A View From The Bottom

We’ve seen some explosive moves since the S&P 500 bottomed on January 20th. 241 S&P 500 stocks are up double digits, 29 stocks are up more than 20%, and 8 stocks are up more than 50%. Below is a further dissection of recent S&P 500 performance from the bottom.

Here are the returns of the S&P 500 broken down by market cap, from largest to smallest. The smaller stocks have done significantly better.

market cap

Here are the returns of the S&P 500 broken down by 2015 performance, from best to worst. The worst performing stocks from 2015 have been the best performing stocks during this recent rally.


Here are the returns of the S&P 500 broken down by short interest, from most heavily shorted to least heavily shorted. The most heavily shorted stocks have seen significant outperformance.

short int

Here are the returns of the S&P 500 broken down by sector. Energy has done really well while biotechs have lagged significantly; massive mean reversion.


The recent move is pretty remarkable, I for one did not see this coming. One of the most notable differences I see in this rally versus all of the other ones we’ve experienced over the past few years is that those came within the context of a defined uptrend, which clearly no longer exists. The next few weeks, like every other “next few weeks”, should be really interesting.


This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.