🇺🇸 United States · Sector Week Ending: 9 October 2026

Industrials

For the week ending 09 October 2026, Industrials declined 2.19% with 205 advancing, 423 declining, and 4 unchanged constituents.

Index level
1,613.67
Index points · base 1,000
Weekly return
-2.19%
Measured companies
632
634 in the index universe
Weekly breadth
205 up / 423 down
4 unchanged
Weekly peer rank
12 of 12
Universe NASDAQ, NYSE · Equity onlyPrice basis Adjusted weekly closeConstruction Capped equal-weight returns · Weekly rebuild

156 completed weeks

Industrials price and trend

Current architecture Downward Expansion 1 completed week in this state
Trend acceptance -8.0% Index versus Trend Line
Persistence 100% Negative across every horizon
Participation 32% 205 advancing, 423 declining
Index Value Trend Line Fair Value Activity Lines Constructive Transition Defensive

Weekly index closes and the Trend Line. Dashed grey shows the latest Fair Value reference; it is not a historical forecast. Enable the other overlays for more detail.

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Reduce exposure into strength

Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.

36 technical evidence
out of 100
Evidence balance

Five-pillar map

Reduce
Trend
30
Breadth
30
Persistence
46
Relative
19
Risk quality
74
What supports the view
  • No major confirming factor has secured control.
What restrains conviction
  • Index trend architecture has not delivered a durable upward expansion.
  • Breadth remains too narrow or inconsistent for a high-conviction position.
  • Constituent persistence remains divided or predominantly negative.
  • The group is not yet delivering dependable relative outperformance.
  • Stage 4 declining constituents exceed Stage 2 advancing constituents by 28 percentage points.
Independent sentiment overlay News tone is balanced

Sentiment is not supplying a meaningful directional edge.

Evidence that would change the view
  1. A completed weekly reclaim of 1,753.60, the higher of Trend Line and Fair Value, would improve the structural case.
  2. Breadth holding above 55% for several completed weeks would show that repair is spreading.
  3. Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Downward Expansion

The activity fan is bearishly ordered below the Trend Line with price accepted beneath it.

State age1 weeks
Trend gateDown
Fan width6.21%
Fast versus slow change-2.70 pts
Above 0% Below 100%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Negative across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point downward, confirming persistent contraction.

13-week
-10.0%
26-week
-6.3%
39-week
-8.5%
52-week
-5.3%
Regime age5 weeks 52-week flips3 52-week boundary1703.95
Constituent trend persistence

Is the index move broadly durable?

93% coverage
Coherent positive21%
Coherent negative31%
Average horizon agreement81%
Positive horizon share47%
Weakening positives139
Repairing negatives47

587 constituents measured as of 2 Oct 2026. Median trend age is 25 weeks.

Custom stage map

Where constituents sit in the cycle

89% coverage
Stage 1 · Basing10%57 securities
Stage 2 · Advancing24%135 securities
Stage 3 · Distribution14%77 securities
Stage 4 · Declining52%293 securities
Re-acceleration watch2 Transition watch70 Relative strength leaders13% Fair Value repairs44

Measured as of 9 Oct 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

80/100 mean confidence
Upward expansion
17% 94
Rotation up
1% 7
Deceleration
16% 88
Balance
17% 94
Rotation down
12% 67
Downward expansion
38% 212
Unresolved
0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to US Market Structure

Weakening
Relative index 13-week relative trend Starting level
Rotation dashboard Weakening

The relative index starts at 100. Above 100 means this group has outperformed US Market Structure since the first plotted date; below 100 means it has lagged. A rising line can show relative improvement even when both markets are falling.

Relative index104.9
13-week trend106.6
4-week trend change-1.30%
Weekly peer rank12 of 12
1 week
-1.3 pts relative
4 weeks
-0.3 pts relative
13 weeks
-2.6 pts relative
26 weeks
-4.6 pts relative
52 weeks
-1.7 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow
Advancing
205
Declining
423
Unchanged
4
4-week average 39%
13-week average 42%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility17.8%
Drawdown from 52-week high-12.9%
Positive weeks, last 1323%
Current directional run5 weeks
Turnover versus 13-week norm104%
Breadth impulse-10.2 pts
Cross-section

Return distribution

632 measured

Weekly returns across measured companies. Bars are scaled to the largest group; percentages show each group’s share.

