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Top 100 Stocks by Market Cap and Momentum Strategy
A conversation about identifying top stocks by market cap in 2018, 2020, 2022 and 2025, and developing a momentum-based trading strategy with rebalancing and backtesting.
Read the conversation below. Open the interactive view for charts, attachments, and continuing this conversation.
User
what are the top 100 stocks by market cap as of 2018?
Aurora
Here is a summary of the top 100 stocks by market capitalization as of the last trading day of 2018.
Top 100 Stocks by Market Cap (as of Dec 31, 2018)
| Ticker | Market Cap (USD) | Price Date |
|---|---|---|
| MSFT | $788,792,620,000 | 2018-12-31 |
| AAPL | $764,652,063,780 | 2018-12-31 |
| AMZN | $752,486,970,000 | 2018-12-31 |
| GOOGL | $735,504,206,432 | 2018-12-31 |
| GOOG | $728,923,127,414 | 2018-12-31 |
| BRK-B | $503,371,644,366 | 2018-12-31 |
| BRK-A | $502,124,274,000 | 2018-12-31 |
| META | $382,618,937,500 | 2018-12-31 |
| JNJ | $351,996,780,000 | 2018-12-31 |
| JPM | $331,574,237,220 | 2018-12-31 |
| V | $304,253,640,000 | 2018-12-31 |
| XOM | $291,442,191,799 | 2018-12-31 |
| WMT | $273,954,150,000 | 2018-12-31 |
| BAC | $250,608,512,000 | 2018-12-31 |
| PFE | $247,519,160,536 | 2018-12-31 |
| UNH | $244,884,960,000 | 2018-12-31 |
| PG | $240,104,232,000 | 2018-12-31 |
| VZ | $232,750,800,000 | 2018-12-31 |
| WFC | $222,366,584,033 | 2018-12-31 |
| INTC | $218,130,640,000 | 2018-12-31 |
| CVX | $208,601,996,460 | 2018-12-31 |
| KO | $203,368,250,000 | 2018-12-31 |
| CSCO | $199,924,620,000 | 2018-12-31 |
| MA | $196,761,952,830 | 2018-12-31 |
| HD | $196,046,620,000 | 2018-12-31 |
| MRK | $195,116,211,862 | 2018-12-31 |
| BA | $187,114,500,000 | 2018-12-31 |
| ORCL | $172,680,245,859 | 2018-12-31 |
| DIS | $164,255,700,000 | 2018-12-31 |
| T | $157,682,411,160 | 2018-12-31 |
| PEP | $157,323,520,000 | 2018-12-31 |
| CMCSA | $157,276,950,000 | 2018-12-31 |
| ABBV | $139,667,850,000 | 2018-12-31 |
| MCD | $138,433,572,000 | 2018-12-31 |
| C | $129,181,684,000 | 2018-12-31 |
| ABT | $128,168,760,000 | 2018-12-31 |
| AMGN | $126,340,830,000 | 2018-12-31 |
| NKE | $121,174,416,000 | 2018-12-31 |
| NFLX | $120,960,639,540 | 2018-12-31 |
| LLY | $118,763,436,000 | 2018-12-31 |
| ADBE | $112,410,963,840 | 2018-12-31 |
| AVGO | $107,560,437,711 | 2018-12-31 |
| CRM | $107,521,450,000 | 2018-12-31 |
| PM | $103,811,800,000 | 2018-12-31 |
| UNP | $102,414,607,000 | 2018-12-31 |
| PYPL | $100,823,910,000 | 2018-12-31 |
| IBM | $99,366,425,101 | 2018-12-31 |
| HON | $99,354,240,000 | 2018-12-31 |
| FGEN | $97,775,756,000 | 2018-12-31 |
| MMM | $95,328,542,848 | 2018-12-31 |
| TXN | $93,460,500,000 | 2018-12-31 |
| MO | $93,001,370,000 | 2018-12-31 |
| COST | $90,192,398,790 | 2018-12-31 |
| TMO | $90,092,568,528 | 2018-12-31 |
| SBUX | $86,856,280,000 | 2018-12-31 |
| NKTR | $85,148,748,900 | 2018-12-31 |
| BMY | $85,039,280,000 | 2018-12-31 |
| UPS | $84,851,100,000 | 2018-12-31 |
| NVDA | $83,437,500,000 | 2018-12-31 |
| NEE | $82,981,668,000 | 2018-12-31 |
| BKNG | $82,247,277,420 | 2018-12-31 |
| AXP | $81,975,200,000 | 2018-12-31 |
| GILD | $81,752,850,000 | 2018-12-31 |
| QCOM | $80,641,470,000 | 2018-12-31 |
| CAT | $76,165,758,000 | 2018-12-31 |
| LMT | $75,069,528,000 | 2018-12-31 |
| USB | $74,628,100,000 | 2018-12-31 |
| LOW | $74,534,520,000 | 2018-12-31 |
| COP | $73,117,470,900 | 2018-12-31 |
| AMT | $70,255,501,465 | 2018-12-31 |
| ELV | $69,702,002,000 | 2018-12-31 |
| MS | $68,475,550,000 | 2018-12-31 |
| CVS | $66,961,440,000 | 2018-12-31 |
| GS | $65,233,024,332 | 2018-12-31 |
| WBA | $65,009,162,000 | 2018-12-31 |
| DHR | $64,952,039,121 | 2018-12-31 |
| CME | $64,155,504,200 | 2018-12-31 |
| BLK | $63,647,179,022 | 2018-12-31 |
| DUK | $61,618,200,000 | 2018-12-31 |
| BIIB | $60,755,748,000 | 2018-12-31 |
| SYK | $59,596,350,000 | 2018-12-31 |
| MDLZ | $59,244,400,000 | 2018-12-31 |
| TSLA | $59,238,400,890 | 2018-12-31 |
| BDX | $58,982,337,435 | 2018-12-31 |
| DD | $58,620,933,972 | 2018-12-31 |
| ADP | $57,679,688,000 | 2018-12-31 |
| ISRG | $57,087,264,000 | 2018-12-31 |
| SCHW | $56,646,920,000 | 2018-12-31 |
| TJX | $56,263,323,880 | 2018-12-31 |
| PNC | $54,596,970,000 | 2018-12-31 |
| TMUS | $54,313,574,318 | 2018-12-31 |
| EPD | $53,864,395,000 | 2018-12-31 |
| CSX | $53,059,020,000 | 2018-12-31 |
| KHC | $52,767,040,000 | 2018-12-31 |
| INTU | $51,968,400,000 | 2018-12-31 |
| SPG | $51,958,299,060 | 2018-12-31 |
| CL | $51,847,872,000 | 2018-12-31 |
| EOG | $50,717,760,390 | 2018-12-31 |
| SLB | $50,223,360,000 | 2018-12-31 |
| BSX | $49,613,826,000 | 2018-12-31 |
Summary & Observations
This list reflects the largest public companies in the world by market capitalization at the close of 2018.
