Upstart's 1.43% Surge Lifts $450M Volume to 228th in Market Consolidation

. 12, 2025, , . The stock’s performance came amid a broader market consolidation phase, with investors focusing on earnings clarity and macroeconomic signals ahead of the Federal Reserve’s policy meeting later in the month.

Analysts noted that the move followed a series of strategic updates in the fintech sector, including regulatory developments affecting algorithmic lending models. Upstart’s machine learning-driven loan underwriting framework has drawn renewed attention from institutional investors evaluating risk-adjusted returns in a high-interest-rate environment. However, sector-wide volatility remains elevated due to ongoing debates over in AI-enabled platforms.

To run this back-test rigorously we need to pin down a few practical details that aren’t yet specified and also confirm how you’d like the analysis handled given the limitations of the available back-testing engine (which is designed for single-ticker or event-driven tests, not multi-asset portfolios).

1. Universe • Should the selection pool be “all U.S. common stocks” (NYSE + NASDAQ + AMEX), or a published universe such as the Russell 3000? • Are ETFs to be included or excluded?

2. Selection logic (per trading day) • Rank by: total dollar volume or share volume? • Weighting: equal-weight each of the 500 names, or weight by volume, market-cap, etc.?

3. Transaction assumptions • Zero transaction costs OK, or should we layer in an estimated cost (e.g., 2 bps per side)?

4. Engine capability Our current toolset can only apply a strategy to one ticker at a time. • We can approximate the result by computing daily index-level returns offline and piping them in as a synthetic “ticker,” but that requires an external data prep step that the built-in engine cannot automate. • Alternatively, we could test the concept on a representative ETF (e.g., SPY) or convert it into an event-based study, but that no longer matches your original request exactly.

Please let me know which direction you’d like to take (and any preferences on the above points), and I’ll proceed immediately.