The backtest results show that SPMC experienced limited upside following earnings beats, with a 50% win rate over 3 days and negative returns over 10 and 30 days. Despite an initial 1.43% positive move within 3 days, the 30-day return averaged -8.91%, indicating sustained weakness after the event.

This pattern suggests that SPMC does not consistently benefit from beating earnings, and may even underperform shortly thereafter.

Investors should be cautious about expecting sustained gains in SPMC following positive earnings surprises, considering the historical post-event declines.

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The backtest results show that the Capital Markets Industry experienced a positive response when earnings beat expectations, with a maximum return of 3.46% achieved on day 59 after the event.

This demonstrates a significant, though time-dependent, upside following positive earnings surprises in the sector, suggesting that the strongest gains often materialize over a medium-term holding period.

For investors, this implies that maintaining exposure to capital markets stocks after earnings beats may unlock moderate outperformance, especially over approximately two months.

Backtest SPMC Earning Beats

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