Return Attribution — Two Sigma Investments
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Two Sigma Investments (13F portfolio cloned at quarter-end weights) delivered a +0.40% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: MRNA (+0.71%), PLTR (+0.24%), TEAM (+0.23%). Biggest drags: IONS (-0.17%), ALNY (-0.11%), SNDK (-0.11%). Across all 20 segmented periods, 57 stocks made a positive cumulative contribution and 52 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+0.4%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MRNA |
0.4% |
+180.6% |
+0.71% |
| PLTR |
0.4% |
+65.2% |
+0.24% |
| TEAM |
0.2% |
+151.7% |
+0.23% |
| MSFT |
0.5% |
+41.0% |
+0.22% |
| HPE |
0.4% |
+60.2% |
+0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| IONS |
0.4% |
-44.3% |
-0.17% |
| ALNY |
0.4% |
-26.2% |
-0.11% |
| SNDK |
0.4% |
-25.6% |
-0.11% |
| AAL |
0.4% |
-28.9% |
-0.11% |
| APLD |
0.3% |
-36.4% |
-0.11% |
2026-Q1 → 2026-Q2 segment return
+14.36%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MU |
0.7% |
+236.3% |
+1.58% |
| SNDK |
0.4% |
+257.9% |
+1.12% |
| DELL |
0.4% |
+162.9% |
+0.7% |
| AMD |
0.2% |
+182.0% |
+0.44% |
| NBIS |
0.2% |
+166.2% |
+0.41% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PLTR |
0.9% |
-20.3% |
-0.17% |
| BSX |
0.5% |
-32.0% |
-0.16% |
| TMUS |
0.7% |
-20.4% |
-0.14% |
| LMT |
0.7% |
-15.9% |
-0.11% |
| ADBE |
0.7% |
-15.7% |
-0.1% |
2025-Q4 → 2026-Q1 segment return
-1.04%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SNDK |
0.3% |
+167.6% |
+0.43% |
| LITE |
0.3% |
+95.0% |
+0.31% |
| MRNA |
0.3% |
+72.3% |
+0.24% |
| VLO |
0.3% |
+51.8% |
+0.16% |
| RIG |
0.2% |
+60.5% |
+0.11% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SOFI |
0.5% |
-39.3% |
-0.19% |
| TTD |
0.4% |
-40.2% |
-0.14% |
| TEAM |
0.2% |
-57.9% |
-0.13% |
| BSX |
0.4% |
-34.2% |
-0.12% |
| ADBE |
0.4% |
-30.5% |
-0.12% |
2025-Q3 → 2025-Q4 segment return
+1.49%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| LITE |
0.3% |
+126.7% |
+0.37% |
| MU |
0.5% |
+71.4% |
+0.33% |
| ALB |
0.2% |
+74.4% |
+0.17% |
| REGN |
0.4% |
+35.9% |
+0.15% |
| AMD |
0.4% |
+32.9% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FISV |
0.3% |
-47.9% |
-0.17% |
| RBLX |
0.4% |
-41.6% |
-0.16% |
| NBIS |
0.4% |
-25.4% |
-0.11% |
| SE |
0.3% |
-28.6% |
-0.1% |
| NFLX |
0.4% |
-21.5% |
-0.09% |
2025-Q2 → 2025-Q3 segment return
+7.2%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MP |
0.2% |
+101.6% |
+0.23% |
| SOFI |
0.5% |
+45.1% |
+0.22% |
| HOOD |
0.4% |
+47.6% |
+0.19% |
| PLTR |
0.5% |
+32.8% |
+0.17% |
| ALAB |
0.1% |
+116.5% |
+0.16% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| IT |
0.4% |
-35.0% |
-0.14% |
| CNC |
0.3% |
-34.3% |
-0.11% |
| TEAM |
0.5% |
-21.4% |
-0.1% |
| DUOL |
0.4% |
-21.5% |
-0.09% |
| ISRG |
0.4% |
-17.7% |
-0.07% |
2025-Q1 → 2025-Q2 segment return
+11.38%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| RBLX |
0.5% |
+81.3% |
+0.43% |
| AVGO |
0.6% |
+65.7% |
+0.39% |
| PLTR |
0.5% |
+63.0% |
+0.34% |
| HOOD |
0.2% |
+133.9% |
+0.3% |
| SNOW |
0.5% |
+53.1% |
+0.29% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| REGN |
0.5% |
-17.1% |
-0.09% |
| TMO |
0.4% |
-15.7% |
-0.06% |
| SRPT |
0.1% |
-73.2% |
-0.06% |
| OXY |
0.4% |
-14.9% |
-0.06% |
| COP |
0.4% |
-13.8% |
