Payments & Fintech
Consumer and B2B transaction volume as an asset class: networks, processors, issuers, and the crypto on-ramp. Networks are the quality core; processors and PYPL carry the disruption discount.
Performance
Follow the theme against the wider market.
Series before each basket's creation date are a backtest of the membership as of creation; live tracking starts at creation.
| Return | 1 day | 5 days | 20 days | 60 days | MTD | YTD | 1 year |
|---|---|---|---|---|---|---|---|
| Basket | -1.0% | +0.4% | +3.4% | +20.8% | +0.9% | -1.2% | -7.5% |
| vs S&P 500 | -0.7% | +0.3% | +3.7% | +13.7% | +0.4% | -12.7% | -22.6% |
Inside the basket · 13 stocks
Current members and the reasoning behind each inclusion. Returns are for individual stocks.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| COIN | Crypto volumes + custody/stablecoin optionality | -4.2% | +3.3% | +20.2% | -18.4% | 2026-06-11 |
| GPN | Acquiring scale, valuation reset case | +0.8% | +0.8% | +7.5% | +20.4% | 2026-06-11 |
| JKHY | Bank and credit-union payment rails | -1.6% | -2.4% | +6.2% | -8.2% | 2026-06-11 |
| CPAY | B2B corporate payments (fleet, AP automation) | -0.8% | +2.1% | +6.0% | +38.4% | 2026-06-11 |
| XYZ | Square seller ecosystem plus Cash App | -0.7% | -1.0% | +4.8% | +27.1% | 2026-06-11 |
| V | Network toll road | -1.0% | -1.7% | +3.7% | +7.6% | 2026-06-11 |
| MA | Network toll road #2 | -1.1% | -2.7% | +2.9% | +2.0% | 2026-06-11 |
| SYF | Point-of-sale and private-label credit | +0.1% | +2.4% | +1.7% | -3.0% | 2026-06-11 |
| COF | Card issuing plus the Discover network | -0.4% | +1.8% | +1.2% | -8.3% | 2026-06-11 |
| FISV | Merchant acquiring + bank tech (Clover) | +0.5% | -0.3% | +1.1% | -21.1% | 2026-06-11 |
| FIS | Bank core processing | -0.9% | +1.1% | -2.0% | -35.7% | 2026-06-11 |
| AXP | Closed loop + premium consumer credit | -1.1% | -2.1% | -4.3% | -11.1% | 2026-06-11 |
| PYPL | Branded checkout turnaround debate | -3.0% | +2.7% | -6.7% | -5.0% | 2026-06-11 |
Partial price histories: COIN from 2021-04-14.
How this basket is built
Equal-weighted, monthly-rebalanced, buy-and-hold between rebalances; dated membership changes take effect same-day.
Tracked since 2026-06-11. Membership decisions are documented below.
Read the methodology →Reading the returns
Basket returns include dividends. “vs S&P 500” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Cross-checked against IPAY. Daily return correlation: 0.95 across 1678 sessions. global networks and processors, including non-index names
Membership history & changes
- expand
FW 3000 pass: added TOST, AFRM, FOUR, WEX, EEFT — names outside the S&P 500 but inside our broad universe; they count only in the FW 3000 version of this basket. Effective-dated to creation so the broad backtest covers the full set. The S&P 500 basket is unchanged.
- expand
Widening pass: added consumer-credit issuers (COF, SYF), B2B payments (CPAY), bank rails (JKHY), and Block (XYZ). Reference pinned to IPAY. New members are effective-dated to basket creation so the backtest and the reference correlation cover the widened set (the basket was one day old, with no meaningful live history to restate).
- correction
Fiserv ticker corrected FI -> FISV to match the data vendor universe.
- create
Initial composition: networks, processors, crypto on-ramp.