Cumulative excess P&L, $1,000 per copied trade
Members, ranked
excess = trade return − SPY over the same window, entered the first trading day after disclosure, net of 20 bp round trip. Click a member for their curve. Click headers to sort.
Cohorts
the same per-trade excess, grouped by
The honest test: rank first, copy afterwards
What the disclosure lag costs you
members trade, then file up to 45 days later. The "missed pop" is each stock's excess move between the trade date and the day you could copy it. Uses the current filters.
Bars: median missed excess move by filing lag. A positive bar means the stock had already outrun SPY before you were allowed in.
How late they file
count of trades by filing lag