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.
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 | +0.5% | +3.3% | +4.6% | -1.2% | +6.7% | -4.4% | -9.0% |
| vs S&P 500 | -0.0% | +2.8% | +3.9% | -5.5% | +5.1% | -16.0% | -21.4% |
1y · 2025-10-21 – 2026-10-21 · 252 / 252 sessions
Basket total returns · Annualized using 252 trading sessions · 0% risk-free rate and downside target. As of 2026-10-21 · close.
Sharpe: average daily simple return divided by its sample standard deviation, multiplied by √252. The risk-free rate is assumed to be 0%; this is not a cash-adjusted ratio.
Sortino: average daily simple return divided by downside deviation, multiplied by √252. Downside deviation is the square root of the average squared shortfall below 0%, counting all sessions, including zeros for gains.
Historical volatility: √(252 × average squared daily log return), matching the Vol page’s realized-volatility convention. This differs from the sample standard deviation used in Sharpe.
Each period requires complete history and at least 5 sessions. MTD and YTD follow the calendar; 1y is 252 sessions. Missing data or an undefined ratio displays — with a reason. Short periods can produce unstable ratios; intraday snapshots include a partial session. History before this basket’s creation is backtested. If a new basket has no stored daily return series yet, estimates from its rounded published chart levels are marked ≈.
Current members and the reasoning behind each inclusion. Returns are for individual holdings.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| VVisa Inc. | Network toll road | +0.3% | +4.2% | +12.8% | +17.0% | 2026-06-11 |
| MAMastercard | Network toll road #2 | +0.4% | +3.2% | +11.4% | +9.8% | 2026-06-11 |
| PYPLPayPal | Branded checkout turnaround debate | +0.1% | +2.0% | +8.9% | -1.2% | 2026-06-11 |
| AXPAmerican Express | Closed loop + premium consumer credit | +1.7% | +5.4% | +7.5% | -11.5% | 2026-06-11 |
| COFCapital One | Card issuing plus the Discover network | +2.5% | +6.3% | +5.4% | -13.7% | 2026-06-11 |
| FISFidelity National Information Services | Bank core processing | -0.0% | +2.7% | +5.0% | -43.5% | 2026-06-11 |
| FISVFiserv, Inc. | Merchant acquiring + bank tech (Clover) | -0.1% | +4.7% | +4.9% | -28.2% | 2026-06-11 |
| SYFSynchrony Financial | Point-of-sale and private-label credit | +1.0% | +3.3% | +4.9% | -10.0% | 2026-06-11 |
| XYZBlock, Inc. | Square seller ecosystem plus Cash App | +0.1% | +3.1% | +4.7% | +20.2% | 2026-06-11 |
| JKHYJack Henry & Associates | Bank and credit-union payment rails | -0.8% | -1.2% | +3.4% | -14.9% | 2026-06-11 |
| CPAYCorpay | B2B corporate payments (fleet, AP automation) | -0.2% | +3.7% | +3.1% | +35.4% | 2026-06-11 |
| GPNGlobal Payments | Acquiring scale, valuation reset case | -1.5% | +3.3% | -0.6% | +9.0% | 2026-06-11 |
| COINCoinbase Global | Crypto volumes + custody/stablecoin optionality | +3.6% | +2.4% | -10.6% | -21.7% | 2026-06-11 |
Partial price histories: COIN from 2021-04-14.
Equal-weighted; monthly rebalance, buy-and-hold between rebalances; dated membership changes reset the target weights.
Tracked since 2026-06-11. Membership decisions are documented below.
Read the methodology →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 1710 sessions. global networks and processors, including non-index names
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.
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).
Fiserv ticker corrected FI -> FISV to match the data vendor universe.
Initial composition: networks, processors, crypto on-ramp.