U.S.\Canada Short Side MTM P\L Recap
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
Matthew Unterman
Director of Predictive Analytics, S3 Partners
In a year when markets rallied significantly (S&P 500 + 24.2%, Nasdaq +43.4%, Russell 3000 +24.0) short sellers had, as expected, an exceedingly difficult year. U.S.\Canadian short sellers were down -$194.9 billion in 2023 year-to-date mark-to-market losses, down -20.4% on an average short interest of $958 billion. This year’s mark-to-market losses offset two-thirds of last year’s $299.1 billion of short-side mark-to-market profits.
The worst performing sectors on the short-side were Information Technology, (down -$75.7 billion -42.8%) and Consumer Discretionary (-$46.9 billion -30.7%) and only the Utilities sector had a positive return on the short side (+$1.0 billion +4.72%).
Sector
Avg. Short Interest
2023 MTM P\L
P\L %
Communication Services
$66,144,681,088
($17,499,999,529)
-26.46%
Consumer Discretionary
$152,938,468,352
($46,894,635,796)
-30.66%
Consumer Staples
$44,232,402,917
($374,018,445)
-0.85%
Energy
$70,153,861,906
($1,266,040,816)
-1.80%
Financials
$122,263,537,526
($21,861,214,737)
-17.88%
Health Care
$122,729,731,304
($4,919,887,115)
-4.01%
Industrials
$106,544,909,218
($20,839,806,235)
-19.56%
Information Technology
$176,653,369,778
($75,651,519,597)
-42.82%
Materials
$36,604,955,242
($2,924,438,106)
-7.99%
Misc.
$134,760,412
($21,605,933)
-16.03%
Real Estate
$36,931,537,911
($3,727,594,329)
-10.09%
Utilities
$22,194,670,635
$1,048,616,943
4.72%
Total 2023 MTM P\L
$957,526,886,289
($194,932,143,695)
-20.36%
Looking at the biggest winners and losers on the short side in 2023, the most profitable shorts in 2023 were:
US\Can Most Profitable Shorts
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
FIRST REPUBLIC BANK/CA
FRCB US
$194,281,633
$1,631,890,298
839.96%
MODERNA INC
MRNA US
$2,122,021,541
$1,191,330,734
56.14%
SVB FINANCIAL GROUP
SIVBQ US
$218,202,299
$1,061,831,845
486.63%
PFIZER INC
PFE US
$1,794,787,146
$990,401,357
55.18%
PLUG POWER INC
PLUG US
$1,031,597,178
$871,670,693
84.50%
ENPHASE ENERGY
ENPH US
$1,302,873,519
$837,218,191
64.26%
SOLAREDGE TECHNOLOGIES
SEDG US
$777,634,784
$797,231,245
102.52%
MEDICAL PROPERTIES TRUST INC
MPW US
$971,903,123
$773,655,140
79.60%
EXXON MOBIL CORP
XOM US
$4,626,009,527
$715,983,360
15.48%
JOHNSON & JOHNSON
JNJ US
$2,859,011,626
$667,960,654
23.36%
SIGNATURE BANK NY
SBNY US
$104,029,160
$640,452,369
615.65%
ALBEMARLE CORP
ALB US
$1,328,577,035
$567,968,461
42.75%
NOVOCURE LTD
NVCR US
$378,440,134
$510,019,826
134.77%
BRISTOLMYERS SQUIBB CO
BMY US
$1,489,816,886
$495,694,855
33.27%
LUMEN TECHNOLOGIES INC
LUMN US
$337,759,808
$489,519,361
144.93%
DOLLAR GENERAL CORP
DG US
$792,014,906
$470,462,162
59.40%
CHARGEPOINT HOLDINGS INC
CHPT US
$445,217,711
$459,496,748
103.21%
ENBRIDGE INC
ENB US
$1,995,272,362
$446,306,225
22.37%
ETSY INC
ETSY US
$1,185,530,785
$439,531,562
37.07%
NEXTERA ENERGY
NEE US
$1,289,538,420
$425,703,177
33.01%
The least profitable shorts in 2023 were:
US\Can Least Profitable Shorts
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
TESLA INC
TSLA US
$18,915,335,477
