U.S. Shorts Up +31 Percent in 2022
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
Matthew Unterman
Director of Predictive Analytics, S3 Partners
U.S. equity and ADR short sellers were profitable in 2022 for the second time over the last five years. Shorts were up $300 billion in year-to-date mark-to-market profits on an average short interest of $973 billion, up +30.83% for the year.
2022 MTM P&L: U.S. Short Selling
Year
Avg Fee
Avg Short Interest
Total MTM P\L
P\L %
2018
0.66%
$846,241,197,509
$75,477,774,637
8.92%
2019
0.73%
$848,550,934,103
($187,675,574,339)
-22.12%
2020
0.74%
$890,462,456,539
($241,603,936,755)
-27.13%
2021
0.64%
$1,132,645,480,725
($142,483,133,246)
-12.58%
2022
0.70%
$973,328,949,081
$300,100,778,699
30.83%
Short-side returns outperformed the long returns of the larger cap S&P 500 and broader Russell 3000 but slightly underperformed the more tech-based Nasdaq. Short sellers have usually outperformed the market over the last five years, earning a higher positive return in down years while not posting as large a negative return on up years. Over the last five years. Short-side negative returns were less than half of the expected negative returns relative to the S&P 500, Nasdaq, and Russell 3000 positive returns.
Yearly Returns
S&P 500
Nasdaq
Russell 3000
Short Selling
2018
-6.24%
-4.66%
-6.99%
8.92%
2019
28.88%
35.23%
28.54%
-22.12%
2020
16.26%
43.64%
18.82%
-27.13%
2021
26.89%
21.39%
24.00%
-12.58%
2022
-19.44%
-33.10%
-20.48%
30.83%
5 Year Avg
9.27%
12.50%
8.78%
-4.42%
But short sellers still needed to be good stock pickers in order to maximize their returns. Even on a more macro level, picking which sectors to short produced wildly divergent returns. Shorts in the Consumer Discretionary and Consumer Discretionary sectors had over 50% positive returns on average while the average Energy sector short was down 28% for the year.
2022 MTM P&L By Sector
Sector
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
Communication Services
0.85%
$75,950,689,946
$43,049,568,532
56.68%
Consumer Discretionary
1.01%
$159,404,932,852
$80,799,856,765
50.69%
Consumer Staples
1.08%
$43,460,850,466
$3,775,285,701
8.69%
Energy
0.48%
$61,034,502,654
($17,063,888,591)
-27.96%
Financials
0.64%
$101,638,605,756
$25,566,635,493
25.15%
Health Care
0.69%
$130,366,885,432
$27,724,283,942
21.27%
Industrials
0.70%
$98,523,186,966
$20,640,659,031
20.95%
Information Technology
0.51%
$200,495,279,781
$95,346,404,985
47.56%
Materials
0.57%
$38,021,118,792
$4,138,267,917
10.88%
Misc. (SPAC)
23.52%
$566,363,343
($17,835,191)
-3.15%
Real Estate
0.35%
$42,176,861,669
$15,495,468,082
36.74%
Utilities
0.36%
$21,689,671,424
$646,072,033
2.98%
2022 U.S. YTD MTM P\L
0.70%
$973,328,949,081
$300,100,778,699
30.83%
Picking the correct sector to short was only half the battle, within each sector we saw a wide range of short-side winners and losers. We can look at the most and least profitable shorts by sector.
In the Communications Services sector, the mega cap tech stocks were some of the most profitable shorts while Elon Musk’s Twitter purchase clobbered shorts with a -27% mark-to-market loss.
Communication Services Most and Least Profitable Shorts in 2022
Communication Services Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
META PLATFORMS INC
META
0.30%
$5,271,225,414
$5,532,848,437
104.96%
SEA LTD ADR
SE
0.30%
$1,884,073,808
$3,478,506,500
184.63%
ALPHABET INC - A
GOOGL
0.30%
$5,548,652,129
$2,668,562,935
48.09%
CHARTER COMMUNICATIONS
CHTR
0.30%
$3,994,687,078
$2,654,651,318
66.45%
NETFLIX INC
NFLX
0.30%
$2,989,466,601
$2,281,312,767
76.31%
AMC ENTERTAINMENT
AMC
10.58%
$1,352,147,355
$2,085,776,939
154.26%
SNAP INC
SNAP
0.30%
$1,113,300,277
$2,031,069,797
182.44%
ALPHABET INC - C
GOOG
0.30%
$3,815,915,205
$1,828,623,506
47.92%
ROBLOX CORP
RBLX
0.30%
$1,252,719,565
$1,414,744,169
112.93%
WALT DISNEY CO
DIS
0.30%
$2,327,546,154
$1,389,953,644
59.72%
-
-
-
-
-
-
Communication Services Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
TWITTER INC ACQUIRED
N.A.
0.34%
$1,345,925,126
($501,563,117)
-37.27%
TMOBILE US INC
TMUS
0.30%
$2,115,207,415
($387,863,786)
-18.34%
ACTIVISION BLIZZARD
ATVI
0.30%
$1,471,973,468
($133,751,689)
-9.09%
WORLD WRESTLING ENT
WWE
0.30%
$478,033,345
($129,775,030)
-27.15%
OMNICOM GROUP
OMC
0.30%
$818,747,232
($89,970,419)
-10.99%
GOGO INC
GOGO
0.43%
$169,687,641
($66,581,547)
-39.24%
IRIDIUM COMM INC
IRDM
0.30%
$251,252,643
($62,185,412)
-24.75%
IQIYI INC ADR
IQ
0.40%
$220,538,803
($56,041,882)
-25.41%
DISCOVERY INC C UNLISTED
N.A.