- Tech Giants at the Top: The top of the list was dominated by major technology companies, with Microsoft, Apple, Amazon, and Alphabet (Google) all boasting market caps well over $700 billion. This highlights the significant influence of the tech sector on the market at that time.
- Dual-Class Shares: It's interesting to see both classes of shares for Alphabet (GOOGL, GOOG) and Berkshire Hathaway (BRK-B, BRK-A) ranked highly, demonstrating the immense total value of these corporations.
- Sector Diversity: While tech leads, the list shows a healthy mix of industries. You can see established leaders in finance (JPMorgan Chase, Visa), healthcare (Johnson & Johnson), consumer staples (Walmart, Procter & Gamble), and energy (ExxonMobil).
- A Look Back in Time: This data provides a snapshot from 2018. Market capitalizations have shifted dramatically since then. For example, NVIDIA (NVDA) was valued at approximately $83 billion at the end of 2018, a fraction of its valuation today.
Disclaimer: This analysis is based on historical data from December 31, 2018, and is not reflective of current market conditions. As an AI, I can make mistakes. Please verify all information and consult with a financial professional before making any investment decisions.
User
Note: Mswing is 20 Day Rate of Change + 50 Day Rate of Change
Create the following trading strategy to rebalanace this list of stocks (excluding GOOGL and BRK-A). Filter to stocks that have one of the conditions met:
- We have the positions in the portfolio and mswing of the positions is less than 4 and (mswing is greater than 0 or the price is above its 50 day SMA)
- Mswing is greater than the 9-day EMA of mswing
Aurora
Description:
This portfolio implements a sophisticated rebalancing strategy based on a custom momentum indicator called "Mswing," which is defined as the sum of the 20-day and 50-day Price Rate of Change. The strategy operates on a universe of 98 large-cap stocks from the 2018 top 100 list (excluding GOOGL and BRK-A). The portfolio will rebalance monthly to hold equal weights of only the stocks that meet one of two specific conditions.
The first condition acts as a filter for existing positions. It selects stocks currently held in the portfolio (PositionValue > 0) where the Mswing indicator is positive but showing signs of weakening (Mswing < 4), provided there is some underlying strength (either Mswing > 0 or the price is above its 50-day SMA). This is designed to hold onto winners that are consolidating rather than reversing.
The second condition is a pure momentum entry signal. It identifies stocks where the current Mswing is greater than its own 9-day exponential moving average, indicating that short-term momentum is accelerating.
The portfolio, which starts with an initial value of $10,000, will rebalance monthly, holding only the stocks that satisfy at least one of these two complex momentum criteria. The full list of stocks considered for rebalancing includes: MSFT, AAPL, AMZN, GOOG, BRK-B, META, JNJ, JPM, V, XOM, WMT, BAC, PFE, UNH, PG, VZ, WFC, INTC, CVX, KO, CSCO, MA, HD, MRK, BA, ORCL, DIS, T, PEP, CMCSA, ABBV, MCD, C, ABT, AMGN, NKE, NFLX, LLY, ADBE, AVGO, CRM, PM, UNP, PYPL, IBM, HON, FGEN, MMM, TXN, MO, COST, TMO, SBUX, NKTR, BMY, UPS, NVDA, NEE, BKNG, AXP, GILD, QCOM, CAT, LMT, USB, LOW, COP, AMT, ELV, MS, CVS, GS, WBA, DHR, CME, BLK, DUK, BIIB, SYK, MDLZ, TSLA, BDX, DD, ADP, ISRG, SCHW, TJX, PNC, TMUS, EPD, CSX, KHC, INTU, SPG, CL, EOG, SLB, and BSX.
JSON:
User
let's limit to 7 stocks at a time
Aurora
Description:
This portfolio updates the previous "Mswing Momentum" strategy to be more concentrated. It still uses the custom "Mswing" indicator (20-day Rate of Change + 50-day Rate of Change) to identify momentum stocks from the 2018 top 100 list (excluding GOOGL and BRK-A). The rebalancing still occurs monthly.
The key change is that the portfolio will now only hold the top 7 stocks that meet the filtering criteria at any given time. To select the "top" 7, the strategy will sort the qualifying stocks by their Mswing value in descending order, ensuring that the portfolio is concentrated in the assets with the strongest current momentum. The selected 7 stocks will be held in equal weights.
The filtering logic remains the same: a stock is eligible if it's an existing position showing signs of consolidation (PositionValue > 0 AND Mswing < 4 AND (Mswing > 0 OR Price > 50-day SMA)) OR if its momentum is accelerating (Mswing > 9-day EMA of Mswing).