($12,246,844,324)
-64.75%
NVIDIA CORP
NVDA US
$10,539,921,263
($11,206,182,987)
-106.32%
APPLE INC
AAPL US
$19,037,660,509
($7,339,111,811)
-38.55%
META PLATFORMS INC
META US
$7,512,180,175
($6,556,480,573)
-87.28%
MICROSOFT CORP
MSFT US
$12,975,441,412
($5,636,292,832)
-43.44%
AMAZON.COM INC
AMZN US
$9,026,294,304
($4,934,108,983)
-54.66%
COINBASE GLOBAL INC
COIN US
$2,285,863,432
($4,190,302,854)
-183.31%
BROADCOM INC
AVGO US
$4,524,232,074
($3,311,992,086)
-73.21%
ADVANCED MICRO DEVICES
AMD US
$3,586,185,946
($3,215,634,278)
-89.67%
PALO ALTO NETWORKS INC
PANW US
$4,262,455,047
($3,055,399,568)
-71.68%
ALPHABET INC A
GOOGL US
$5,571,318,674
($2,436,862,833)
-43.74%
CARVANA CO
CVNA US
$959,110,547
($2,175,722,702)
-226.85%
NETFLIX INC
NFLX US
$3,543,518,722
($1,887,435,235)
-53.26%
PINDUODUO INC ADR
PDD US
$2,696,605,013
($1,786,812,223)
-66.26%
ALPHABET INC C
GOOG US
$3,867,030,317
($1,768,554,223)
-45.73%
AFFIRM HLDGS INC
AFRM US
$774,178,697
($1,710,439,163)
-220.94%
UBER TECHNOLOGIES
UBER US
$2,079,770,454
($1,696,496,010)
-81.57%
INTEL CORP
INTC US
$2,297,140,669
($1,670,331,671)
-72.71%
PALANTIR TECHNOLOGIES INC
PLTR US
$1,820,760,716
($1,658,950,847)
-91.11%
VISA INC
V US
$7,343,433,399
($1,601,868,235)
-21.81%
Short sellers tended to congregate in many of the same securities and sectors which led to a substantial proportion of dollars bet on the side short being unprofitable as the larger cap names rallied in 2023. But, surprisingly, there were almost as many stocks that were profitable shorts versus unprofitable shorts.
73% of every dollar shorted produced negative returns, with only the Consumer Staples, Energy, and Utilities sectors having more short interest with positive returns than negative returns.
Dollars Shorted
Profitable
Unprofitable
Communication Services
23%
77%
Consumer Discretionary
21%
79%
Consumer Staples
55%
45%
Energy
52%
48%
Financials
22%
78%
Health Care
42%
58%
Industrials
21%
79%
Information Technology
9%
91%
Materials
34%
66%
Misc.
5%
95%
Real Estate
27%
73%
Utilities
67%
33%
Total
27%
73%
But when looking at the number of shorted stocks with profitable versus unprofitable returns the results were much closer. 43% of all shorted stocks were profitable, 5% had flat returns and 52% of all shorted stocks were unprofitable. The Communication Services, Consumer Staples, Health Care and Materials and Utilities sectors actually had more shorted stocks with positive returns than negative returns.
Number of Shorted Stocks
Profitable
Flat
Unprofitable
Communication Services
47%
7%
46%
Consumer Discretionary
41%
4%
55%
Consumer Staples
50%
5%
45%
Energy
47%
5%
48%
Financials
41%
4%
55%
Health Care
52%
3%
45%
Industrials
37%
4%
59%
Information Technology
41%
5%
54%
Materials
48%
7%
45%
Misc.
27%
4%
69%
Real Estate
44%
5%
51%
Utilities
50%
5%
45%
Total
43%
5%
52%
Even though there was a 43% chance to short a profitable stock, short sellers crowded into more of the unprofitable names and only 27% of their dollars shorted produced positive returns. This is exemplified by the fact that only four out of twelve sectors had a larger “most-profitable” trade than “unprofitable trade”.
