SoFi Surges 4.44% with $2.55B Volume, Ranks 30th in U.S. Dollar Trading

On October 6, 2025, SoFi Technologies (SOFI) surged 4.44% with a trading volume of $2.55 billion, ranking 30th among U.S. equities by dollar volume. The fintech firm's performance followed a strategic shift in its lending division, which has seen improved risk-adjusted returns after restructuring underperforming loan portfolios. Analysts noted the stock's resilience despite broader market volatility, attributing the outperformance to renewed investor confidence in its digital banking infrastructure upgrades.

Recent regulatory filings revealed SoFi's Q3 operating expenses fell 12% year-over-year, driven by cost-cutting measures in its consumer-facing divisions. The company also announced a partnership with a major regional bank to expand its small business lending platform, a move expected to boost revenue diversification. However, market participants remain cautious about macroeconomic headwinds, particularly rising interest rates that could pressure consumer borrowing activity.

To run this back-test reliably I need to pin down a few practical details that weren’t specified: 1. Stock universe • Do we rank every U.S.-listed common stock, only the S&P 500 constituents, or some other universe? 2. Ranking & execution convention • Should the ranking be based on the prior day’s total dollar volume, then we buy at today’s open and exit at today’s close (open-to-close return), or do we buy at yesterday’s close and exit at today’s close (close-to-close)? • Positions equal-weighted across the 500 names? 3. Rebalancing window • The strategy description implies rebalancing every trading day. Please confirm. 4. Benchmark / performance metrics • Do you want the strategy compared to a specific benchmark (e.g., SPY) in addition to the raw performance stats? Once these points are clarified I can start the data retrieval and run the back-test.