0.41%
$441,997,581
($52,505,122)
-11.88%
NEXSTAR MEDIA GROUP
NXST
0.30%
$302,546,559
($45,020,017)
-14.88%
Consumer Discretionary shorts were up slightly more than 50% in 2022, with Tesla the most profitable and largest average U.S. short in 2022.
Consumer Discretionary Most and Least Profitable Shorts in 2022
Consumer Discretionary Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
TESLA INC
TSLA
0.33%
$18,906,864,504
$15,851,040,166
83.84%
AMAZON.COM INC
AMZN
0.30%
$10,038,882,282
$6,367,747,113
63.43%
CARVANA CO
CVNA
1.90%
$1,147,953,613
$4,334,403,807
377.58%
LUCID GROUP INC
LCID
10.78%
$2,242,999,651
$3,192,984,971
142.35%
RIVIAN AUTOMOTIVE INC
RIVN
1.64%
$1,729,299,430
$3,098,437,706
179.17%
WAYFAIR INC
W
0.50%
$1,402,766,176
$2,864,170,478
204.18%
NIO INC ADR
NIO
0.30%
$1,212,342,375
$1,335,379,659
110.15%
CARNIVAL CORP
CCL
0.31%
$1,326,863,199
$1,227,829,630
92.54%
DOORDASH INC
DASH
0.30%
$1,235,983,566
$1,211,936,208
98.05%
FORD MOTOR CO
F
0.30%
$1,597,593,678
$974,100,575
60.97%
-
-
-
-
-
-
Consumer Discretionary Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
PINDUODUO INC ADR
PDD
0.30%
$1,224,584,379
($506,650,103)
-41.37%
LAS VEGAS SANDS
LVS
0.30%
$604,378,924
($193,514,886)
-32.02%
AUTOZONE INC
AZO
0.30%
$978,609,724
($193,454,303)
-19.77%
MURPHY USA INC
MUSA
0.30%
$518,457,713
($157,175,935)
-30.32%
H&R BLOCK INC
HRB
0.30%
$388,643,206
($140,517,865)
-36.16%
DILLARDS INC
DDS
0.70%
$476,666,931
($140,277,035)
-29.43%
ACADAMY SPORTS AND OUTDOORS
ASO
0.32%
$468,731,757
($134,629,814)
-28.72%
OREILLY AUTOMOTIVE
ORLY
0.30%
$606,251,348
($131,418,472)
-21.68%
DICK'S SPORTING GOODS
DKS
0.39%
$1,317,848,566
($128,289,457)
-9.73%
ROSS STORES INC
ROST
0.30%
$588,350,486
($125,581,557)
-21.34%
Beyond Meat Inc was the most profitable short in the Consumer Staples sector, while consumer basics like General Mills, Campbell Soup, Coca-Cola, Kellogg, Phillip Morris, and Hershey showed retail strength in an otherwise weak 2022.
Consumer Staples Most and Least Profitable Shorts in 2022
Consumer Staples Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
BEYOND MEAT INC
BYND
34.69%
$683,419,037
$876,418,492
128.24%
COSTCO WHOLESALE
COST
0.30%
$2,181,522,634
$523,118,135
23.98%
OLAPLEX HOLDINGS INC
OLPX
0.30%
$230,306,850
$363,080,418
157.65%
WALGREENS BOOTS ALLIANCE
WBA
0.30%
$992,684,325
$290,882,905
29.30%
BEAUTY HEALTH CO
SKIN
0.30%
$264,143,908
$281,987,771
106.76%
ESTEE LAUDER COS
EL
0.30%
$721,712,634
$250,298,181
34.68%
B & G FOODS INC
BGS
3.44%
$252,654,615
$208,226,873
82.42%
PROCTER & GAMBLE CO
PG
0.30%
$2,051,425,336
$197,265,625
9.62%
TATTOOED CHEF INC
TTCF
18.96%
$110,069,624
$188,163,501
170.95%
HERBALIFE NUTRITION LTD
HLF
0.30%
$189,415,066
$164,410,994
86.80%
-
-
-
-
-
-
Consumer Staples Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
CELCIUS HOLDINGS
CELH
0.30%
$491,247,825
($257,439,456)
-52.41%
GENERAL MILLS INC
GIS
0.30%
$1,054,435,854
($235,253,263)
-22.31%
CAMPBELL SOUP CO
CPB
0.30%
$719,615,311
($197,916,924)
-27.50%
KROGER CO
KR
0.30%
$1,085,347,755
($136,614,816)
-12.59%
COCA COLA CO
KO
0.30%
$1,876,097,443
($134,915,034)
-7.19%
ARCHER-DANIELS-MIDLAND CO
ADM
0.30%
$559,609,937
($131,110,424)
-23.43%
KELLOGG CO
K
0.30%
$1,035,488,724
($128,787,195)
-12.44%
PHILIP MORRIS INTL
PM
0.30%
$890,987,779
($107,127,713)
-12.02%
THE HERSHEY CO
HSY
0.30%
$536,244,790
($85,385,557)
-15.92%
LAMB WESTON HLDNGS
LW
0.30%
$189,417,072
($83,106,067)
-43.87%
The Energy sector was the short sellers Achilles heel, down 28% in 2022, with $9 out of every $10 shorted being an unprofitable trade.