Q1 -5.3% Median -1.6% Q3 0.8%
Average winner6.7%
Average loser-5.6%
Dispersion18.3 pts
Top-five upside share41%
Top-five capital share34%
Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week price change

Index price change over 30 weeks, or the available history if shorter. Green above zero; red below.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

1/24 positive
Above Trend Line2/248% of industries
Constructive breadth4/24At least half advancing
Median industry-1.70%1.77 pts dispersion
#1 Repairing

Specialty Business Services

2.12%
Participation63% vs Trend-0.4% vs Fair Value8.7% Members38
#2 Contracting

Integrated Freight & Logistics

-0.11%
Participation46% vs Trend-12.0% vs Fair Value-27.9% Members28
#3 Weakening

Consulting Services

-0.41%
Participation65% vs Trend-1.9% vs Fair Value-24.1% Members20
#4 Weakening

Airports & Air Services

-0.42%
Participation57% vs Trend-20.4% vs Fair Value-27.6% Members7
#5 Weakening

Metal Fabrication

-1.05%
Participation31% vs Trend-2.6% vs Fair Value27.6% Members16
#6 Contracting

Building Products & Equipment

-1.25%
Participation41% vs Trend-6.9% vs Fair Value-6.8% Members32
#7 Narrowing

Marine Shipping

-1.32%
Participation29% vs Trend12.8% vs Fair Value48.1% Members34
#8 Weakening

Specialty Industrial Machinery

-1.33%
Participation32% vs Trend-5.9% vs Fair Value10.1% Members72
#9 Narrowing

Staffing & Employment Services

-1.33%
Participation29% vs Trend5.8% vs Fair Value-8.0% Members14
#10 Weakening

Waste Management

-1.50%
Participation53% vs Trend-8.7% vs Fair Value-36.3% Members17
#11 Weakening

Engineering & Construction

-1.53%
Participation36% vs Trend-13.1% vs Fair Value18.4% Members47
#12 Contracting

Business Equipment & Supplies

-1.63%
Participation20% vs Trend-14.9% vs Fair Value-43.4% Members5
#13 Weakening

Airlines

-1.78%
Participation24% vs Trend-5.7% vs Fair Value3.8% Members17
#14 Weakening

Trucking

-1.79%
Participation20% vs Trend-3.2% vs Fair Value10.8% Members15
#15 Weakening

Conglomerates

-1.98%
Participation33% vs Trend-7.4% vs Fair Value3.2% Members24
#16 Weakening

Railroads

-2.40%
Participation27% vs Trend-2.9% vs Fair Value13.4% Members11
#17 Weakening

Tools & Accessories

-2.59%
Participation0% vs Trend-2.3% vs Fair Value18.5% Members9
#18 Weakening

Industrial Distribution

-2.87%
Participation17% vs Trend-1.5% vs Fair Value11.0% Members23
#19 Weakening

Aerospace & Defense

-3.68%
Participation28% vs Trend-16.9% vs Fair Value3.3% Members85
#20 Weakening

Rental & Leasing Services

-3.93%
Participation22% vs Trend-9.6% vs Fair Value4.0% Members18
#21 Contracting

Security & Protection Services

-4.21%
Participation21% vs Trend-18.8% vs Fair Value-29.1% Members19
#22 Contracting

Pollution & Treatment Controls

-4.28%
Participation38% vs Trend-14.0% vs Fair Value-11.2% Members13
#23 Contracting

Farm & Heavy Construction Machinery

-4.91%
Participation15% vs Trend-12.2% vs Fair Value-34.4% Members26
#24 Contracting

Electrical Equipment & Parts

-6.48%
Participation12% vs Trend-19.7% vs Fair Value-9.3% Members41

Industry participation

Where are returns broadly supported?