-0.06% |
2024-Q4 → 2025-Q1 segment return
-3.55%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GDX |
0.3% |
+35.6% |
+0.11% |
| AMGN |
0.5% |
+19.4% |
+0.11% |
| CI |
0.5% |
+19.7% |
+0.1% |
| FNV |
0.3% |
+34.4% |
+0.1% |
| PGR |
0.5% |
+18.1% |
+0.09% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TSLA |
0.6% |
-36.3% |
-0.2% |
| NCLH |
0.7% |
-26.3% |
-0.18% |
| SOFI |
0.7% |
-24.5% |
-0.17% |
| CCL |
0.7% |
-21.6% |
-0.15% |
| COIN |
0.5% |
-31.0% |
-0.15% |
2024-Q3 → 2024-Q4 segment return
+1.9%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| APP |
0.4% |
+148.3% |
+0.65% |
| HOOD |
0.5% |
+58.4% |
+0.3% |
| SNOW |
0.6% |
+34.4% |
+0.2% |
| CCL |
0.5% |
+34.8% |
+0.19% |
| AVGO |
0.5% |
+34.6% |
+0.18% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CVS |
0.5% |
-27.8% |
-0.13% |
| MU |
0.6% |
-18.4% |
-0.11% |
| HUM |
0.5% |
-19.6% |
-0.11% |
| UBER |
0.5% |
-19.7% |
-0.1% |
| KLAC |
0.5% |
-18.6% |
-0.1% |
2024-Q2 → 2024-Q3 segment return
+3.6%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| APP |
0.5% |
+56.7% |
+0.29% |
| CVNA |
0.6% |
+34.5% |
+0.22% |
| SPY |
3.7% |
+5.3% |
+0.2% |
| PYPL |
0.5% |
+34.1% |
+0.18% |
| DASH |
0.6% |
+31.7% |
+0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CRWD |
0.5% |
-26.8% |
-0.14% |
| PINS |
0.5% |
-26.5% |
-0.13% |
| MU |
0.5% |
-21.5% |
-0.12% |
| COIN |
0.5% |
-19.9% |
-0.1% |
| INTC |
0.4% |
-24.7% |
-0.1% |
2024-Q1 → 2024-Q2 segment return
+1.0%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CVNA |
0.5% |
+47.2% |
+0.23% |
| PINS |
0.5% |
+27.1% |
+0.15% |
| SPY |
3.5% |
+4.1% |
+0.14% |
| AAPL |
0.5% |
+23.6% |
+0.13% |
| CRWD |
0.6% |
+19.7% |
+0.12% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BMY |
0.6% |
-22.5% |
-0.14% |
| AAL |
0.5% |
-26.2% |
-0.13% |
| XYZ |
0.4% |
-23.8% |
-0.09% |
| W |
0.4% |
-22.3% |
-0.09% |
| DASH |
0.4% |
-22.1% |
-0.09% |
2023-Q4 → 2024-Q1 segment return
+5.32%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
0.7% |
+82.7% |
+0.55% |
| SPY |
3.3% |
+10.0% |
+0.33% |
| MU |
0.7% |
+38.3% |
+0.25% |
| MSTR |
0.1% |
+169.5% |
+0.23% |
| META |
0.6% |
+37.6% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| RIVN |
0.9% |
-53.3% |
-0.45% |
| HUM |
0.5% |
-24.1% |
-0.12% |
| SNOW |
0.6% |
-18.8% |
-0.11% |
| CCL |
0.8% |
-11.9% |
-0.1% |
| ROKU |
0.3% |
-29.1% |
-0.09% |
2023-Q3 → 2023-Q4 segment return
+7.4%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMD |
0.7% |
+43.5% |
+0.33% |
| CCL |
0.7% |
+35.1% |
+0.24% |
| QCOM |
0.7% |
+29.5% |
+0.21% |
| NFLX |
0.7% |
+28.8% |
+0.21% |
| RCL |
0.4% |
+40.5% |
+0.16% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BMY |
0.7% |
-10.7% |
-0.07% |
| RIVN |
0.6% |
-3.4% |
-0.02% |
| CSCO |
0.2% |
-6.1% |
-0.01% |
| SU |
0.2% |
-6.5% |
-0.01% |
| FNV |
0.1% |
-16.5% |
-0.01% |
2023-Q2 → 2023-Q3 segment return
-3.08%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMGN |
0.6% |
+21.1% |
+0.12% |
| CVNA |
0.2% |
+64.6% |
+0.1% |
| ABBV |
0.6% |
+11.9% |
+0.08% |
| MET |
0.4% |
+12.2% |
+0.05% |
| ROKU |
0.4% |
+10.3% |
+0.04% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAL |
1.2% |
-28.6% |
-0.34% |
| CCL |
0.8% |
-27.1% |
-0.23% |
| NEE |
0.9% |
-22.8% |
-0.21% |
| NCLH |
0.7% |
-24.3% |
-0.17% |
| RBLX |
0.5% |
-27.8% |
-0.15% |
