0%——
JPM1.0%——
GM1.0%——
HD1.0%——
SNEX1.0%——
MPC1.0%——
PSX1.0%——
KR1.0%——
HUM1.0%——
BABA1.0%——
VLO1.0%——
VZ1.0%——
DELL1.0%——
T1.0%——
BAC1.0%——
TGT1.0%——
TSLA1.0%——
DIS1.0%——
JNJ1.0%——
PEP1.0%——
BA1.0%——
RTX1.0%——
TMUS1.0%——
BG1.0%——
C1.0%——
PGR1.0%——
MU1.0%——
LOW1.0%——
PG1.0%——
WFC1.0%——
SYY1.0%——
ACI1.0%——
ADM1.0%——
LLY1.0%——
MET1.0%——
MS1.0%——
HCA1.0%——
LMT1.0%——
AXP1.0%——
AVGO1.0%——
CAT1.0%——
ALL1.0%——
SNX1.0%——
IBM1.0%——
DAL1.0%——
PFGC1.0%——
ORCL1.0%——
MRK1.0%——
GS1.0%——
ABBV1.0%——
PFE1.0%——
COP1.0%——
UAL1.0%——
COF1.0%——
CB1.0%——
TJX1.0%——
CSCO1.0%——
BHP1.0%——
EPD1.0%——
AAL1.0%——
HPQ1.0%——
INTC1.0%——
INGM1.0%——
UBER1.0%——
GD1.0%——
PAA1.0%——
PAGP1.0%——
GE1.0%——
KO1.0%——
BMY1.0%——
TRV1.0%——
NFLX1.0%——
DE1.0%——
ABT1.0%——
TMO1.0%——
MOH1.0%——
QCOM1.0%——
CBRE1.0%——
DG1.0%——
NOC1.0%——
CRM1.0%——
PM1.0%——
BBY1.0%——
WKC1.0%——

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+15.0%+14.0%0.900.86−25.8%0.93+1.8% (1.07)
2018 onwards31 Mar 2018 to 30 Sept 2026+15.5%+15.1%0.760.75−25.8%0.90+1.8% (0.59)
Last three years31 Dec 2023 to 30 Sept 2026+21.8%+20.2%1.661.25−1.2%0.60+7.3% (1.44)
DateCompanyAction
30 Sept 2026WKCBought
30 Sept 2026QCOMBought
30 Sept 2026PMBought
30 Sept 2026NOCBought
30 Sept 2026MOHBought
30 Sept 2026DGBought
30 Sept 2026CRMBought
30 Sept 2026CBREBought
30 Sept 2026BHPBought
30 Sept 2026BBYBought
30 Sept 2026ABTBought
30 Jun 2026TMBought
30 Jun 2026PAGPBought
30 Jun 2026PAABought
30 Jun 2026MUBought
30 Jun 2026BABABought
31 Mar 2026ULBought
31 Mar 2026TDBought
31 Mar 2026STLABought
31 Mar 2026SHELBought
31 Mar 2026RYBought
31 Mar 2026PDDBought
31 Mar 2026PBRBought
31 Mar 2026NVOBought
31 Mar 2026MTBought

Dated at the rebalance that made the change.

DateCompanyAction
30 Sept 2026ULSold
30 Sept 2026STLASold
30 Sept 2026SHELSold
30 Sept 2026PDDSold
30 Sept 2026PBRSold
30 Sept 2026NVOSold
30 Sept 2026MTSold
30 Sept 2026CAHSold
30 Sept 2026BUDSold
30 Sept 2026BLSHSold
30 Sept 2026AMXSold
30 Jun 2026TDSold
30 Jun 2026RYSold
30 Jun 2026QCOMSold
30 Jun 2026MOHSold
30 Jun 2026FDXSold
31 Mar 2026USFDSold
31 Mar 2026PMSold
31 Mar 2026PAGPSold
31 Mar 2026PAASold
31 Mar 2026NOCSold
31 Mar 2026DOWSold
31 Mar 2026DGSold
31 Mar 2026CRMSold
31 Mar 2026CBRESold

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