Hecla Mining Surges 12.2% on $500M Volume to 228th Rank as S&P SmallCap Inclusion Drives Liquidity and Momentum

. 8, , , ranking 228th in market activity. The rally followed its inclusion in the S&P SmallCap 600 index, announced by S&P Global on Sept. 5. The index addition, effective Sept. 22, typically boosts liquidity as institutional funds reallocate to align with index composition. The move added to positive momentum generated by the company’s Aug. 5 Q2 results, .

Analysts noted the index inclusion as a structural catalyst, often driving short-term outperformance due to passive fund inflows. Hecla’s performance contrasted with broader market gains, . , supported by strong earnings revisions and asset utilization metrics. .

To run this back-test rigorously I’ll need to clarify a few practical points: 1. Universe • Do you want all U.S. listed common stocks, a specific exchange (e.g., NYSE + NASDAQ), or another market? • Should ETFs, ADRs, penny stocks, etc. be excluded? 2. Ranking rule • “Daily trading volume” measured in shares traded or in dollar value? • Use the volume of the same day (buy at that day’s close) or of the previous day (buy at next day’s open)? 3. Portfolio construction • Equal-weight each of the 500 names, or weight by something else? • Do we assume full turnover every day (i.e., re-buy a fresh top-500 list and exit yesterday’s list)? 4. Execution price • Enter at the next day’s open and exit at that day’s close (1-day holding), or enter/exit both at the close? 5. Transaction frictions • Any commission or slippage assumptions to include?