The full list of stocks considered for rebalancing includes: MSFT, AAPL, AMZN, GOOG, BRK-B, META, JNJ, JPM, V, XOM, WMT, BAC, PFE, UNH, PG, VZ, WFC, INTC, CVX, KO, CSCO, MA, HD, MRK, BA, ORCL, DIS, T, PEP, CMCSA, ABBV, MCD, C, ABT, AMGN, NKE, NFLX, LLY, ADBE, AVGO, CRM, PM, UNP, PYPL, IBM, HON, FGEN, MMM, TXN, MO, COST, TMO, SBUX, NKTR, BMY, UPS, NVDA, NEE, BKNG, AXP, GILD, QCOM, CAT, LMT, USB, LOW, COP, AMT, ELV, MS, CVS, GS, WBA, DHR, CME, BLK, DUK, BIIB, SYK, MDLZ, TSLA, BDX, DD, ADP, ISRG, SCHW, TJX, PNC, TMUS, EPD, CSX, KHC, INTU, SPG, CL, EOG, SLB, and BSX.
JSON:
User
let's also try limiting to 7 and sorting by market cap descending
Aurora
Description:
This portfolio modifies the "Mswing Momentum" strategy to prioritize larger, more established companies that meet the momentum criteria. The core filtering logic, based on the custom "Mswing" indicator (20-day Rate of Change + 50-day Rate of Change), remains the same. The strategy will still rebalance monthly and limit the portfolio to 7 stocks.
The significant change is the sorting mechanism. After the strategy identifies all eligible stocks based on the Mswing momentum filters, it will now select the 7 stocks with the highest market capitalization from that filtered group. This approach aims to combine momentum signals with the stability of large-cap stocks, holding an equal-weighted portfolio of the largest companies that are currently exhibiting strong or consolidating momentum.
The filtering logic is unchanged: a stock is selected if it is an existing position showing signs of consolidation (PositionValue > 0 AND Mswing < 4 AND (Mswing > 0 OR Price > 50-day SMA)) OR if its momentum is accelerating (Mswing > 9-day EMA of Mswing).
The full list of stocks considered for rebalancing includes: MSFT, AAPL, AMZN, GOOG, BRK-B, META, JNJ, JPM, V, XOM, WMT, BAC, PFE, UNH, PG, VZ, WFC, INTC, CVX, KO, CSCO, MA, HD, MRK, BA, ORCL, DIS, T, PEP, CMCSA, ABBV, MCD, C, ABT, AMGN, NKE, NFLX, LLY, ADBE, AVGO, CRM, PM, UNP, PYPL, IBM, HON, FGEN, MMM, TXN, MO, COST, TMO, SBUX, NKTR, BMY, UPS, NVDA, NEE, BKNG, AXP, GILD, QCOM, CAT, LMT, USB, LOW, COP, AMT, ELV, MS, CVS, GS, WBA, DHR, CME, BLK, DUK, BIIB, SYK, MDLZ, TSLA, BDX, DD, ADP, ISRG, SCHW, TJX, PNC, TMUS, EPD, CSX, KHC, INTU, SPG, CL, EOG, SLB, and BSX.
JSON:
User
backtest these portfolios from
- 01/01/2019 to 01/01/2020
- 01/01/2019 to 01/01/2021
- 01/01/2020 to 01/01/2021
Aurora
Of course. Here is the backtest configuration to run your three portfolios across the three specified date ranges.
User
what are the top 100 stocks by market cap as of 2020?
Aurora
Here is a summary of the top 100 stocks by market capitalization as of the last trading day of 2020.
Top 100 Stocks by Market Cap (as of Dec 31, 2020)
| Ticker | Market Cap (USD) | Price Date |
|---|---|---|
| AAPL | $2,289,767,771,490 | 2020-12-31 |
| MSFT | $1,698,621,540,000 | 2020-12-31 |
| AMZN | $1,667,548,160,000 | 2020-12-31 |
| GOOGL | $1,202,049,415,803 | 2020-12-31 |
| GOOG | $1,201,528,169,252 | 2020-12-31 |
| META | $789,705,560,000 | 2020-12-31 |
| TSLA | $779,765,338,950 | 2020-12-31 |
| BABA | $640,618,416,250 | 2020-12-31 |
| TSM | $565,489,736,963 | 2020-12-31 |
| BRK-B | $551,861,266,020 | 2020-12-31 |
| BRK-A | $537,013,490,845 | 2020-12-31 |
| V | $482,955,840,000 | 2020-12-31 |
| JNJ | $420,094,434,000 | 2020-12-31 |
| WMT | $410,683,350,000 | 2020-12-31 |
| JPM | $392,306,896,030 | 2020-12-31 |
| PG | $365,284,242,000 | 2020-12-31 |
| MA | $358,724,700,000 | 2020-12-31 |
| UNH | $337,354,160,000 | 2020-12-31 |
| NVDA | $328,986,000,000 | 2020-12-31 |
| DIS | $327,754,620,000 | 2020-12-31 |
| HD | $286,338,360,000 | 2020-12-31 |
| PYPL | $278,698,000,000 | 2020-12-31 |
| BAC | $266,046,025,000 | 2020-12-31 |
| NFLX | $246,079,734,240 | 2020-12-31 |
| VZ | $243,342,500,000 | 2020-12-31 |
| ADBE | $242,558,200,000 | 2020-12-31 |
| CMCSA | $242,507,200,000 | 2020-12-31 |
| KO | $236,963,640,000 | 2020-12-31 |
| NKE | $225,404,151,000 | 2020-12-31 |
| INTC | $209,792,020,000 | 2020-12-31 |
| CRM | $208,955,670,000 | 2020-12-31 |
| PFE | $207,350,730,000 | 2020-12-31 |
| PEP | $206,137,000,000 | 2020-12-31 |
| ASML | $204,062,048,000 | 2020-12-31 |
| MRK | $197,960,025,492 | 2020-12-31 |
| ORCL | $197,466,225,000 | 2020-12-31 |
| ABT | $195,768,120,000 | 2020-12-31 |
| ABBV | $190,084,100,000 | 2020-12-31 |
| CSCO | $189,919,000,000 | 2020-12-31 |
| AVGO | $186,991,574,931 | 2020-12-31 |
| XOM | $186,863,999,986 | 2020-12-31 |
| TMO | $185,846,220,000 | 2020-12-31 |
| QCOM | $174,886,320,000 | 2020-12-31 |
| TMUS | $168,535,360,089 | 2020-12-31 |
| COST | $167,435,757,080 | 2020-12-31 |
| NVO | $162,488,497,295 | 2020-12-31 |
| LLY | $161,493,940,440 | 2020-12-31 |
| MCD | $160,935,000,000 | 2020-12-31 |