The top five most profitable versus unprofitable stocks by sector are:
Consumer Svcs. Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
LUMEN TECHNOLOGIES INC
LUMN US
$337,759,808
$489,519,361
144.93%
DISH NETWORK CORP
Acquired
$354,237,253
$341,769,956
96.48%
BILIBILI INC ADR
BILI US
$361,234,610
$227,161,350
62.88%
ZOOMINFO TECHNOLOGIES
ZI US
$284,495,090
$158,925,682
55.86%
PARAMOUNT GLOBAL B
PARA US
$1,433,474,677
$149,587,491
10.44%
Consumer Svcs. Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
META PLATFORMS INC
META US
$7,512,180,175
($6,556,480,573)
-87.28%
ALPHABET INC A
GOOGL US
$5,571,318,674
($2,436,862,833)
-43.74%
NETFLIX INC
NFLX US
$3,543,518,722
($1,887,435,235)
-53.26%
ALPHABET INC C
GOOG US
$3,867,030,317
($1,768,554,223)
-45.73%
ROKU INC
ROKU US
$774,251,967
($571,758,138)
-73.85%
Consumer Svcs. 2023 YTD P\L
$66,144,681,088
($17,499,999,529)
-26.46%
Consumer Disc. Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
ETSY INC
ETSY US
$1,185,530,785
$439,531,562
37.07%
JD.COM INC ADR
JD US
$798,711,978
$405,081,064
50.72%
FISKER INC
FSR US
$399,712,615
$341,938,140
85.55%
LUCID GROUP INC
LCID US
$1,164,067,772
$290,643,118
24.97%
ADVANCE AUTO PARTS
AAP US
$338,123,154
$260,609,976
77.08%
Consumer Disc. Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
TESLA INC
TSLA US
$18,915,335,477
($12,246,844,324)
-64.75%
AMAZON.COM INC
AMZN US
$9,026,294,304
($4,934,108,983)
-54.66%
CARVANA CO
CVNA US
$959,110,547
($2,175,722,702)
-226.85%
PINDUODUO INC ADR
PDD US
$2,696,605,013
($1,786,812,223)
-66.26%
ROYAL CARIBBEAN CRUISES
RCL US
$1,651,984,710
($1,447,415,366)
-87.62%
Consumer Disc. 2023 YTD P\L
$152,938,468,352
($46,894,635,796)
-30.66%
Consumer Staples Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
DOLLAR GENERAL CORP
DG US
$792,014,906
$470,462,162
59.40%
WALGREENS BOOTS ALLIANCE
WBA US
$1,061,180,810
$353,316,404
33.29%
GENERAL MILLS INC
GIS US
$989,421,933
$266,805,447
26.97%
ESTEE LAUDER COS
EL US
$597,773,883
$255,335,917
42.71%
CAMPBELL SOUP CO
CPB US
$650,139,638
$191,319,483
29.43%
Consumer Staples Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
COSTCO WHOLESALE
COST US
$2,201,286,953
($926,508,467)
-42.09%
CELCIUS HOLDINGS
CELH US
$1,420,326,185
($638,412,352)
-44.95%
SPROUTS FARMERS MARKET
SFM US
$662,603,073
($291,522,750)
-44.00%
FRESHPET INC
FRPT US
$449,025,092
($235,595,013)
-52.47%
DOLLAR TREE INC
DLTR US
$982,965,775
($223,719,047)
-22.76%
Consumer Staples 2023 YTD P\L
$44,232,402,917
($374,018,445)
-0.85%
Energy Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
EXXON MOBIL CORP
XOM US
$4,626,009,527
$715,983,360
15.48%
ENBRIDGE INC
ENB US
$1,995,272,362
$446,306,225
22.37%
CHEVRON CORP
CVX US
$2,897,371,042
$405,033,218
13.98%
ENVIVA INC
EVA US
$108,566,768
$333,981,883
307.63%
DEVON ENERGY CORP
DVN US
$670,680,260
$209,393,822
31.22%
Energy Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
CAMECO CORP
CCJ US
$631,793,187
($413,015,876)
-65.37%
MARATHON PETROLEUM CORP
MPC US
$1,520,994,774
($379,606,603)
-24.96%
PHILLIPS 66
PSX US
$1,018,757,813
($271,927,480)
-26.69%
CANADIAN NATURAL RESOURCES
CNQ US
$2,426,042,430
($267,947,059)
-11.04%
TRANSOCEAN LTD
RIG US
$913,657,170
($237,961,404)
-26.04%
Energy 2023 YTD P\L