Energy Most and Least Profitable Shorts in 2022
Energy Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
CANADIAN NATURAL RESOURCES LTD
CNQ
0.30%
$1,462,197,122
$425,886,530
29.13%
SUNCOR ENERGY
SU
0.30%
$1,115,720,393
$310,325,480
27.81%
TC ENERGY CORP
TRP
0.30%
$1,085,092,298
$265,095,398
24.43%
TELLURIAN INC
TELL
0.30%
$292,367,875
$146,037,788
49.95%
GEVO INC
GEVO
0.79%
$133,673,485
$85,510,275
63.97%
ENVIVA INC
EVA
0.33%
$187,111,829
$80,028,678
42.77%
LUKOIL PJSC ADR
LUKOY
0.66%
$5,476,619
$51,322,826
937.13%
AEMETIS INC
AMTX
1.61%
$45,724,946
$43,575,666
95.30%
GAZPROM PJSC ADR
N.A.
4.05%
$8,446,381
$41,647,395
493.08%
GREEN PLAINS INC
GPRE
0.30%
$284,459,319
$38,463,191
13.52%
-
-
-
-
-
-
Energy Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
EXXON MOBIL CORP
XOM
0.30%
$3,681,743,609
($1,834,686,785)
-49.83%
OCCIDENTAL PETRO
OXY
0.30%
$3,217,940,291
($1,274,185,118)
-39.60%
CHEVRON CORP
CVX
0.30%
$3,393,025,393
($1,267,415,066)
-37.35%
MARATHON PETRO
MPC
0.30%
$1,457,741,793
($772,615,982)
-53.00%
CONOCOPHILLIPS
COP
0.30%
$1,574,953,308
($736,028,555)
-46.73%
SLB
SLB
0.30%
$1,020,327,211
($653,909,017)
-64.09%
VALERO ENERGY CORP
VLO
0.30%
$1,124,279,857
($538,865,798)
-47.93%
CHESAPEAKE ENERGY CORP
CHK
0.30%
$1,330,370,187
($521,615,280)
-39.21%
HESS CORP
HES
0.30%
$736,420,399
($383,044,288)
-52.01%
PHILLIPS 66
PSX
0.30%
$1,001,194,640
($379,117,184)
-37.87%
Insurance companies were the wrong sub-industry to short in the Financials sector, making up eight out the top ten least profitable trades. Shorting banking, brokerage and cloud based financial stocks proved to be the most profitable shorts in the sector.
Financials Most and Least Profitable Shorts in 2022
Financials Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
S&P GLOBAL INC
SPGI
0.30%
$4,103,374,878
$2,239,615,125
54.58%
COINBASE GLOBAL INC
COIN
2.25%
$1,570,357,034
$2,231,797,163
142.12%
UPSTART HOLDINGS INC
UPST
14.88%
$874,974,248
$2,154,454,079
246.23%
SOFI TECHNOLOGIES INC
SOFI
1.34%
$828,130,502
$1,133,081,757
136.82%
T ROWE PRICE GRP
TROW
0.30%
$1,876,463,006
$976,288,373
52.03%
BLACKSTONE GRP LP
BX
0.30%
$1,419,809,151
$810,749,590
57.10%
SVB FINANCIAL GRP
SIVB
0.30%
$645,761,888
$679,509,337
105.23%
CITIGROUP INC
C
0.30%
$2,031,303,918
$652,968,548
32.15%
BANK OF AMERICA
BAC
0.30%
$2,562,002,061
$596,111,978
23.27%
BANK OF NOVA SCOTIA
BNS
0.47%
$1,106,078,071
$568,351,671
51.38%
-
-
-
-
-
-
Financials Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
PRINCIPAL FINL GRP
PFG
0.30%
$750,382,685
($167,678,911)
-22.35%
PROGRESSIVE CORP
PGR
0.30%
$645,045,633
($149,188,434)
-23.13%
THE TRAVELERS COS
TRV
0.30%
$641,940,109
($145,164,862)
-22.61%
AFLAC INC
AFL
0.30%
$651,779,780
($131,109,391)
-20.12%
LPL FINL HLDGS
LPLA
0.30%
$401,450,703
($115,204,394)
-28.70%
FIRST HORIZON NATL
FHN
0.30%
$559,375,554
($110,548,085)
-19.76%
ARCH CAPITAL GRP
ACGL
0.30%
$231,018,552
($104,108,860)
-45.07%
METLIFE INC
MET
0.30%
$655,089,467
($90,358,268)
-13.79%
UNUM GROUP
UNM
0.30%
$165,760,695
($83,616,238)
-50.44%
ALLSTATE CORP
ALL
0.30%
$506,133,864
($71,229,400)
-14.07%
Shorting the smaller cap securities in the health care sector was a more profitable trade than shorting larger cap biotech and pharma stocks.