| CVX | $156,530,861,850 | 2020-12-31 |
| T | $155,706,921,972 | 2020-12-31 |
| TXN | $152,476,770,000 | 2020-12-31 |
| NEE | $151,142,568,667 | 2020-12-31 |
| HON | $150,931,920,000 | 2020-12-31 |
| UPS | $146,844,800,000 | 2020-12-31 |
| DHR | $142,616,553,180 | 2020-12-31 |
| BMY | $142,048,700,000 | 2020-12-31 |
| UNP | $140,923,296,000 | 2020-12-31 |
| JD | $140,251,438,050 | 2020-12-31 |
| AMGN | $135,422,880,000 | 2020-12-31 |
| C | $129,134,538,000 | 2020-12-31 |
| PM | $128,986,820,000 | 2020-12-31 |
| SBUX | $126,129,420,000 | 2020-12-31 |
| WFC | $124,709,796,000 | 2020-12-31 |
| BA | $121,661,949,286 | 2020-12-31 |
| LOW | $121,024,540,000 | 2020-12-31 |
| AMD | $111,427,650,000 | 2020-12-31 |
| BLK | $111,376,698,660 | 2020-12-31 |
| NOW | $111,110,350,230 | 2020-12-31 |
| IBM | $107,886,830,722 | 2020-12-31 |
| MS | $107,317,980,000 | 2020-12-31 |
| XYZ | $106,223,337,160 | 2020-12-31 |
| ZM | $100,945,966,610 | 2020-12-31 |
| INTU | $100,660,250,000 | 2020-12-31 |
| AMT | $100,144,176,433 | 2020-12-31 |
| LMT | $99,607,388,000 | 2020-12-31 |
| CAT | $99,455,728,000 | 2020-12-31 |
| ISRG | $98,662,860,000 | 2020-12-31 |
| SE | $98,490,953,165 | 2020-12-31 |
| EL | $97,744,968,000 | 2020-12-31 |
| AXP | $97,332,550,000 | 2020-12-31 |
| GS | $94,909,227,945 | 2020-12-31 |
| SYK | $93,164,208,000 | 2020-12-31 |
| BKNG | $91,498,478,870 | 2020-12-31 |
| CVS | $89,814,500,000 | 2020-12-31 |
| UBER | $89,506,479,000 | 2020-12-31 |
| TGT | $89,218,262,000 | 2020-12-31 |
| FIS | $88,695,420,000 | 2020-12-31 |
| FGEN | $86,862,925,500 | 2020-12-31 |
| ABNB | $86,200,814,228 | 2020-12-31 |
| DE | $85,315,755,000 | 2020-12-31 |
| MMM | $85,110,503,296 | 2020-12-31 |
| MU | $85,028,580,000 | 2020-12-31 |
| MDLZ | $84,313,740,000 | 2020-12-31 |
| TJX | $82,917,376,550 | 2020-12-31 |
| ELV | $81,621,078,000 | 2020-12-31 |
| AMAT | $79,482,300,000 | 2020-12-31 |
| SPGI | $79,421,168,000 | 2020-12-31 |
| ZTS | $79,191,750,000 | 2020-12-31 |
| SNOW | $78,448,174,787 | 2020-12-31 |
| FI | $77,458,958,000 | 2020-12-31 |
Summary & Observations
This list shows the largest public companies by market capitalization at the end of a volatile and transformative year in 2020.
Pros:
- Tech Leadership: The top of the list is heavily dominated by technology and tech-related companies. Apple became the first company to surpass a $2 trillion market cap, followed by other trillion-dollar giants like Microsoft, Amazon, and Alphabet.
- Significant Growth Stories: 2020 saw incredible growth for certain companies. Tesla's valuation surged, placing it in the top 10. NVIDIA's market cap quadrupled from its 2018 level, reflecting the high demand for its chips in gaming and AI.
- Diverse Blue Chips: Beyond tech, the list includes stable, blue-chip companies from various sectors such as healthcare (Johnson & Johnson), finance (Visa, JPMorgan Chase), and consumer goods (Walmart, Procter & Gamble).
Cons:
- Concentration Risk: The heavy concentration of value in a few mega-cap tech stocks could pose a risk to market-cap-weighted indexes if the sector were to underperform.
- Historical Data: This data is a snapshot from the end of 2020. Valuations and rankings have changed significantly since then.
Unusual Observations:
- Pandemic Impact: The list reflects the economic shifts of 2020. Companies enabling remote work and e-commerce, like Zoom (ZM), PayPal (PYPL), and Shopify (not listed, but a major gainer), saw massive increases in value. Recent IPOs like Airbnb (ABNB) and Snowflake (SNOW) also quickly achieved large market caps.
- Data Anomaly: The ticker "XYZ" is present in the data. This is likely a placeholder or an error and does not represent an actual publicly traded company.
Disclaimer: This analysis is based on historical data and is not indicative of current market conditions or future performance. As an AI, I can make mistakes. Please verify all information and consult with a qualified financial professional before making any investment decisions.
User
Recreate the market cap momentum strategy using this new list of stocks. Remove BRK-A and GOOG from the list.
Aurora
Description:
This portfolio recreates the "Mswing Momentum Rebalance (Top 7 by Market Cap)" strategy using the updated list of the top 100 stocks by market capitalization from the end of 2020. The strategy operates on this new universe of 98 stocks (excluding BRK-A and GOOG) and rebalances monthly.
The core of the strategy is the custom "Mswing" indicator, defined as the sum of the 20-day and 50-day Price Rate of Change. After filtering the stock universe based on two momentum conditions, the portfolio selects the 7 stocks with the highest market capitalization from the eligible group. These 7 stocks are then held in equal weights.