Compare the weekly result with the share of companies advancing.

↑ Companies advancing · 50% marks half of measured companies

Mixed beneath declinesBroad gainsBroad declinesNarrow gains 123456789101112131415161718192021222324

−6.5%Weekly index return · zero at centre+6.5%

Compare return with participationHover or focus a marker for the full reading. Select it to open the report.

Markers show weekly return rank. Hover or focus for the name. Fine lines connect separated markers to their actual positions. Up, down and unchanged companies all count in participation.

United States · Weekly return relationships

Which markets move together?

Compare sectors and industries within United States over the same 52-week window. Strong positive relationships can mean that apparently different holdings share the same risk.

Sectors · average pair correlation0.44

Closest: Industrials and Consumer Cyclical (0.86; 52 weeks).

12 indexes · 66 qualifying pairs
Industries · average pair correlation0.30

Closest: Gold and Other Precious Metals & Mining (0.95; 52 weeks).

143 indexes · 10153 qualifying pairs

Pearson correlation of weekly percentage returns through 9 Oct 2026: +1 means moving together, 0 little linear relationship, −1 moving in opposite directions. Requires 39 matching observations for the 52-week comparison and 10 for the recent 13 weeks. Missing weeks are excluded, not filled with zero. Constant series have no defined correlation. These are local-currency, capped equal-weight indexes; sectors and their component industries overlap. A lower correlation does not establish a hedge.

Sector correlations compare broad business groups. Industry correlations reveal closer links within and across sectors. The selectors retain all qualified groups; the matrix shows the ten largest by company coverage.

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence
Qualified weighted tone

More positive than negative

Positive company scores outnumber negative ones, but the overall score remains close to 50.

Price confirms news15
Price disagrees16
Negative news absorbed3
Positive but stretched13
Evidence quality

Coverage before conviction

51/100 confidence
Qualified companies6811% of measured constituents
Articles4,991100% direct company evidence
Publishers1,160Independent sources represented
Latest evidence14 OctFreshness is weighted in the score
Constructive 40%Balanced 44%Cautious 16%
Constructive edge

Strongest qualified tone

APOG68/100 confidence · 49 direct 71

Apogee Enterprises: Acquisitions Are Doing The Heavy Lifting (NASDAQ:APOG)

 AZZ61/100 confidence · 42 direct 69

AZZ beats top-line and bottom-line estimates; raises FY27 outlook

 ZIM55/100 confidence · 42 direct 68

ZIM adds Houston to VEL service

 CTAS68/100 confidence · 128 direct 66

Debt to assets ratio of Cintas Corporation – HAM:CIT

 AME62/100 confidence · 64 direct 64

Billionaire Mario Gabelli Has Held AMETEK (AME) for Over a Decade. Is the Stock Still a Buy?
Narrative risk

Weakest qualified tone

AVEX72/100 confidence · 52 direct 29

Aevex Investors Focus on 2027 Revenue Outlook, RBC Says

 PNR67/100 confidence · 85 direct 32

Pentair (PNR) Looks Cheap. Is Its Pool Slump an Inventory Reset or Lost Pricing Power?

 HONA73/100 confidence · 94 direct 33

Honeywell Aerospace’s (HONA) Valuation Tells Only Part of the Story for Jim Cramer

 RGP42/100 confidence · 37 direct 35

Resources Connection, Inc. (NASDAQ:RGP) Just Reported Earnings, And Analysts Cut Their Targ…

 YSS59/100 confidence · 65 direct 35

Top York Space Systems (YSS) Competitors 2026

Only fresh, quality-controlled company evidence is included. Industry and sector context is down-weighted and cannot create a directional group conclusion on its own.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 WFFWF Holding Limited Ordinary Shares
411.02% 2 ELOGEastern International Ltd.
61.93% 3 LSHLakeside Holding Limited Common Stock
32.43% 4 UGROUrban-Gro Inc
31.89% 5 BYRNByrna Technologies Inc
29.89%