Health Care Most and Least Profitable Shorts in 2022
Health Care Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
TELADOC HEALTH INC
TDOC
0.30%
$1,235,971,243
$1,710,105,245
138.36%
NOVAVAX INC
NVAX
0.79%
$656,323,291
$1,634,819,047
249.09%
MODERNA INC
MRNA
0.30%
$2,523,163,092
$1,184,116,491
46.93%
FATE THERAPEUTICS
FATE
0.30%
$507,146,177
$731,986,078
144.33%
ALIGN TECHNOLOGY
ALGN
0.30%
$603,148,380
$673,071,455
111.59%
PFIZER INC
PFE
0.30%
$3,212,354,722
$544,233,771
16.94%
10X GENOMICS INC
TXG
0.30%
$277,593,827
$452,598,033
163.04%
INTELLIA THERAPEUTICS INC
NTLA
0.30%
$371,475,198
$416,696,222
112.17%
TANDEM DIABETES CARE
TNDM
0.30%
$304,172,742
$410,043,446
134.81%
FIGS INC
FIGS
0.43%
$235,187,972
$406,937,758
173.03%
-
-
-
-
-
-
Health Care Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
AMGEN INC
AMGN
0.30%
$4,035,196,248
($862,115,575)
-21.36%
MERCK & CO
MRK
0.30%
$1,770,359,317
($662,408,591)
-37.42%
ELI LILLY & CO
LLY
0.30%
$1,677,218,235
($562,577,290)
-33.54%
BRISTOL-MYERS SQUIBB
BMY
0.30%
$2,392,588,128
($526,219,500)
-21.99%
MADRIGAL PHARMA
MDGL
0.30%
$149,401,494
($516,083,930)
-345.43%
MCKESSON CORP
MCK
0.30%
$996,696,705
($432,840,502)
-43.43%
ABBVIE INC
ABBV
0.30%
$2,054,120,601
($432,801,382)
-21.07%
CIGNA CORP
CI
0.30%
$1,068,076,979
($418,712,625)
-39.20%
GLOBAL BLOOD THERAPEUTICS
N.A.
0.30%
$354,327,913
($360,045,283)
-101.61%
ALNYLAM PHARMA
ALNY
0.30%
$874,364,261
($352,826,451)
-40.35%
Short-side winners outnumbers short-side losers two-to one in the Industrials sector.
Industrials Most and Least Profitable Shorts in 2022
Industrials Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
3M CO
MMM
0.30%
$1,919,495,954
$1,446,160,229
75.34%
UBER TECHNOLOGIES
UBER
0.30%
$1,913,845,535
$1,293,058,472
67.56%
GENERAC HLDGS
GNRC
0.30%
$827,610,905
$1,036,676,297
125.26%
PLUG POWER INC
PLUG
0.31%
$1,389,005,729
$945,656,380
68.08%
LYFT INC
LYFT
0.30%
$670,112,971
$843,056,093
125.81%
TREX CO INC
TREX
0.30%
$544,059,082
$707,521,463
130.04%
NIKOLA CORP
NKLA
13.93%
$457,209,836
$521,306,619
114.02%
STANLEY BLACK & DECKER
SWK
0.30%
$565,967,016
$518,814,966
91.67%
CLARIVATE PLC
CLVT
0.30%
$435,388,558
$493,476,076
113.34%
ZIM INTEGRATED SHIPPING SVCS LTD
ZIM
1.35%
$335,216,758
$445,587,017
132.93%
-
-
-
-
-
-
Industrials Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
LOCKHEED MARTIN CORP
LMT
0.30%
$1,311,803,200
($374,383,959)
-28.54%
NORTHROP GRUMMAN
NOC
0.30%
$832,858,736
($306,316,455)
-36.78%
DEERE CO
DE
0.30%
$1,075,647,003
($253,906,968)
-23.61%
NIELSEN HOLDINGS PLC ACQUIRED
N.A.
0.30%
$528,409,655
($231,942,336)
-43.89%
CATERPILLAR INC
CAT
0.30%
$1,217,668,226
($195,852,534)
-16.08%
QUANTA SERVICES INC
PWR
0.30%
$623,614,862
($163,825,345)
-26.27%
FLUOR CORP
FLR
0.30%
$407,690,765
($157,842,545)
-38.72%
UNITED RENTALS INC
URI
0.30%
$834,124,721
($143,864,429)
-17.25%
RAYTHEON TECHNOLOGIES CORP
RTX
0.30%
$945,854,804
($141,916,645)
-15.00%
ARRAY TECHNOLOGIES INC
ARRY
0.30%
$251,971,519
($130,768,657)
-51.90%
Shorting the Information Technology sector was like fishing in a barrel with $9 out of every $10 shorted being a profitable trade and 70% of all securities in the sector having down years.
