Top 10 U.S. Shorts Are Nearly All NASDAQ — Implications for Market Sentiment and Liquidity

Author:

S3 Research Team

April 23, 2025

While average squeeze and crowded scores between NYSE and Nasdaq are similar, Nasdaq names carry significantly larger and more concentrated short positions. Nasdaq stocks account for nine of the top ten U.S. shorts, driven by higher market caps and higher short interest percentages, especially among the largest S&P constituents.

The average squeeze score of NY and Nasdaq stocks are similar.

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The average crowded score of NY and Nasdaq stocks is similar.

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The short notional of Nasdaq stocks are twice as high. Nine out of ten of the largest short interest are Nasdaq stocks.

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The short interest in percent is higher for NDX names.

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The market cap is higher for NDX names.

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Eight of the top 10 S&P names are Nasdaq names.


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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.

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