Momentum · month-end rule · Semiconductors
12-1 Momentum on Sandisk
What the play says
Latest reading: 12-1 return 1,296.3%
SNDK with the play, last two years
Shading shows the play's call from the close that triggered it.
Return from 12 months to 1 month ago
Dashed line at 0.
Growth of $10,000 since 2026
Log scale. After trading costs, with T-bill interest while out.
The record
The play against buying and holding SNDK over exactly the same dates, after costs.
| Play, since 2026 | Hold, since 2026 | Play, 5 yrs | Hold, 5 yrs | |
|---|---|---|---|---|
| Annual return | +309.8% | +309.8% | +309.8% | +309.8% |
| Total return | +139% | +139% | +139% | +139% |
| Worst drawdown | −56.5% | −56.5% | −56.5% | −56.5% |
| Volatility | 111.7% | 111.7% | 111.7% | 111.7% |
| Sharpe ratio | 1.78 | 1.78 | 1.78 | 1.78 |
| Time invested | 100% | 100% | ||
| Switches per year | 0.0 | 0 |
Every call, graded
No closed calls yet.
| Called | Call | Price | Until | SNDK moved | Result |
|---|---|---|---|---|---|
| Feb 27, 2026 | IN | $635.36 | now | +133.3% | open |
An in call is right when the price rose before the next call; an out call is right when it fell. The latest 1 of 1 calls shown.
How the play works
- In at month-end when the return from 12 months ago to 1 month ago is above zero.
- Out when it is zero or below.
Jegadeesh and Titman ranked thousands of stocks and bought the winners. Testing one stock against zero is time-series momentum, a related idea.
The skip-a-month form came later; their 1993 paper skipped at most a week.
The case against
Valeriy Zakamulin tested moving-average timing on up to 155 years of U.S. stock data and found no statistically significant edge in the second half of that record. The rules earned their keep in a few severe bear markets and lagged buy and hold for long stretches in between.