Information Technology Most and Least Profitable Shorts in 2022
Information Technology Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
APPLE INC
AAPL
0.30%
$16,848,878,286
$5,354,287,126
31.78%
BLOCK INC
SQ
0.30%
$3,336,408,998
$4,181,965,272
125.34%
MICROSOFT CORP
MSFT
0.30%
$10,573,306,953
$3,906,311,484
36.95%
NVIDIA CORP
NVDA
0.30%
$5,522,928,128
$3,883,657,066
70.32%
ADVANCED MICRO DEVICES
AMD
0.30%
$3,768,664,576
$3,586,581,065
95.17%
SHOPIFY INC
SHOP
0.30%
$1,818,724,378
$2,984,782,663
164.11%
PAYPAL HLDGS INC
PYPL
0.30%
$2,114,640,249
$2,258,513,658
106.80%
AFFIRM HLDGS INC
AFRM
0.43%
$730,214,812
$1,622,541,419
222.20%
INTEL CORP
INTC
0.30%
$2,452,330,264
$1,552,718,078
63.32%
SALESFORCE.COM INC
CRM
0.30%
$2,253,010,682
$1,533,732,420
68.07%
-
-
-
-
-
-
Information Technology Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
ENPHASE ENERGY
ENPH
0.30%
$981,513,641
($368,408,398)
-37.53%
FIRST SOLAR INC
FSLR
0.30%
$433,652,151
($247,086,272)
-56.98%
SAILPOINT TECHNOLOGIES HLDGS ACQUIRED
N.A.
0.30%
$652,277,879
($184,874,038)
-28.34%
IBM CORP
IBM
0.30%
$3,307,861,233
($172,436,076)
-5.21%
FAIR ISAAC CORP
FICO
0.30%
$368,554,374
($155,946,896)
-42.31%
ANAPLAN INC
PLAN
0.35%
$696,484,138
($141,951,310)
-20.38%
GLOBALFOUNDRIES INC
GFS
2.54%
$675,134,874
($112,154,214)
-16.61%
MANDIANT INC ACQUIRED
N.A.
0.32%
$635,318,349
($93,197,180)
-14.67%
SUPER MICRO COMPUTER INC
SMCI
0.30%
$104,828,588
($85,299,684)
-81.37%
VMWARE INC
VMW
0.30%
$501,566,209
($74,201,584)
-14.79%
Shorting the chemical stocks was the winning trade in the Materials sector while shorting steel and iron stocks was the losing trade.
Materials Most and Least Profitable Shorts in 2022
Materials Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
GINKGO BIOWORKS HLDGS INC
DNA
7.97%
$373,844,328
$500,059,532
133.76%
BALL CORP
BALL
0.30%
$657,705,277
$361,796,138
55.01%
SHERWIN-WILLIAMS CO
SHW
0.30%
$620,297,032
$350,823,607
56.56%
MP MATERIALS CORP
MP
0.35%
$417,812,532
$227,669,777
54.49%
ECOLAB INC
ECL
0.30%
$407,032,982
$217,248,179
53.37%
SCOTTS MIRACLEGRO CO
SMG
0.30%
$185,051,158
$201,397,382
108.83%
INTL FLAVORS & FRAGRANCES
IFF
0.30%
$438,817,928
$184,720,135
42.09%
INTL PAPER CO
IP
0.30%
$497,453,430
$166,311,360
33.43%
AMYRIS INC
AMRS
2.72%
$138,185,231
$160,708,755
116.30%
DOW INC
DOW
0.30%
$724,014,264
$148,003,098
20.44%
-
-
-
-
-
-
Materials Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
VALE SA ADR
VALE
0.30%
$680,042,816
($299,201,395)
-44.00%
STEEL DYNAMICS INC
STLD
0.30%
$483,910,268
($222,590,669)
-46.00%
BHP GROUP LTD ADR
BHP
0.88%
$597,874,849
($201,803,925)
-33.75%
ALLEGHENY TECH INC
ATI
0.30%
$403,884,091
($201,264,781)
-49.83%
NUCOR CORP
NUE
0.30%
$1,065,331,001
($151,988,208)
-14.27%
TECK RESOURCES LTD B
TECK
0.30%
$332,588,426
($102,829,969)
-30.92%
QUIMICA Y MINERA CHILE ADR
SQM
0.34%
$178,778,848
($92,199,379)
-51.57%
U.S. STEEL CORP
X
0.30%
$785,067,747
($91,285,639)
-11.63%
RIO TINTO ADR
RIO
0.48%
$867,814,512
($78,520,506)
-9.05%
ALPHA METALLURGICAL RESOURCES
AMR
0.30%
$127,160,883
($77,124,909)
-60.65%
Short selling in SPACs declined significantly in 2022 with just one stock, DWAC, having an average short interest over $100 million for the year.
Misc. (SPAC) Most and Least Profitable Shorts in 2022
Misc. (SPAC) Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
FAST ACQ CORP WARRANT
N.A.
6.38%
$165,186
$424,992
257.28%
SOCIAL CAPITAL HEDOSOPHIA HLDGS CORP VI
N.A.
0.44%
$8,095,890
$274,622
3.39%
PERSHING SQUARE TONTINE WARRANT DELISTED
N.A.
5.12%
$199,806
$232,012
116.12%
AGBA GROUP HOLDING LTD
AGBA
19.56%
$33,454
$189,188
565.51%
TUSCAN HOLDINGS CORP II
N.A.
6.88%
$690,598
$150,855
21.84%
FAR PEAK ACQ CORP
FPAC
2.10%
$13,410,264
$100,300
0.75%
PIONEER MERGER CORP
PACX
1.13%
$1,391,672
$96,085
6.90%
LONGVIEW ACQUISITION CORP II
N.A.