2023-Q1 → 2023-Q2 segment return
+2.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CCL |
0.6% |
+85.5% |
+0.48% |
| AAL |
1.0% |
+21.6% |
+0.22% |
| NFLX |
0.7% |
+27.2% |
+0.2% |
| RCL |
0.3% |
+58.9% |
+0.17% |
| PLTR |
0.2% |
+81.2% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ETSY |
0.5% |
-24.0% |
-0.11% |
| PYPL |
0.7% |
-12.3% |
-0.09% |
| PTON |
0.2% |
-32.2% |
-0.07% |
| RBLX |
0.6% |
-10.4% |
-0.06% |
| REGN |
0.5% |
-12.6% |
-0.06% |
2022-Q4 → 2023-Q1 segment return
+4.64%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| TSLA |
0.6% |
+68.1% |
+0.42% |
| AMD |
0.8% |
+50.8% |
+0.41% |
| CRM |
0.6% |
+50.7% |
+0.3% |
| ABNB |
0.7% |
+45.6% |
+0.3% |
| SPOT |
0.3% |
+69.2% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BAX |
0.6% |
-19.9% |
-0.11% |
| VZ |
0.5% |
-22.0% |
-0.11% |
| JNJ |
0.8% |
-12.3% |
-0.1% |
| CVS |
0.4% |
-19.7% |
-0.08% |
| AMGN |
0.8% |
-8.0% |
-0.06% |
2022-Q3 → 2022-Q4 segment return
+8.21%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GILD |
0.8% |
+38.7% |
+0.3% |
| NKE |
0.6% |
+40.8% |
+0.26% |
| JPM |
0.8% |
+28.3% |
+0.23% |
| ISRG |
0.5% |
+41.6% |
+0.21% |
| ADBE |
0.8% |
+22.3% |
+0.19% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TSLA |
0.3% |
-53.6% |
-0.16% |
| ABNB |
0.8% |
-18.3% |
-0.14% |
| EQT |
0.7% |
-17.0% |
-0.11% |
| PLUG |
0.3% |
-41.1% |
-0.11% |
| TWLO |
0.3% |
-29.2% |
-0.1% |
2022-Q2 → 2022-Q3 segment return
-3.92%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NFLX |
0.8% |
+34.7% |
+0.28% |
| PYPL |
0.8% |
+23.2% |
+0.19% |
| COIN |
0.4% |
+35.7% |
+0.13% |
| ETSY |
0.3% |
+36.8% |
+0.13% |
| ABNB |
0.7% |
+17.8% |
+0.12% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ZM |
0.7% |
-31.8% |
-0.23% |
| ADBE |
0.8% |
-24.8% |
-0.19% |
| LI |
0.5% |
-39.9% |
-0.19% |
| NEM |
0.6% |
-29.4% |
-0.19% |
| NVDA |
0.8% |
-19.8% |
-0.16% |
2022-Q1 → 2022-Q2 segment return
-7.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PDD |
0.4% |
+56.2% |
+0.24% |
| VZ |
0.3% |
+33.4% |
+0.11% |
| IBM |
0.3% |
+27.3% |
+0.09% |
| MRK |
0.8% |
+12.0% |
+0.09% |
| EDU |
0.1% |
+78.6% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ABNB |
0.7% |
-48.5% |
-0.35% |
| TSLA |
0.8% |
-37.4% |
-0.3% |
| AA |
0.5% |
-49.8% |
-0.27% |
| DDOG |
0.7% |
-37.0% |
-0.27% |
| CCL |
0.4% |
-57.2% |
-0.26% |
2021-Q4 → 2022-Q1 segment return
-2.37%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AA |
0.4% |
+52.3% |
+0.19% |
| COP |
0.4% |
+39.7% |
+0.16% |
| CVX |
0.4% |
+38.7% |
+0.16% |
| LMT |
0.6% |
+25.1% |
+0.15% |
| ABBV |
0.6% |
+21.0% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NFLX |
0.6% |
-37.8% |
-0.23% |
| META |
0.6% |
-33.8% |
-0.2% |
| PYPL |
0.5% |
-38.5% |
-0.17% |
| HD |
0.6% |
-27.8% |
-0.17% |
| AMD |
0.6% |
-23.6% |
-0.15% |
2021-Q3 → 2021-Q4 segment return
+2.64%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| QCOM |
0.6% |
+41.7% |
+0.24% |
| CAR |
0.2% |
+77.2% |
+0.17% |
| SPY |
1.4% |
+10.5% |
+0.14% |
| MSFT |
0.7% |
+19.3% |
+0.13% |
| COST |
0.4% |
+26.3% |
+0.12% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PYPL |
0.7% |
-27.7% |
-0.2% |
| C |
0.6% |
-13.3% |
-0.09% |
| BA |
0.7% |
-8.5% |
-0.06% |
| CRWD |
0.3% |
-17.2% |
-0.06% |
| CHTR |
0.5% |
-10.4% |
-0.06% |
Cumulative Contribution (all segments)