Expand Energy Surges 2.5% Despite Ranking 319th on $330M Trading Volume

On September 23, 2025, Expand Energy (EXE) recorded a trading volume of $330 million, ranking 319th among listed equities. The stock closed with a 2.50% increase, outperforming broader market trends despite limited liquidity relative to its peers.

Recent developments suggest market sentiment toward EXE remains cautiously optimistic. Analysts attribute the rise to renewed interest in energy infrastructure projects, though no material corporate announcements were disclosed. Technical indicators show short-term buying pressure, with volume clustering around key support levels. However, institutional ownership data remains unchanged, indicating the move is driven primarily by retail or speculative positioning.

Backtesting analysis of a volume-weighted portfolio strategy reveals structural challenges. Constructing a daily-rebalanced portfolio of the top 500 stocks by trading volume requires complex data aggregation across thousands of tickers. Current tools limit simultaneous testing of multiple positions, necessitating alternative frameworks. Key considerations include weighting methodology, execution timing, and universe scope—factors that could significantly alter performance outcomes.

To construct and back-test a daily-rebalanced portfolio that scans the entire equity universe, ranks stocks by volume, and rebalances positions daily, two critical data streams are required: daily volume rankings and portfolio-level P&L calculations. Existing systems currently support single-ticker or ETF testing, making direct implementation of a 500-stock portfolio impractical. Before proceeding, clarification is needed on weighting schemes, execution conventions, and universe boundaries to determine whether adjustments to the strategy or external data processing will be necessary.