0.89%
$1,977,988
$84,946
4.29%
M3BRIGADE ACQ II CORP
MBAC
1.11%
$3,469,776
$79,699
2.30%
DIGITAL WORLD ACQ CORP WARRANT
DWACW
96.67%
$733,144
$63,868
8.71%
-
-
-
-
-
-
Misc. (SPAC) Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
DIGITAL WORLD ACQ CORP
DWAC
66.70%
$164,693,525
($5,134,292)
-3.12%
FINTECH ACQ CORP V DELISTED
FTCV
3.60%
$16,292,141
($854,587)
-5.25%
ARYA SCIENCES ACQ CORP IV
ARYD
7.45%
$5,494,030
($471,014)
-8.57%
PERSHING SQUARE TONTINE HLDGS DELISTED
N.A.
0.35%
$13,171,948
($387,070)
-2.94%
AURORA ACQ CORP
AURC
3.65%
$6,452,540
($370,294)
-5.74%
INTERPRIVATE IV INFRATECH PARTNERS
IPVI
3.32%
$993,224
($352,026)
-35.44%
KKR ACQ HOLDINGS I CORP DELISTED
N.A.
0.51%
$4,719,970
($306,665)
-6.50%
FORTRESS VALUE ACQ CORP IV UNLISTED
N.A.
0.38%
$3,314,210
($283,451)
-8.55%
PANACEA ACQ CORP II
PANA
1.35%
$4,524,342
($265,300)
-5.86%
NORTH MOUNTAIN MERGER CORP UNLISTED
N.A.
1.81%
$8,495,632
($255,480)
-3.01%
Rising interest rates made shorting the Real Estate sector a forgiving trade almost two-thirds of shorted stocks being a profitable but winning trades earning a +42.8% return while losing trades only down -7.6%.
Real Estate Most and Least Profitable Shorts in 2022
Real Estate Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
OPENDOOR TECHNOLOGIES INC
OPEN
0.31%
$423,235,612
$922,849,630
218.05%
ZILLOW GROUP INC C
Z
0.30%
$1,034,438,612
$769,694,963
74.41%
PROLOGIS INC
PLD
0.30%
$1,643,625,906
$682,924,697
41.55%
DIGITAL REALTY TRUST
DLR
0.30%
$1,100,807,177
$678,721,677
61.66%
MEDICAL PROPS TRUST
MPW
0.30%
$747,577,900
$537,926,826
71.96%
REDFIN CORP
RDFN
0.35%
$180,165,172
$451,529,015
250.62%
SIMON PROPERTY GROUP
SPG
0.30%
$936,446,025
$407,924,079
43.56%
ALEXANDRIA REAL ESTATE EQUITIES
ARE
0.30%
$990,609,066
$388,627,421
39.23%
CROWN CASTLE INTL CORP
CCI
0.30%
$761,894,553
$372,934,795
48.95%
WEWORK INC
WE
6.06%
$256,209,228
$355,976,336
138.94%
-
-
-
-
-
-
Real Estate Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
GLPJ REIT
GLPJF
0.51%
$90,853,330
($126,384,126)
-139.11%
VICI PROPERTIES INC
VICI
0.30%
$1,404,733,854
($41,032,064)
-2.92%
AMERICAN CAMPUS COMMUNITIES ACQUIRED
N.A.
0.30%
$356,408,618
($21,410,661)
-6.01%
GAMING & LEISURE PPTYS
GLPI
0.30%
$167,837,851
($18,210,336)
-10.85%
CYRUSONE INC ACQUIRED
N.A.
0.30%
$1,181,786,089
($12,100,851)
-1.02%
STORE CAPITAL CORP
STOR
0.30%
$235,661,156
($10,914,592)
-4.63%
GETTY REALTY CORP
GTY
0.30%
$42,125,682
($6,931,435)
-16.45%
APARTMENT INVT MGMT CO
AIV
0.30%
$63,767,953
($6,452,044)
-10.12%
VENTAS INC REIT
VTR
0.30%
$355,171,719
($6,280,876)
-1.77%
PREFERRED APT COMMUNITIES ACQUIRED
N.A.
0.30%
$71,722,038
($5,366,145)
-7.48%
Shorting the Utilities sector was coin flip with 55% of every dollar shorted profitable and 45% not profitable.
