The experiences-over-goods consumer: booking platforms, hotels, cruise lines, airlines, casinos, dining out, and mobility. High-beta discretionary — the first thing cut in a real slowdown.
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 | -1.4% | +0.3% | +1.2% | -4.0% | +1.5% | -4.8% | +3.6% |
| vs S&P 500 | -0.4% | +2.3% | +1.0% | -7.5% | +1.2% | -15.3% | -10.2% |
1y · 2025-10-16 – 2026-10-16 · 252 / 252 sessions
Basket total returns · Annualized using 252 trading sessions · 0% risk-free rate and downside target. As of 2026-10-16 · 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 | |||||
|---|---|---|---|---|---|---|
| CCLCarnival | Cruise deleveraging story | -2.1% | -1.7% | +18.6% | -13.8% | 2026-06-11 |
| MARMarriott International | Asset-light hotel fees | +0.6% | +6.1% | +14.5% | +25.8% | 2026-06-11 |
| RCLRoyal Caribbean Group | Cruise demand supercycle | -0.8% | -1.6% | +13.0% | +1.2% | 2026-06-11 |
| HLTHilton Worldwide | Same model, same fee stream | +0.6% | +5.7% | +12.9% | +20.3% | 2026-06-11 |
| NCLHNorwegian Cruise Line Holdings | Cruise #3, highest leverage | -2.2% | -3.3% | +6.6% | -32.6% | 2026-06-11 |
| ABNBAirbnb | Alternative accommodation platform | -0.3% | +4.7% | +4.5% | +28.0% | 2026-06-11 |
| DRI | Casual and fine dining — dining-out spend | +1.0% | +9.5% | +4.2% | +21.3% | 2026-06-11 |
| EXPEExpedia Group | OTA #2, value case | -1.0% | +5.4% | +3.4% | +2.6% | 2026-06-11 |
| UBERUber | The mobility layer of the experiences economy | -1.3% | -1.6% | -0.2% | -13.9% | 2026-06-11 |
| BKNGBooking Holdings | Global OTA cash machine | -1.4% | +1.9% | -2.7% | -23.2% | 2026-06-11 |
| LUVSouthwest Airlines | Domestic leisure airline | -3.3% | -5.2% | -3.6% | -3.2% | 2026-06-11 |
| LVSLas Vegas Sands | Macau/Singapore gaming | -0.8% | +5.1% | -4.9% | -40.6% | 2026-06-11 |
| DALDelta Air Lines | Premium-cabin airline economics | -3.5% | -8.0% | -5.1% | +9.8% | 2026-06-11 |
| WYNNWynn Resorts | Macau/Vegas premium gaming | -1.8% | +0.6% | -7.4% | -36.7% | 2026-06-11 |
| UALUnited Airlines Holdings | Long-haul international exposure | -5.1% | -10.6% | -11.6% | -14.1% | 2026-06-11 |
| MGMMGM Resorts | Vegas + digital betting | -3.0% | -2.3% | -24.4% | -21.6% | 2026-06-11 |
Partial price histories: ABNB from 2020-12-10.
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 PEJ. Daily return correlation: 0.89 across 1707 sessions. dynamic-screened leisure index, mid-cap inclusive
FW 3000 pass: added H, CHH, WH, CZR, BYD, MTN, ALK, JBLU — 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: completed the S&P 500 airline and casino sets (LUV, WYNN) and added the dining-out and mobility legs (DRI, UBER). Reference pinned to PEJ. 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).
Initial composition across platforms, lodging, cruise, air, gaming.