$70,153,861,906
($1,266,040,816)
-1.80%
Financials Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
FIRST REPUBLIC BANK/CA
FRCB US
$194,281,633
$1,631,890,298
839.96%
SVB FINANCIAL GROUP
SIVBQ US
$218,202,299
$1,061,831,845
486.63%
SIGNATURE BANK NY
SBNY US
$104,029,160
$640,452,369
615.65%
SILVERGATE CAPITAL CORP
SICP US
$58,047,764
$318,874,617
549.33%
FIRST HORIZON NATL
FHN US
$333,652,404
$302,613,688
90.70%
Financials Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
COINBASE GLOBAL INC
COIN US
$2,285,863,432
($4,190,302,854)
-183.31%
AFFIRM HLDGS INC
AFRM US
$774,178,697
($1,710,439,163)
-220.94%
VISA INC
V US
$7,343,433,399
($1,601,868,235)
-21.81%
BLACKSTONE GRP LP
BX US
$2,337,412,291
($1,272,012,465)
-54.42%
UPSTART HOLDINGS INC
UPST US
$742,305,056
($963,950,481)
-129.86%
Financials 2023 YTD P\L
$122,263,537,526
($21,861,214,737)
-17.88%
Health Care Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
MODERNA INC
MRNA US
$2,122,021,541
$1,191,330,734
56.14%
PFIZER INC
PFE US
$1,794,787,146
$990,401,357
55.18%
JOHNSON & JOHNSON
JNJ US
$2,859,011,626
$667,960,654
23.36%
NOVOCURE LTD
NVCR US
$378,440,134
$510,019,826
134.77%
BRISTOLMYERS SQUIBB CO
BMY US
$1,489,816,886
$495,694,855
33.27%
Health Care Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
ELI LILLY CO
LLY US
$2,688,023,933
($1,315,805,806)
-48.95%
IMMUNOGEN INC
IMGN US
$288,610,223
($752,335,037)
-260.68%
REATA PHARMACEUTICALS
Acquired
$446,025,471
($708,737,597)
-158.90%
CYTOKINETICS INC
CYTK US
$410,341,034
($612,915,428)
-149.37%
BRIDGEBIO PHARMA INC
BBIO US
$333,070,725
($522,572,095)
-156.90%
Health Care 2023 YTD P\L
$122,729,731,304
($4,919,887,115)
-4.01%
Industrials Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
PLUG POWER INC
PLUG US
$1,031,597,178
$871,670,693
84.50%
CHARGEPOINT HOLDINGS INC
CHPT US
$445,217,711
$459,496,748
103.21%
SUNPOWER CORP
SPWR US
$182,723,490
$251,474,022
137.63%
3M CO
MMM US
$1,197,122,621
$217,986,039
18.21%
UNITED PARCEL SERVICE B
UPS US
$1,860,030,552
$183,299,269
9.85%
Industrials Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
UBER TECHNOLOGIES
UBER US
$2,079,770,454
($1,696,496,010)
-81.57%
SAIA INC
SAIA US
$980,600,939
($819,607,842)
-83.58%
UNITED RENTALS INC
URI US
$1,316,209,179
($776,799,134)
-59.02%
BOEING COMPANY
BA US
$1,803,690,417
($771,665,016)
-42.78%
WATSCO INC
WSO US
$1,411,176,012
($715,532,848)
-50.70%
Industrials 2023 YTD P\L
$106,544,909,218
($20,839,806,235)
-19.56%
Info Tech Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
ENPHASE ENERGY
ENPH US
$1,302,873,519
$837,218,191
64.26%
SOLAREDGE TECHNOLOGIES
SEDG US
$777,634,784
$797,231,245
102.52%
WOLFSPEED INC
WOLF US
$895,058,868
$358,065,593
40.00%
HUT 8 CORP
HUT CN
$33,162,478
$344,495,227
1038.81%
BILL.COM HOLDINGS INC
BILL US
$745,877,544
$138,299,283
18.54%
Info Tech Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
NVIDIA CORP
NVDA US
$10,539,921,263
($11,206,182,987)
-106.32%
APPLE INC
AAPL US
$19,037,660,509
($7,339,111,811)
-38.55%
MICROSOFT CORP
MSFT US
$12,975,441,412
($5,636,292,832)
-43.44%
BROADCOM INC
AVGO US
$4,524,232,074
($3,311,992,086)
-73.21%
ADVANCED MICRO DEVICES
AMD US
$3,586,185,946
($3,215,634,278)
-89.67%
Information Tech 2023 YTD P\L