The filtering logic remains the same:
- A stock is eligible if it is an existing position showing signs of consolidation (
PositionValue > 0ANDMswing < 4AND (Mswing > 0ORPrice > 50-day SMA)). - Alternatively, a stock is eligible if its momentum is accelerating (
Mswing > 9-day EMA of Mswing).
This approach combines momentum signals with the stability of large-cap stocks, creating a concentrated portfolio of the largest companies that are exhibiting strong or consolidating momentum. The portfolio starts with an initial value of $10,000. The full list of stocks considered for rebalancing includes: AAPL, MSFT, AMZN, GOOGL, META, TSLA, BABA, TSM, BRK-B, V, JNJ, WMT, JPM, PG, MA, UNH, NVDA, DIS, HD, PYPL, BAC, NFLX, VZ, ADBE, CMCSA, KO, NKE, INTC, CRM, PFE, PEP, ASML, MRK, ORCL, ABT, ABBV, CSCO, AVGO, XOM, TMO, QCOM, TMUS, COST, NVO, LLY, MCD, CVX, T, TXN, NEE, HON, UPS, DHR, BMY, UNP, JD, AMGN, C, PM, SBUX, WFC, BA, LOW, AMD, BLK, NOW, IBM, MS, XYZ, ZM, INTU, AMT, LMT, CAT, ISRG, SE, EL, AXP, GS, SYK, BKNG, CVS, UBER, TGT, FIS, FGEN, ABNB, DE, MMM, MU, MDLZ, TJX, ELV, AMAT, SPGI, ZTS, SNOW, and FI.
JSON:
User
backtest this new portfolio from
- 01/01/2021 to 01/01/2022
- 01/01/2021 to 01/01/2023
- 01/01/2022 to 01/01/2023
Aurora
Of course. Here is the backtest configuration to run your new portfolio across the three specified date ranges.
User
what are the top 100 stocks by market cap as of 2022?
Aurora
Of course. I've pulled the data for the top 100 stocks by market capitalization as of the final trading day of 2022. Here is the list and my analysis.
Top 100 Stocks by Market Cap (as of Dec 30, 2022)
| Ticker | Market Cap (USD) | Price Date |
|---|---|---|
| AAPL | $2,094,272,157,450 | 2022-12-30 |
| MSFT | $1,795,052,700,000 | 2022-12-30 |
| GOOG | $1,162,096,810,000 | 2022-12-30 |
| GOOGL | $1,155,548,310,000 | 2022-12-30 |
| AMZN | $856,632,000,000 | 2022-12-30 |
| BRK-A | $684,192,855,774 | 2022-12-30 |
| BRK-B | $681,391,512,233 | 2022-12-30 |
| UNH | $502,610,640,000 | 2022-12-30 |
| DFLI | $480,329,427,060 | 2022-12-30 |
| JNJ | $470,118,645,000 | 2022-12-30 |
| XOM | $463,354,273,520 | 2022-12-30 |
| V | $439,620,160,000 | 2022-12-30 |
| TSLA | $427,188,240,000 | 2022-12-30 |
| ACON | $410,324,760,720 | 2022-12-30 |
| JPM | $397,660,140,000 | 2022-12-30 |
| TSM | $386,292,700,170 | 2022-12-30 |
| WMT | $384,392,687,289 | 2022-12-30 |
| PG | $379,445,616,000 | 2022-12-30 |
| NVDA | $365,203,860,000 | 2022-12-30 |
| CVX | $348,210,958,980 | 2022-12-30 |
| MA | $336,602,640,000 | 2022-12-30 |
| LLY | $330,646,192,000 | 2022-12-30 |
| META | $323,353,580,000 | 2022-12-30 |
| HD | $323,124,780,000 | 2022-12-30 |
| NSRGY | $309,709,526,250 | 2022-12-30 |
| NVO | $307,018,790,000 | 2022-12-30 |
| PFE | $292,990,320,000 | 2022-12-30 |
| ABBV | $287,019,360,000 | 2022-12-30 |
| MRK | $282,034,900,000 | 2022-12-30 |
| KO | $276,449,060,000 | 2022-12-30 |
| BAC | $270,285,700,000 | 2022-12-30 |
| PEP | $250,575,420,000 | 2022-12-30 |
| AVGO | $239,866,770,000 | 2022-12-30 |
| BNZI | $232,760,000,000 | 2022-12-30 |
| BABA | $230,267,260,000 | 2022-12-30 |
| ORCL | $224,458,040,000 | 2022-12-30 |
| TMO | $217,522,550,000 | 2022-12-30 |
| ASML | $216,702,240,000 | 2022-12-30 |
| SHEL | $209,043,517,500 | 2022-12-30 |
| COST | $202,928,401,500 | 2022-12-30 |
| CSCO | $196,086,240,000 | 2022-12-30 |
| MCD | $194,880,435,000 | 2022-12-30 |
| ABT | $193,669,560,000 | 2022-12-30 |
| NKE | $185,554,458,000 | 2022-12-30 |
| TMUS | $176,289,437,940 | 2022-12-30 |
| DHR | $173,484,809,196 | 2022-12-30 |
| VZ | $165,637,600,000 | 2022-12-30 |
| NEE | $165,436,040,000 | 2022-12-30 |
| DIS | $158,642,880,000 | 2022-12-30 |
| WFC | $157,938,379,000 | 2022-12-30 |
| ADBE | $157,832,570,000 | 2022-12-30 |
| SCHW | $157,777,700,000 | 2022-12-30 |
| PM | $157,077,920,000 | 2022-12-30 |
| BMY | $154,548,600,000 | 2022-12-30 |
| CMCSA | $153,063,690,000 | 2022-12-30 |
| TXN | $152,498,060,000 | 2022-12-30 |
| UPS | $151,588,480,000 | 2022-12-30 |
| COP | $149,779,878,000 | 2022-12-30 |
| HON | $145,638,280,000 | 2022-12-30 |
| MS | $144,278,940,000 | 2022-12-30 |
| AMGN | $141,300,320,000 | 2022-12-30 |
| T | $140,781,270,000 | 2022-12-30 |
| NFLX | $132,797,438,720 | 2022-12-30 |
| CRM | $132,590,000,000 | 2022-12-30 |
| DE | $129,528,396,000 | 2022-12-30 |
| LMT | $128,968,499,000 | 2022-12-30 |
| UNP | $128,694,005,000 | 2022-12-30 |