Weakest edge

632 HTCOCaravelle International Group
-44.64% 631 HUHUHUHUTECH International Group Inc. Ordinary Shares
-38.24% 630 SDSTStardust Power Inc.
-34.51% 629 GPGreenPower Motor Company Inc
-33.04% 628 CDNLCardinal Infrastructure Group Inc. Class A Common Stock
-31.27%

Constituent ledger

Sector constituents

Top 100 of 632 shown, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 WFF WF Holding Limited Ordinary Shares NASDAQ 17.05M 12.29 0.04 pts
411.02%
2 ELOG Eastern International Ltd. NASDAQ 8.35M 0.8051 0.04 pts
61.93%
3 LSH Lakeside Holding Limited Common Stock NASDAQ 10.81M 0.7416 0.04 pts
32.43%
4 UGRO Urban-Gro Inc NASDAQ 4.58M 0.079 0.04 pts
31.89%
5 BYRN Byrna Technologies Inc NASDAQ 84.96M 4.52 0.04 pts
29.89%
6 VWAV VisionWave Holdings, Inc. Common Stock NASDAQ 13.83M 5.74 0.04 pts
28.13%
7 RXO RXO Inc. NYSE 3.29B 29.08 0.04 pts
24.38%
8 SKK SKK Holdings Limited NASDAQ 17.55M 5.45 0.04 pts
23.86%
9 OFAL OFAL NASDAQ 1.81M 0.55 0.04 pts
22.39%
10 SVRN OceanPal Inc. NASDAQ 21.80M 44.00 0.03 pts
21.68%
11 TOMZ TOMI Environmental Solutions Inc NASDAQ 13.60M 1.61 0.03 pts
16.67%
12 PMEC Primech Holdings Ltd. Ordinary Shares NASDAQ 18.44M 0.5739 0.02 pts
14.51%
13 GFUZ General Fusion Group Ltd. Cl A NASDAQ 665.97M 8.66 0.02 pts
14.25%
14 CDTG CDT Environmental Technology Investment Holdings Limited ordinary shares NASDAQ 4.41M 1.22 0.02 pts
14.02%
15 APOG Apogee Enterprises Inc NASDAQ 808.44M 40.59 0.02 pts
13.97%
16 MIR Mirion Technologies Inc NYSE 4.12B 16.62 0.02 pts
13.84%
17 ARTW Arts-Way Manufacturing Co Inc NASDAQ 16.18M 3.54 0.02 pts
13.28%
18 MMS Maximus Inc NYSE 2.95B 59.39 0.02 pts
12.80%
19 PSIX Power Solutions International, Inc. Common Stock NASDAQ 970.59M 50.07 0.02 pts
11.64%
20 PSIG PS International Group Ltd. Ordinary Shares NASDAQ 27.45M 5.10 0.02 pts
11.35%
21 CCTG CCSC Technology International Holdings Limited Ordinary Shares NASDAQ 8.68M 0.504 0.02 pts
11.11%
22 BUUU BUUU Group Limited Class A Ordinary Share NASDAQ 633.58M 43.27 0.02 pts
10.38%
23 JLHL Julong Holding Limited Class A Ordinary Shares NASDAQ 135.77M 4.39 0.02 pts
10.03%
24 NMAD NOMAD Power Solutions, Inc. NASDAQ 69.85M 4.53 0.02 pts
9.95%
25 HMR Heidmar Maritime Holdings Corp. Common Stock NASDAQ 74.39M 1.84 0.02 pts
9.88%
26 BAH Booz Allen Hamilton Holding NYSE 9.10B 73.94 0.02 pts
9.78%
27 JYD Jayud Global Logistics Limited Class A Ordinary Shares NASDAQ 7.05M 0.9205 0.01 pts
