Momentum
Buy the stocks that have risen the most over the last six months.
Per year
+17.9%
Benchmark +9.2%
Total return
+417%
Benchmark +140%
Max drawdown
−34%
Benchmark −34%
Sharpe
0.78
Benchmark 0.66
Years beating the benchmark
6 / 9
full calendar years
2016-11-07 to 2026-11-06, 100,000 EUR to 516,540 EUR, after 13,992 EUR in trading costs. On average 9.9 stocks held; the portfolio is turned over 5.2 times a year.
How it works
Every quarter, take the liquid stocks that are up over the last six months, and buy the ten that rose the most, in equal weight.
The idea
Winners tend to keep winning for a while: investors react slowly to good news, and trends feed on themselves. It is one of the best documented effects in stock markets. The risk is sharp reversals, when last year's winners fall together.
Equity (EUR)
MomentumBenchmark
Year by year
| Year | Momentum | Benchmark | Difference |
|---|---|---|---|
| 2026 (part of year) | −0.5% | −0.9% | +0.4% |
| 2025 | +39.3% | +21.1% | +18.3% |
| 2024 | −5.8% | −0.7% | −5.1% |
| 2023 | +21.6% | +0.5% | +21.1% |
| 2022 | +15.7% | −17.9% | +33.7% |
| 2021 | +41.8% | +26.9% | +14.9% |
| 2020 | +34.5% | +27.6% | +6.9% |
| 2019 | +41.6% | +43.6% | −2.0% |
| 2018 | −10.5% | −12.7% | +2.2% |
| 2017 | +6.7% | +10.1% | −3.3% |
| 2016 (part of year) | +9.0% | +9.4% | −0.4% |
Backtests are simulations on historical data, not investment advice. Past results don't guarantee future returns.