Utilities Most and Least Profitable Shorts in 2022
Utilities 2022 Most Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
SUNNOVA ENERGY INTL
NOVA
0.30%
$396,565,223
$200,695,346
50.61%
ALGONQUIN POWER & UTILITIES
AQN
0.31%
$246,588,129
$186,269,688
75.54%
EXELON CORP
EXC
0.30%
$595,784,478
$182,094,205
30.56%
NRG ENERGY INC
NRG
0.30%
$567,400,499
$181,871,763
32.05%
DOMINION ENERGY
D
0.30%
$585,903,673
$153,500,951
26.20%
NEXTERA ENERGY PARTNERS LP
NEP
0.38%
$288,632,972
$73,031,357
25.30%
NEXTERA ENERGY
NEE
0.30%
$1,634,436,804
$55,846,268
3.42%
AMERICAN WATER WKS
AWK
0.30%
$340,276,053
$50,321,204
14.79%
PUBLIC SERVICE ENT
PEG
0.30%
$345,756,705
$48,653,226
14.07%
EVERSOURCE ENERGY
ES
0.30%
$324,464,307
$43,167,175
13.30%
-
-
-
-
-
-
Utilities 2022 Least Profitable Shorts
Ticker
Avg Fee
Avg Short Interest
YTD MTM P\L
P\L %
PG&E CORP
PCG
0.30%
$1,098,118,281
($406,138,199)
-36.98%
CONSTELLATION ENERGY CORP
CEG
0.30%
$320,650,932
($143,820,058)
-44.85%
SEMPRA ENERGY
SRE
0.30%
$553,307,494
($86,967,978)
-15.72%
AES CORP
AES
0.30%
$278,029,007
($68,089,093)
-24.49%
SOUTHERN CO
SO
0.30%
$903,253,751
($63,523,576)
-7.03%
CONSOLIDATED EDISON
ED
0.30%
$650,252,189
($62,720,016)
-9.65%
ORMAT TECHNOLOGIES
ORA
0.30%
$391,630,327
($54,278,454)
-13.86%
SOUTH JERSEY INDS
SJI
0.30%
$172,410,193
($54,044,923)
-31.35%
AMERICAN ELECTRIC POWER CO
AEP
0.30%
$704,406,536
($44,791,961)
-6.36%
N.J. RESOURCES CORP
NJR
0.30%
$133,648,714
($31,921,927)
-23.88%
Looking at the overall U.S. stock market, the most profitable short trades in 2022 were:
Most Profitable $ Shorts
Ticker
Avg Fee
Avg Short Interest
Total MTM P\L
P\L %
TESLA INC
TSLA
0.33%
$18,906,864,504
$15,851,040,166
83.84%
AMAZON.COM INC
AMZN
0.30%
$10,038,882,282
$6,367,747,113
63.43%
META PLATFORMS INC
META
0.30%
$5,271,225,414
$5,532,848,437
104.96%
APPLE INC
AAPL
0.30%
$16,848,878,286
$5,354,287,126
31.78%
CARVANA CO
CVNA
1.90%
$1,147,953,613
$4,334,403,807
377.58%
BLOCK INC
SQ
0.30%
$3,336,408,998
$4,181,965,272
125.34%
MICROSOFT CORP
MSFT
0.30%
$10,573,306,953
$3,906,311,484
36.95%
NVIDIA CORP
NVDA
0.30%
$5,522,928,128
$3,883,657,066
70.32%
ADVANCED MICRO DEVICES
AMD
0.30%
$3,768,664,576
$3,586,581,065
95.17%
SEA LTD ADR
SE
0.30%
$1,884,073,808
$3,478,506,500
184.63%
LUCID GROUP INC
LCID
10.78%
$2,242,999,651
$3,192,984,971
142.35%
RIVIAN AUTOMOTIVE INC
RIVN
1.64%
$1,729,299,430
$3,098,437,706
179.17%
SHOPIFY INC
SHOP
0.30%
$1,818,724,378
$2,984,782,663
164.11%
WAYFAIR INC
W
0.50%
$1,402,766,176
$2,864,170,478
204.18%
ALPHABET INC - A
GOOGL
0.30%
$5,548,652,129
$2,668,562,935
48.09%
CHARTER COMMUNICATIONS
CHTR
0.30%
$3,994,687,078
$2,654,651,318
66.45%
NETFLIX INC
NFLX
0.30%
$2,989,466,601
$2,281,312,767
76.31%
PAYPAL HLDGS INC
PYPL
0.30%
$2,114,640,249
$2,258,513,658
106.80%
S&P GLOBAL INC
SPGI
0.30%
$4,103,374,878
$2,239,615,125
54.58%
COINBASE GLOBAL INC
COIN
2.25%
$1,570,357,034
$2,231,797,163
142.12%
And the most un-profitable short trades in 2022 were:
Least Profitable $ Shorts
Ticker
Avg Fee
Avg Short Interest
Total MTM P\L
P\L %
EXXON MOBIL CORP
XOM
0.30%
$3,681,743,609
($1,834,686,785)
-49.83%
OCCIDENTAL PETRO
OXY
0.30%
$3,217,940,291
($1,274,185,118)
-39.60%
CHEVRON CORP
CVX
0.30%
$3,393,025,393
($1,267,415,066)
-37.35%
AMGEN INC
AMGN
0.30%
$4,035,196,248
($862,115,575)
-21.36%
MARATHON PETRO
MPC
0.30%
$1,457,741,793
($772,615,982)
-53.00%
CONOCOPHILLIPS
COP
0.30%
$1,574,953,308
($736,028,555)
-46.73%
MERCK & CO
MRK
0.30%
$1,770,359,317
($662,408,591)
-37.42%
SLB
SLB
0.30%
$1,020,327,211
($653,909,017)
-64.09%
ELI LILLY & CO
LLY
0.30%
$1,677,218,235
($562,577,290)
-33.54%
VALERO ENERGY CORP
VLO
0.30%
$1,124,279,857
($538,865,798)
-47.93%
BRISTOL-MYERS SQUIBB
BMY
0.30%
$2,392,588,128
($526,219,500)
-21.99%
CHESAPEAKE ENERGY CORP
CHK
0.30%
$1,330,370,187
($521,615,280)
-39.21%
MADRIGAL PHARMA
MDGL
0.30%
$149,401,494
($516,083,930)
-345.43%
PINDUODUO INC ADR
PDD
0.30%
$1,224,584,379
($506,650,103)
-41.37%
TWITTER INC ACQUIRED
N.A.