$176,653,369,778
($75,651,519,597)
-42.82%
Materials Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
ALBEMARLE CORP
ALB US
$1,328,577,035
$567,968,461
42.75%
FMC CORP
FMC US
$213,844,205
$142,762,599
66.76%
NEWMONT CORP
NEM US
$906,714,459
$140,463,825
15.49%
FRANCO-NEVADA CORP
FNV US
$499,231,192
$108,965,816
21.83%
NUTRIEN LTD
NTR US
$393,436,169
$107,237,585
27.26%
Materials Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
U.S. STEEL CORP
X US
$472,713,387
($351,142,937)
-74.28%
CELANESE CORP
CE US
$612,556,591
($328,533,332)
-53.63%
LINDE PLC
LIN US
$1,287,963,840
($324,647,672)
-25.21%
CLEVELAND-CLIFFS INC
CLF US
$641,044,630
($261,523,510)
-40.80%
NUCOR CORP
NUE US
$914,245,239
($251,818,073)
-27.54%
Materials 2023 YTD P\L
$36,604,955,242
($2,924,438,106)
-7.99%
Misc. (SPAC) Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
GX ACQ CORP II
Unlisted
$372,353
$297,566
79.92%
EVO ACQ CORP
Unlisted
$318,287
$160,298
50.36%
PMV CONSUMER ACQ CORP
PMVC US
$106,720
$129,385
121.24%
TLG ACQ ONE CORP
Unlisted
$132,885
$107,311
80.76%
MOUNT RAINIER ACQ CORP
Delisted
$91,936
$61,955
67.39%
Misc. (SPAC) Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
DIGITAL WORLD ACQ CORP
DWAC US
$35,046,529
($12,948,356)
-36.95%
EDTECHX HOLDINGS ACQ CORP II
Unlisted
$672,221
($2,795,652)
-415.88%
ARES ACQ CORP
Unlisted
$1,497,148
($728,014)
-48.63%
MINORITY EQUALITY OPPORTUNITIES ACQ
Unlisted
$719,685
($400,513)
-55.65%
DIGITAL WORLD ACQ CORP WARRANT
DWACW US
$193,854
($374,837)
-193.36%
Misc. (SPAC) 2023 YTD P\L
$134,760,412
($21,605,933)
-16.03%
Real Estate Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
MEDICAL PROPERTIES TRUST INC
MPW US
$971,903,123
$773,655,140
79.60%
WEWORK INC
WEWKQ US
$40,542,084
$124,929,304
308.15%
WP CAREY INC
WPC US
$423,997,433
$96,655,326
22.80%
EXTRA SPACE STORAGE
EXR US
$1,021,955,588
$82,970,794
8.12%
CROWN CASTLE INTL CORP
CCI US
$516,032,509
$68,690,733
13.31%
Real Estate Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
DIGITAL REALTY TRUST INC
DLR US
$1,706,076,254
($570,258,237)
-33.43%
ZILLOW GROUP INC C
Z US
$858,307,319
($529,963,024)
-61.75%
WELLTOWER INC
WELL US
$908,088,391
($263,186,936)
-28.98%
IRON MOUNTAIN INC
IRM US
$750,532,647
($250,759,106)
-33.41%
OPENDOOR TECHNOLOGIES INC
OPEN US
$188,902,765
($250,319,419)
-132.51%
Real Estate 2023 YTD P\L
$36,931,537,911
($3,727,594,329)
-10.09%
Utilities Most Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
NEXTERA ENERGY INC
NEE US
$1,289,538,420
$425,703,177
33.01%
NEXTERA ENERGY PARTNERS LP
NEP US
$208,105,861
$144,761,323
69.56%
EVERSOURCE ENERGY
ES US
$316,005,447
$93,713,450
29.66%
AES CORP
AES US
$297,935,119
$87,590,098
29.40%
DOMINION ENERGY
D US
$367,667,595
$83,227,220
22.64%
Utilities Least Profitable
Ticker
Avg Short Interest
YTD MTM P\L
P\L %
NRG ENERGY INC
NRG US
$522,948,695
($268,221,966)
-51.29%
CONSTELLATION ENERGY CORP
CEG US
$613,331,177
($237,601,419)
-38.74%
VISTRA ENERGY CORP
VST US
$291,993,416
($164,488,719)
-56.33%
PG&E CORP
PCG US
$890,592,564
($90,842,622)
-10.20%
EDISON INTL
EIX US
$498,189,095
($62,397,121)
-12.52%
Utilities 2023 YTD P\L
$22,194,670,635
$1,048,616,943
4.72%
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