| IBM | $127,378,649,000 | 2022-12-30 |
| CAT | $126,391,856,000 | 2022-12-30 |
| QCOM | $124,342,140,000 | 2022-12-30 |
| ELV | $124,241,334,000 | 2022-12-30 |
| LOW | $123,528,800,000 | 2022-12-30 |
| GS | $123,342,094,626 | 2022-12-30 |
| CVS | $122,544,850,000 | 2022-12-30 |
| SBUX | $114,328,000,000 | 2022-12-30 |
| BA | $113,589,187,000 | 2022-12-30 |
| SPGI | $110,831,646,000 | 2022-12-30 |
| AXP | $110,664,750,000 | 2022-12-30 |
| INTU | $110,538,480,000 | 2022-12-30 |
| INTC | $109,023,750,000 | 2022-12-30 |
| GILD | $108,256,850,000 | 2022-12-30 |
| BLK | $108,116,865,347 | 2022-12-30 |
| AMD | $105,251,250,000 | 2022-12-30 |
| ADP | $99,580,734,000 | 2022-12-30 |
| AMT | $98,896,460,496 | 2022-12-30 |
| ISRG | $95,658,675,000 | 2022-12-30 |
| SONY | $94,854,561,400 | 2022-12-30 |
| SYK | $93,346,282,000 | 2022-12-30 |
| TJX | $93,312,453,200 | 2022-12-30 |
| MDLZ | $91,910,350,000 | 2022-12-30 |
| EL | $89,666,954,000 | 2022-12-30 |
| JD | $89,274,765,000 | 2022-12-30 |
| C | $88,429,173,000 | 2022-12-30 |
| PLD | $86,393,115,560 | 2022-12-30 |
| NOC | $84,733,233,000 | 2022-12-30 |
| ADI | $84,599,620,710 | 2022-12-30 |
| AMAT | $83,649,420,000 | 2022-12-30 |
| MMC | $83,236,440,000 | 2022-12-30 |
| PYPL | $82,401,540,000 | 2022-12-30 |
| MO | $82,232,290,000 | 2022-12-30 |
Summary & Observations
This list reflects the largest public companies at the end of 2022, a year characterized by a significant market downturn driven by inflation and rising interest rates.
Pros:
- Defensive Sector Strength: Companies in less cyclical sectors like healthcare (UNH, JNJ, LLY) and energy (XOM, CVX) demonstrated resilience, with many maintaining or growing their valuations.
- Value Prevails: The rise of Berkshire Hathaway (BRK-A, BRK-B) and the strong performance of energy stocks highlight a market environment that favored profitability and tangible value over speculative growth.
- Global Leaders: The list contains numerous international giants such as TSM (Taiwan), NSRGY (Switzerland), and SHEL (UK), showing the global scale of top-tier companies.
Cons:
- Tech Sector Contraction: Mega-cap technology stocks, while still dominant, saw significant valuation declines from their peaks. Amazon (AMZN) and Meta (META) experienced particularly sharp drops.
- Historical Data: This data is a snapshot from December 30, 2022. Market capitalizations are dynamic and have changed considerably since this date.
Unusual Observations:
- Market Shift: The data clearly illustrates the "risk-off" sentiment of 2022, where investors rotated capital from growth-oriented technology stocks into stable, cash-flow-rich businesses.
- Data Anomalies: The list includes tickers such as DFLI, ACON, and BNZI in high-ranking positions. These do not correspond to well-known public companies of that size and are likely placeholders or data errors in the results.
Disclaimer: This analysis is based on historical data and is not indicative of current market conditions or future performance. As an AI, I can make mistakes. Please verify all information, especially potential data anomalies, and consult with a qualified financial professional before making any investment decisions.
User
Recreate the market cap momentum strategy using this new list of stocks. Remove BRK-A and GOOG from the list.
Aurora
Description:
This portfolio recreates the "Mswing Momentum Rebalance (Top 7 by Market Cap)" strategy, updating the stock universe to the top 100 companies by market capitalization as of the end of 2022. The strategy operates on this new list of 98 stocks (excluding BRK-A and GOOG) and rebalances on a monthly basis.
The core of the strategy is the custom "Mswing" indicator, which is the sum of the 20-day and 50-day Price Rate of Change. The portfolio filters this universe to find stocks that meet one of two momentum-based conditions. From that filtered group, it selects the 7 stocks with the highest market capitalization and allocates an equal weight to each.
The filtering logic remains consistent:
- A stock is eligible if it is an existing position that is showing signs of consolidation (
PositionValue > 0ANDMswing < 4AND (Mswing > 0ORPrice > 50-day SMA)). This rule is designed to hold onto winners that are taking a brief pause rather than reversing. - Alternatively, a stock is eligible if its momentum is accelerating, indicated by its
Mswingcrossing above its own 9-day exponential moving average.