9.45%
28 HTZ Hertz Global Holdings Inc NASDAQ 736.07M 1.92 0.01 pts
9.09%
29 TPCS TechPrecision Corporation Common stock NASDAQ 58.47M 5.75 0.01 pts
8.90%
30 UP Wheels Up Experience Inc NYSE 160.31M 3.81 0.01 pts
8.86%
31 ONT Onterris NYSE 628.95M 13.81 0.01 pts
8.65%
32 VRSK Verisk Analytics Inc NASDAQ 23.17B 177.63 0.01 pts
8.39%
33 XMTR Xometry Inc NASDAQ 4.91B 111.07 0.01 pts
8.33%
34 ENGS Energys Group Limited Ordinary Shares NASDAQ 125.56M 3.30 0.01 pts
8.20%
35 RELX Relx PLC ADR NYSE 60.58B 36.13 0.01 pts
8.11%
36 TAYD Taylor Devices Inc NASDAQ 194.95M 58.92 0.01 pts
7.19%
37 STI Solidion Technology Inc. NASDAQ 60.61M 5.69 0.01 pts
7.16%
38 ICFI ICF International Inc NASDAQ 1.55B 87.55 0.01 pts
6.95%
39 LZ LegalZoom.com Inc NASDAQ 995.05M 5.98 0.01 pts
6.79%
40 ECO Okeanis Eco Tankers Corp. NYSE 3.05B 93.11 0.01 pts
6.68%
41 BWXT BWX Technologies Inc NYSE 12.99B 143.83 0.01 pts
6.65%
42 SBC SBC Medical Group Holdings Incorporated NASDAQ 445.84M 5.42 0.01 pts
6.48%
43 DLHC DLH Holdings Corp NASDAQ 57.25M 4.31 0.01 pts
6.42%
44 AMTM Amentum Holdings Inc. NYSE 4.82B 19.29 0.01 pts
6.34%
45 BEEP Mobile Infrastructure Corporation NASDAQ 125.55M 2.73 0.01 pts
6.23%
46 ULS UL Solutions Inc. NYSE 14.78B 69.99 0.01 pts
6.06%
47 WFCF Where Food Comes From Inc NASDAQ 63.24M 13.48 0.01 pts
5.93%
48 CRE Cre8 Enterprise Limited Class A Ordinary Shares NASDAQ 5.68M 2.86 0.01 pts
5.93%
49 STRR Star Equity Holdings Inc NASDAQ 38.74M 10.32 0.01 pts
5.74%
50 TRI Thomson Reuters Corporation Common Shares NASDAQ 42.01B 103.21 0.01 pts
5.73%
51 PRIM Primoris Services Corporation NYSE 4.09B 83.60 0.01 pts
5.72%
52 FLX BingEx Ltd NASDAQ 137.48M 1.49 0.01 pts
5.67%
53 PPHC Public Policy Holding Company, Inc. Common Stock NASDAQ 343.86M 11.13 0.01 pts
5.60%
54 YSXT YSX Tech. Co., Ltd Class A Ordinary Shares NASDAQ 41.45M 1.30 0.01 pts
5.52%
55 FA First Advantage Corp NASDAQ 3.54B 19.04 0.01 pts
5.25%
56 EDRY EuroDry Ltd NASDAQ 162.08M 58.72 0.01 pts
5.08%
57 GPN Global Payments Inc NYSE 23.67B 82.20 0.01 pts
4.87%
58 CTAS Cintas Corporation NASDAQ 80.23B 202.41 0.01 pts
4.86%
59 LTM LATAM Airlines Group S.A. NYSE 15.35B 50.25 0.01 pts
4.86%
60 NSP Insperity Inc NYSE 1.90B 48.73 0.01 pts
4.84%
61 RBA RB Global Inc. NYSE 15.16B 85.84 0.01 pts
4.84%
62 ARQ Arq Inc NASDAQ 96.51M 2.03 0.01 pts
4.64%
63 KRNT Kornit Digital Ltd NASDAQ 742.84M 18.30 0.01 pts
4.63%
64 HAFN Hafnia Limited NYSE 4.48B 10.72 0.01 pts
