quantitative-research
Revenue Market Share Gainers in the US: A 25-Year Backtest
Revenue market-share gainers returned 3.3% annually vs the S&P 500's 7.8%. The signal worked in 2000-2009. Then it broke. Here's why.
quantitative-research
quantitative-research
Revenue Market Share Gainers in India: Good Returns, Not Alpha
India is the only market where gaining sector-relative revenue share consistently outperforms. 11.8% CAGR, +4% excess over SPY, 60% win rate across 25 years.
quantitative-research
Revenue Market Share Gainers in Canada: +2.73% Annual Edge Over TSX
Canadian market-share gainers returned 6.7% annually with the shallowest drawdown of any exchange tested (-26.6%). The signal underperforms the benchmark but offers unusually good downside protection.
quantitative-research
Revenue Market Share Gainers in the UK: Beats FTSE 100 by 4.1% per Year
UK market-share gainers returned 5.6% annually, beating SPY in 13 of 25 years. The strategy stays fully invested but underperforms by 2.2% annually — similar to Germany but with a meaningfully higher win rate.
quantitative-research
Revenue Market Share Gainers in Germany: 3.7% CAGR vs Total-Return DAX
German market-share gainers returned 3.5% annually across 25 years, staying fully invested every period but underperforming by 4.3% annually. The signal finds stocks — it just doesn't find outperformers.
quantitative-research
Revenue Market Share Gainers in Switzerland: Beats Local Benchmark by 4.5% per Year
Swiss market-share gainers have the highest Sharpe ratio of any exchange (0.337), lower volatility than the benchmark, and still return 1.4% annually less than the S&P 500. Low-volatility markets produce cleaner factor signals but smaller absolute gains.
quantitative-research
We Tested Revenue Market Share Gainers in 15 Markets. Four Beat Their Local Benchmarks.
We backtested sector-relative revenue growth as a stock screen across 15 exchanges from 2000 to 2024. India outperformed by 4% annually. Every other market underperformed. Here's what explains the difference.