This approach combines momentum signals with the stability of large-cap stocks, creating a concentrated portfolio of the largest companies that are currently exhibiting favorable momentum characteristics. The portfolio starts with an initial value of $10,000. The full list of stocks considered for rebalancing includes: AAPL, MSFT, GOOGL, AMZN, BRK-B, UNH, DFLI, JNJ, XOM, V, TSLA, ACON, JPM, TSM, WMT, PG, NVDA, CVX, MA, LLY, META, HD, NSRGY, NVO, PFE, ABBV, MRK, KO, BAC, PEP, AVGO, BNZI, BABA, ORCL, TMO, ASML, SHEL, COST, CSCO, MCD, ABT, NKE, TMUS, DHR, VZ, NEE, DIS, WFC, ADBE, SCHW, PM, BMY, CMCSA, TXN, UPS, COP, HON, MS, AMGN, T, NFLX, CRM, DE, LMT, UNP, IBM, CAT, QCOM, ELV, LOW, GS, CVS, SBUX, BA, SPGI, AXP, INTU, INTC, GILD, BLK, AMD, ADP, AMT, ISRG, SONY, SYK, TJX, MDLZ, EL, JD, C, PLD, NOC, ADI, AMAT, MMC, PYPL, and MO.
JSON:
User
backtest this new portfolio from
- 01/01/2023 to 01/01/2025
- 01/01/2024 to 01/01/2025
- year-to-date
Aurora
Of course. Here is the backtest configuration to run your "2022 Mswing Momentum (Top 7 by Market Cap)" portfolio across the three time periods you requested.
User
What are the top 100 stocks by market cap?
Aurora
Of course. Here is the list of the top 100 stocks by market capitalization based on the most recent market data available from August 14, 2025, along with my analysis.
Top 100 Stocks by Market Cap (as of Aug 14, 2025)
| Ticker | Market Cap (USD) | Price Date |
|---|---|---|
| NVDA | $4,496,986,120,000 | 2025-08-14 |
| MSFT | $3,898,223,280,000 | 2025-08-14 |
| AAPL | $3,504,766,639,740 | 2025-08-14 |
| GOOG | $2,505,151,620,000 | 2025-08-14 |
| GOOGL | $2,494,335,540,000 | 2025-08-14 |
| AMZN | $2,492,967,140,000 | 2025-08-14 |
| META | $2,025,716,700,000 | 2025-08-14 |
| AVGO | $1,505,108,280,000 | 2025-08-14 |
| TSM | $1,249,777,800,000 | 2025-08-14 |
| TSLA | $1,181,577,180,000 | 2025-08-14 |
| BRK-B | $1,033,838,078,700 | 2025-08-14 |
| BRK-A | $1,033,622,105,640 | 2025-08-14 |
| JPM | $830,796,088,000 | 2025-08-14 |
| WMT | $814,666,300,000 | 2025-08-14 |
| ORCL | $704,015,040,000 | 2025-08-14 |
| V | $681,997,260,000 | 2025-08-14 |
| LLY | $616,400,395,720 | 2025-08-14 |
| NFLX | $537,707,958,720 | 2025-08-14 |
| MA | $533,556,640,000 | 2025-08-14 |
| XOM | $479,129,560,000 | 2025-08-14 |
| PLTR | $463,938,330,240 | 2025-08-14 |
| COST | $433,937,355,540 | 2025-08-14 |
| JNJ | $423,486,336,000 | 2025-08-14 |
| HD | $397,918,080,000 | 2025-08-14 |
| PG | $376,632,252,000 | 2025-08-14 |
| BAC | $365,057,836,000 | 2025-08-14 |
| ABBV | $362,692,960,000 | 2025-08-14 |
| KO | $299,969,150,000 | 2025-08-14 |
| ASML | $296,419,925,000 | 2025-08-14 |
| AMD | $294,224,700,000 | 2025-08-14 |
| BABA | $292,753,605,000 | 2025-08-14 |
| TMUS | $286,518,667,392 | 2025-08-14 |
| GE | $286,000,503,483 | 2025-08-14 |
| CSCO | $277,477,200,000 | 2025-08-14 |
| CVX | $271,753,585,560 | 2025-08-14 |
| WFC | $259,432,470,000 | 2025-08-14 |
| PM | $257,160,120,000 | 2025-08-14 |
| UNH | $247,055,900,000 | 2025-08-14 |
| GS | $242,466,400,000 | 2025-08-14 |
| MS | $237,616,000,000 | 2025-08-14 |
| NSRGY | $231,934,760,000 | 2025-08-14 |
| SHEL | $231,129,584,000 | 2025-08-14 |
| CRM | $227,302,380,000 | 2025-08-14 |
| NVO | $226,544,080,000 | 2025-08-14 |
| ABT | $225,880,601,600 | 2025-08-14 |
| IBM | $224,163,794,000 | 2025-08-14 |
| MCD | $221,887,890,000 | 2025-08-14 |
| AXP | $216,026,460,000 | 2025-08-14 |
| DIS | $210,986,340,000 | 2025-08-14 |
| MRK | $207,975,880,000 | 2025-08-14 |
| T | $207,546,250,000 | 2025-08-14 |
| PEP | $204,501,120,000 | 2025-08-14 |
| INTU | $201,111,120,000 | 2025-08-14 |
| CAT | $199,189,250,000 | 2025-08-14 |
| UBER | $194,007,285,200 | 2025-08-14 |
| VZ | $183,831,000,000 | 2025-08-14 |
| TMO | $183,830,160,000 | 2025-08-14 |
| C | $183,245,016,000 | 2025-08-14 |
| BLK | $181,681,056,000 | 2025-08-14 |
| BKNG | $181,507,493,610 | 2025-08-14 |
| SCHW | $178,155,160,000 | 2025-08-14 |
| NOW | $178,103,716,920 | 2025-08-14 |
| TXN | $177,438,360,000 | 2025-08-14 |
| BA | $176,431,554,000 | 2025-08-14 |
| QCOM | $176,270,350,000 | 2025-08-14 |
| ANET | $174,585,216,000 | 2025-08-14 |
| GEV | $174,450,330,000 | 2025-08-14 |
| ISRG | $173,943,368,000 | 2025-08-14 |
| SPGI | $173,588,955,000 | 2025-08-14 |
| SONY | $168,118,131,300 | 2025-08-14 |
| AMGN | $157,046,890,000 | 2025-08-14 |
| BSX | $155,527,195,000 | 2025-08-14 |
| AMAT | $153,415,600,000 | 2025-08-14 |
| ADBE | $152,678,040,000 | 2025-08-14 |
| TJX | $151,297,100,000 | 2025-08-14 |
| DHR | $151,169,202,000 | 2025-08-14 |
| GILD | $149,846,180,000 | 2025-08-14 |
| APP | $149,449,234,050 | 2025-08-14 |
| NEE | $148,742,160,000 | 2025-08-14 |
| PGR | $147,483,315,000 | 2025-08-14 |
| SYK | $146,260,128,000 | 2025-08-14 |
| PFE | $143,378,100,000 | 2025-08-14 |
| LOW | $142,467,150,000 | 2025-08-14 |
| HON | $142,200,940,000 | 2025-08-14 |
| MU | $140,700,670,000 | 2025-08-14 |
