Period 3 covers April 27 to May 2, 2026 — five trading days. The S&P 500 added +1.29% and the NASDAQ gained +0.91%. Modest moves, but enough to extend the market's lead over every strategy tracked in this journal. For the first time, not a single screen is ahead of the index on a cumulative basis.
The headline number from this period is not a strategy return — it is Magic Formula's −5.50% collapse in just five days, despite holding exactly the same stocks it did at the start of the period. The screen has now shed 7.54% cumulatively while the S&P 500 has gained 6.62%. That is a 14.16 percentage point gap in less than two months.
Best Screen
+1.18%
S&P 500
+1.29%
Worst Screen
−5.50%
Overlap Stocks
7
Period 3 Returns: Every Screen Missed
For the first time across all three periods, zero strategies beat the S&P 500. Piotroski F-Score came closest at +1.18%, missing the index by just 0.11 percentage points. The remaining six ranged from Schloss Dividend at +0.43% to Magic Formula's steep −5.50%.
| Strategy | Period 3 Return | vs S&P 500 |
|---|---|---|
| S7 · Piotroski F-Score | +1.18% | −0.11 pp |
| S2 · Schloss Dividend | +0.43% | −0.86 pp |
| S9 · Quality Growth | −0.68% | −1.97 pp |
| S1 · Burry Value Screen | −0.80% | −2.09 pp |
| S8 · CANSLIM Rocket | −0.80% | −2.09 pp |
| S3 · Lunch | −2.22% | −3.51 pp |
| S6 · Magic Formula | −5.50% | −6.79 pp |
| Benchmark · S&P 500 | +1.29% | — |
| Benchmark · NASDAQ | +0.91% | — |
Magic Formula's −5.50% is the most striking single-period result so far. The screen held gold and specialty mining names — a sector that was hit hard this week as risk appetite shifted toward growth and cyclicals. With 100% retention going into the period, there was no rotation to soften the blow. Every stock the screen held moved against the market simultaneously.
Piotroski F-Score's +1.18% is the mirror image: the screen rebuilt itself almost entirely in Period 1, then held its ground with 81% retention in Period 2 and now 100% in Period 3. The turbulence of the early periods has resolved into a stable, fundamentally sound set of names — and that stability is starting to pay off.
A screen that survives its own reconstruction and then stabilises is behaving exactly as designed. The Piotroski result this period is a small but meaningful confirmation of that.
Retention: Stability Across the Board
Six of seven strategies now carry 88% or higher retention going into Period 4. Quality Growth dropped to 80% after replacing two positions (INCY and PIPR exited, CNX and FICO entered), but that is still well within normal rebalancing range for a quality-growth screen responding to earnings revisions.
Period 2 Retention
Period 3 Retention
Cumulative Scoreboard: The Market Is Winning
Three periods in, the S&P 500 (+6.62%) leads every strategy. This is the first time all screens sit below the benchmark simultaneously. CANSLIM Rocket is the closest at +5.27%, trailing by 1.35 percentage points. Magic Formula is the furthest at −7.54%, a 14.16 percentage point gap.
| Strategy | Portfolio Value | Cumulative Return | vs S&P 500 |
|---|---|---|---|
| S8 · CANSLIM Rocket | $10,527 | +5.27% | −1.35% |
| S2 · Schloss Dividend | $10,341 | +3.41% | −3.21% |
| S3 · Lunch | $10,312 | +3.12% | −3.50% |
| S1 · Burry Value Screen | $10,187 | +1.87% | −4.75% |
| S7 · Piotroski F-Score | $9,983 | −0.17% | −6.79% |
| S9 · Quality Growth | $9,818 | −1.82% | −8.44% |
| S6 · Magic Formula | $9,246 | −7.54% | −14.16% |
| Benchmark · S&P 500 | $10,662 | +6.62% | — |
| Benchmark · NASDAQ | $11,065 | +10.65% | — |
It is worth stating explicitly what this does and does not mean. Three periods covering 53 calendar days is not a statistically meaningful sample. A market that gains 6.62% in less than two months is a strong tailwind for passive indices and a headwind for screens that skew toward value, quality, or small-cap names. The strategies being tracked here are not designed to beat a rapidly rising index over 53 days — they are designed to compound steadily over years. What matters now is that the data is being recorded accurately.
Overlap: Seven Names, Two New Additions
The May 2 snapshot shows seven stocks appearing in two or more screens — up from six in Period 2. Five names carried over from last period. Two are new: AEM (Agnico Eagle Mines) now passes both Burry Value and the Lunch screen, and CDE (Coeur Mining) passes both Lunch and CANSLIM Rocket. INCY dropped out after leaving Quality Growth, leaving it in Burry Value only.
Stocks in 2+ Screens · May 2, 2026
AUPH, CALM, and DAVE have now appeared in the overlap list for two consecutive snapshots (Apr 27 and May 2). Persistence across multiple periods carries more weight than a single appearance — these are names that multiple independent filters keep selecting, which is a stronger signal than a one-time coincidence. AUPH and DAVE sit at the intersection of value and quality growth, a combination that historically tends to hold up across different market regimes.
What Three Periods Actually Tell You
The market is winning — for now. All seven strategies trail the S&P 500 cumulatively. This is not surprising: the index has compounded at an annualised rate well above its historical average over this stretch. Systematic screens that skew toward value, quality fundamentals, or small-cap names tend to lag in strong momentum-driven rallies. The test of these screens comes when the momentum fades.
Magic Formula is a problem that needs watching. A −7.54% cumulative return against a +6.62% index is a 14-point gap in under two months. High retention means the screen is not misfiring in terms of turnover — it is simply holding names that are structurally out of favour. Whether this is mean-reverting or structural deterioration is impossible to know after three periods. Flag it, track it.
Piotroski F-Score deserves credit for the recovery. After being essentially rebuilt in Period 1 with 25% retention, the screen has now held its composition at 81% and 100% across Periods 2 and 3. The rebuilt portfolio is stable and delivered the best return this period. That is exactly what you want to see after a large-scale rebalancing.
The overlap list is growing in quality. Five persistent names, two new entrants. The convergence of value and momentum signals on gold and mining names (AEM, CDE, DRD) is notable given the macro environment. Whether that sector call holds is a question for future periods.