4.59%
65 APWC Asia Pacific Wire & Cable Corp Ltd NASDAQ 57.73M 1.38 0.01 pts
4.55%
66 ACCO Acco Brands Corporation NYSE 392.31M 4.49 0.01 pts
4.42%
67 PAMT PAMT CORP NASDAQ 264.92M 12.78 0.01 pts
4.41%
68 LMB Limbach Holdings Inc NASDAQ 582.06M 51.26 0.01 pts
4.40%
69 PWR Quanta Services Inc NYSE 96.08B 705.94 0.01 pts
4.34%
70 BBUC Brookfield Business Corp NYSE 5.24B 26.67 0.01 pts
4.18%
71 EFX Equifax Inc NYSE 18.25B 145.78 0.01 pts
4.13%
72 GLXG Galaxy Payroll Group Limited Ordinary Shares NASDAQ 6.25M 1.03 0.01 pts
4.04%
73 FBYD Falcon's Beyond Global, Inc. Class A Common Stock NASDAQ 391.11M 8.91 0.01 pts
4.03%
74 BBSI Barrett Business Services Inc NASDAQ 788.86M 31.72 0.01 pts
3.97%
75 VSEC VSE Corporation NASDAQ 5.55B 173.63 0.01 pts
3.80%
76 BV BrightView Holdings NYSE 938.96M 10.67 0.01 pts
3.79%
77 GNRC Generac Holdings Inc NYSE 11.23B 224.94 0.01 pts
3.75%
78 EXPO Exponent Inc NASDAQ 3.23B 69.81 0.01 pts
3.73%
79 CRAI CRA International Inc NASDAQ 1.05B 176.73 0.01 pts
3.73%
80 SMHI SEACOR Marine Holdings Inc NYSE 260.48M 8.57 0.01 pts
3.63%
81 UNF Unifirst Corporation NYSE 4.99B 260.85 0.01 pts
3.60%
82 HY Hyster-Yale Materials Handling Inc NYSE 639.94M 32.34 0.01 pts
3.55%
83 IR Ingersoll Rand Inc NYSE 29.14B 78.75 0.01 pts
3.52%
84 PKOH Park Ohio Holdings Corp NASDAQ 678.28M 49.03 0.01 pts
3.50%
85 TNET TriNet Group Inc NYSE 3.03B 65.45 0.01 pts
3.49%
86 RSG Republic Services Inc NYSE 67.87B 216.88 0.01 pts
3.49%
87 AAON AAON Inc NASDAQ 6.55B 86.16 0.01 pts
3.47%
88 CXT Crane NXT Co NYSE 2.79B 50.45 0.01 pts
3.42%
89 ZTO ZTO Express (Cayman) Inc NYSE 15.78B 20.15 0.01 pts
3.33%
90 PMA Ming Shing Group Holdings Limited Ordinary Shares NASDAQ 215.13M 1.27 0.01 pts
3.25%
91 ZJK ZJK Industrial Co., Ltd NASDAQ 141.51M 1.91 0.01 pts
3.24%
92 RRX Regal Beloit Corporation NYSE 10.90B 165.03 0.01 pts
3.23%
93 KBR KBR Inc NYSE 4.67B 35.34 0.01 pts
3.21%
94 EHLD Euroholdings Ltd. NASDAQ 34.36M 12.22 0.01 pts
3.19%
95 ACCL Acco Group Holdings Limited Ordinary Shares NASDAQ 37.25M 2.68 0.00 pts
3.08%
96 HURN Huron Consulting Group Inc NASDAQ 2.35B 167.05 0.00 pts
3.02%
97 INVE Identiv Inc NASDAQ 65.80M 2.42 0.00 pts
2.98%
98 OTIS Otis Worldwide Corp NYSE 26.67B 65.95 0.00 pts
2.97%
99 WOR Worthington Industries Inc NYSE 3.05B 62.45 0.00 pts
2.95%
100 ADT ADT Inc NYSE 4.63B 6.43 0.00 pts
2.88%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.

Evidence context