0.34%
$1,345,925,126
($501,563,117)
-37.27%
MCKESSON CORP
MCK
0.30%
$996,696,705
($432,840,502)
-43.43%
ABBVIE INC
ABBV
0.30%
$2,054,120,601
($432,801,382)
-21.07%
CIGNA CORP
CI
0.30%
$1,068,076,979
($418,712,625)
-39.20%
PG&E CORP
PCG
0.30%
$1,098,118,281
($406,138,199)
-36.98%
TMOBILE US INC
TMUS
0.30%
$2,115,207,415
($387,863,786)
-18.34%
Instead of looking at short-side profitability in dollar terms which is dominated by the larger cap most shorted securities, we can look at the most profitable short trades by percentage (with over $100 million in total average short interest):
Most Profitable % Shorts >$100M
Ticker
Avg Fee
Avg Short Interest
Total MTM P\L
P\L %
CARVANA CO
CVNA
1.90%
$1,147,953,613
$4,334,403,807
377.58%
SKILLZ INC
SKLZ
1.16%
$113,919,371
$376,516,647
330.51%
GOODRX HLDGS INC
GDRX
0.39%
$155,193,338
$394,378,927
254.12%
REDFIN CORP
RDFN
0.35%
$180,165,172
$451,529,015
250.62%
NOVAVAX INC
NVAX
0.79%
$656,323,291
$1,634,819,047
249.09%
MATTERPORT INC
MTTR
3.07%
$154,362,243
$383,980,154
248.75%
UPSTART HOLDINGS INC
UPST
14.88%
$874,974,248
$2,154,454,079
246.23%
FARFETCH LTD
FTCH
0.30%
$250,049,827
$562,570,152
224.98%
INVITAE CORP
NVTA
0.79%
$170,272,375
$379,088,990
222.64%
AFFIRM HLDGS INC
AFRM
0.43%
$730,214,812
$1,622,541,419
222.20%
NEKTAR THERAPEUTICS
NKTR
0.30%
$102,408,282
$224,786,983
219.50%
OPENDOOR TECHNOLOGIES INC
OPEN
0.31%
$423,235,612
$922,849,630
218.05%
FUBOTV INC
FUBO
2.52%
$183,168,175
$389,114,762
212.44%
WAYFAIR INC
W
0.50%
$1,402,766,176
$2,864,170,478
204.18%
CARDLYTICS INC
CDLX
0.30%
$118,987,572
$242,172,420
203.53%
RINGCENTRAL INC
RNG
0.30%
$560,357,583
$1,132,470,969
202.10%
APPLOVIN CORP
APP
0.40%
$390,374,030
$786,409,740
201.45%
ASANA INC
ASAN
0.37%
$444,504,952
$881,432,723
198.30%
STITCH FIX INC
SFIX
0.30%
$114,132,700
$221,518,428
194.09%
JUST EAT TAKEAWAY.COM
TKAYF
1.27%
$125,085,949
$241,471,530
193.04%
The least profitable short trades by percentage (with over $100 million in total average short interest):
Least Profitable % Shorts >$100M
Ticker
Avg Fee
Avg Short Interest
Total MTM P\L
P\L %
MADRIGAL PHARMA
MDGL
0.30%
$149,401,494
($516,083,930)
-345.43%
PROMETHEUS BIOSCIENCES INC
RXDX
0.66%
$150,002,888
($311,048,738)
-207.36%
AXSOME THERAPEUTICS INC
AXSM
0.41%
$246,222,253
($281,845,087)
-114.47%
SCORPIO TANKERS INC
STNG
0.30%
$122,623,101
($139,715,153)
-113.94%
TURNING POINT THERAPEUTICS ACQUIRED
N.A.
0.42%
$129,679,721
($145,169,156)
-111.94%
GLOBAL BLOOD THERAPEUTICS ACQUIRED
N.A.
0.30%
$354,327,913
($360,045,283)
-101.61%
PBF ENERGY INC
PBF
0.30%
$347,809,677
($337,143,733)
-96.93%
SUPER MICRO COMPUTER INC
SMCI
0.30%
$104,828,588
($85,299,684)
-81.37%
MAXAR TECHNOLOGIES INC
MAXR
0.30%
$120,482,191
($93,780,530)
-77.84%
TRANSOCEAN LTD
RIG
0.30%
$286,809,577
($218,372,154)
-76.14%
TECHNIPFMC PLC
FTI
0.30%
$142,718,826
($104,553,584)
-73.26%
VALARIS LTD
VAL
0.30%
$127,722,879
($88,861,630)
-69.57%
TEXAS PACIFIC LAND CORP
TPL
0.30%
$395,341,982
($269,489,785)
-68.17%
NOBLE CORP PLC
NE
0.38%
$151,404,775
($100,196,167)
-66.18%
TAL EDUCATION GROUP ADR
TAL
0.30%
$116,185,353
($76,212,761)
-65.60%
SLB
SLB
0.30%
$1,020,327,211
($653,909,017)
-64.09%
ARCH RESOURCES INC
ARCH
1.41%
$529,562,143
($337,974,233)
-63.82%
PEABODY ENERGY CORP
BTU
0.30%
$324,759,238
($198,008,717)
-60.97%
ALPHA METALLURGICAL RESOURCES
AMR
0.30%
$127,160,883
($77,124,909)
-60.65%
HELMERICH & PAYNE
HP
0.30%
$200,313,946
($120,610,651)
-60.21%
