Upstart's $390M Volume Drops 47.1% to 301st in Equity Market Rank

On October 2, 2025, Upstart (UPST) traded with a volume of $390 million, marking a 47.1% decline from the previous day’s activity and ranking 301st in trading volume across the equity market. The stock closed 1.44% higher, reflecting modest gains despite reduced liquidity.

Recent developments highlight evolving dynamics in Upstart’s market positioning. The fintech lender’s performance appears influenced by broader investor sentiment toward AI-driven credit platforms and regulatory clarity in the lending sector. While no direct earnings or partnership announcements were cited, market participants may be recalibrating expectations amid shifting macroeconomic signals and sector-specific volatility.

To run this back-test accurately I need to nail down a few practical details: 1. **Universe** • Do you want all U.S. listed common stocks (≈ 6,000 names) ranked each day, or a narrower universe such as S&P 1500 / Russell 3000 constituents? 2. **Weighting & sizing** • Equal-weight the 500 names each day, or weight by (for example) relative dollar volume? • Any position-level or portfolio-level size limits? 3. **Trade price convention** • Buy at today’s close and liquidate at tomorrow’s close (1-day holding period)? • Or open-to-open / close-to-open, etc.? 4. **Transaction frictions** • Commissions and slippage to include (if any)? 5. **Data coverage window** • Start date 2022-01-03 (first trading day of 2022) through 2025-10-02 — is that correct? Once these points are settled I can generate the daily trade list, run the back-test and return full performance stats.