| APH | $140,551,208,000 | 2025-08-14 |
| LRCX | $138,316,178,000 | 2025-08-14 |
| BX | $134,928,876,277 | 2025-08-14 |
| UNP | $133,332,888,000 | 2025-08-14 |
| DE | $130,148,712,000 | 2025-08-14 |
| KKR | $129,737,312,710 | 2025-08-14 |
| KLAC | $127,359,019,230 | 2025-08-14 |
| CMCSA | $124,493,600,000 | 2025-08-14 |
| ADP | $123,236,280,000 | 2025-08-14 |
| PANW | $123,046,950,000 | 2025-08-14 |
| COP | $121,942,176,350 | 2025-08-14 |
| ADI | $117,790,368,280 | 2025-08-14 |
| NKE | $113,897,490,000 | 2025-08-14 |
| MSTR | $111,150,664,660 | 2025-08-14 |
| MO | $110,779,500,000 | 2025-08-14 |
Summary & Observations
This list reflects the largest public companies as of August 14, 2025, revealing a market heavily influenced by technology, artificial intelligence, and a few key non-tech sectors.
Pros:
- Clear Market Leaders: The list is dominated by well-established, highly profitable companies in technology, finance, and healthcare, representing a significant portion of the global economy.
- AI and Semiconductor Strength: The high valuations of companies like NVIDIA, Broadcom, and TSM underscore the immense growth and investor confidence in the AI and semiconductor industries.
- Sector Diversity at the Top: While tech-heavy, the presence of leaders in finance (JPMorgan Chase), retail (Walmart), energy (ExxonMobil), and healthcare (Eli Lilly) demonstrates strength across multiple core sectors.
Cons:
- Extreme Value Concentration: An immense amount of market value is concentrated in the top 10-15 companies. This could pose a systemic risk if these specific companies or the tech sector were to face a significant downturn.
- Steep Valuation Drop-off: There is a dramatic decline in market capitalization after the top tier. The 12th-ranked company is valued at over $1 trillion, while the 100th is valued at just over $110 billion, illustrating a vast gap between the mega-caps and other large-cap companies.
Unusual Observations:
- NVIDIA's Ascent: NVIDIA has surged to the top of the list with a market cap of nearly $4.5 trillion, surpassing long-time leaders Microsoft and Apple. This represents a major shift in market leadership driven by the AI boom.
- The Trillion-Dollar Club: The number of companies valued at over $1 trillion has expanded to twelve, highlighting significant wealth creation at the top end of the market.
- New Entrants: The list includes companies like Palantir (PLTR) and MicroStrategy (MSTR) in the top 100, reflecting strong performance and investor interest in data analytics and digital assets.
Disclaimer: This analysis is based on historical data and is for informational purposes only. As an AI, I can make mistakes and cannot provide financial advice. Please double-check all information and consult with a qualified financial professional before making any investment decisions.
User
Recreate the market cap momentum strategy using this new list of stocks. Remove BRK-A and GOOG from the list.
Aurora
Description:
This portfolio recreates the "Mswing Momentum Rebalance (Top 7 by Market Cap)" strategy, updating the stock universe to the top 100 companies by market capitalization as of August 14, 2025. The strategy operates on this new list of 98 stocks (excluding BRK-A and GOOG) and rebalances on a monthly basis.
The core of the strategy is the custom "Mswing" indicator, which is the sum of the 20-day and 50-day Price Rate of Change. The portfolio filters this universe to find stocks that meet one of two momentum-based conditions. From that filtered group, it selects the 7 stocks with the highest market capitalization and allocates an equal weight to each.
The filtering logic remains consistent:
- A stock is eligible if it is an existing position that is showing signs of consolidation (
PositionValue > 0ANDMswing < 4AND (Mswing > 0ORPrice > 50-day SMA)). This rule is designed to hold onto winners that are taking a brief pause rather than reversing. - Alternatively, a stock is eligible if its momentum is accelerating, indicated by its
Mswingcrossing above its own 9-day exponential moving average.
This approach combines momentum signals with the stability of large-cap stocks, creating a concentrated portfolio of the largest companies that are currently exhibiting favorable momentum characteristics. The portfolio starts with an initial value of $10,000. The full list of stocks considered for rebalancing includes: NVDA, MSFT, AAPL, GOOGL, AMZN, META, AVGO, TSM, TSLA, BRK-B, JPM, WMT, ORCL, V, LLY, NFLX, MA, XOM, PLTR, COST, JNJ, HD, PG, BAC, ABBV, KO, ASML, AMD, BABA, TMUS, GE, CSCO, CVX, WFC, PM, UNH, GS, MS, NSRGY, SHEL, CRM, NVO, ABT, IBM, MCD, AXP, DIS, MRK, T, PEP, INTU, CAT, UBER, VZ, TMO, C, BLK, BKNG, SCHW, NOW, TXN, BA, QCOM, ANET, GEV, ISRG, SPGI, SONY, AMGN, BSX, AMAT, ADBE, TJX, DHR, GILD, APP, NEE, PGR, SYK, PFE, LOW, HON, MU, APH, LRCX, BX, UNP, DE, KKR, KLAC, CMCSA, ADP, PANW, COP, ADI, NKE, MSTR, and MO.
JSON: