Year to date only 41.90% of stocks are higher in the Erlanger Research Universe of 5,132 stocks. At the end of the second quarter, 51.30% of stocks were higher for the year. Clearly, the selloff in August and September has hurt returns of stocks.

Digging into the data we find that 28.10% of stocks are lower by -25% or more. Meanwhile, on the positive side 19.10% of stocks are up 25% or more. The average stock that is lower for the year is down by -31.37% while the average stock that is up for the year is up 37.64%.

The biggest winner for the year is Carvana (CVNA) that is higher by 785.70% through last Friday, September 29th. Other big winners on the long side include Applied Optoelectronics (AAOI) that is higher by 448.40% and Moonlake Immunotherapeutics (MLTX) up 442.90%, both through the end of September as well.

The biggest losers for the year include Fibrogen (FGEN) lower by -94.60% and Cutera (CUTR) which is lower for the year by -86.40% through the end of September.

From a sector standpoint, the sector with the best return is Communication Services that is higher by +36.74%. In second place is Technology up +29.99%. Third place is held by Consumer Cyclicals up +18.87%.

On the downside, the weakest sectors have been those impacted by the moves in interest rates. The worst sector return is Utilities that is down -15.91% and then second from the bottom is Real Estate down -9.48%.

Based on our seasonal sector work, most Equity Indexes see their negative seasonality end mid month. Unfortunately, Treasuries do not turn positive seasonally until mid November. More on seasonality in our next article.

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Geoff Garbacz is a principal at Quantitative Partners, Inc. and works with several independent research firms that work with buyside clients, financial advisors and institutional investors.