Virtu Financial (VIRT)
Market Price (12/24/2025): $33.38 | Market Cap: $2.8 BilSector: Financials | Industry: Financial Exchanges & Data
Virtu Financial (VIRT)
Market Price (12/24/2025): $33.38Market Cap: $2.8 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 28%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 24%, FCF Yield is 12% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 270% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36% | Key risksVIRT key risks include [1] its business model's high dependence on market volatility and trading volumes, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 49% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% | |
| Low stock price volatilityVol 12M is 31% | |
| Megatrend and thematic driversMegatrends include AI in Financial Services, Autonomous Technologies, and Crypto & Blockchain. Themes include Algorithmic Trading, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 28%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 24%, FCF Yield is 12% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 36% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 49% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include AI in Financial Services, Autonomous Technologies, and Crypto & Blockchain. Themes include Algorithmic Trading, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 270% |
| Key risksVIRT key risks include [1] its business model's high dependence on market volatility and trading volumes, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are five key points explaining the approximate -19.8% stock movement for Virtu Financial (VIRT) from August 31, 2025, to December 24, 2025: 1. Shifting Market Sentiment and Risk Perception: The stock experienced a significant decline, with an article on October 4, 2025, indicating it was down 18.9% over the preceding month, attributed to a broader shift in market sentiment and risk perception across the financial sector.2. Concerns Regarding Capital Allocation and Future Profitability: Despite strong revenue growth in 2025, analysis suggested that increased leverage and substantial shareholder returns outpaced operating cash flow. This led to concerns about the need for capital retention and a potentially weaker fourth quarter, which could have fueled investor caution and contributed to the stock's decline.
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Stock Movement Drivers
Fundamental Drivers
The -4.0% change in VIRT stock from 9/23/2025 to 12/23/2025 was primarily driven by a -8.8% change in the company's P/E Multiple.| 9232025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 34.78 | 33.38 | -4.04% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3378.57 | 3496.52 | 3.49% |
| Net Income Margin (%) | 11.98% | 12.09% | 0.85% |
| P/E Multiple | 7.34 | 6.70 | -8.80% |
| Shares Outstanding (Mil) | 85.49 | 84.80 | 0.81% |
| Cumulative Contribution | -4.05% |
Market Drivers
9/23/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| VIRT | -4.0% | |
| Market (SPY) | 3.7% | 13.9% |
| Sector (XLF) | 3.1% | 21.1% |
Fundamental Drivers
The -21.3% change in VIRT stock from 6/24/2025 to 12/23/2025 was primarily driven by a -41.0% change in the company's P/E Multiple.| 6242025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 42.41 | 33.38 | -21.29% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3071.98 | 3496.52 | 13.82% |
| Net Income Margin (%) | 10.43% | 12.09% | 15.91% |
| P/E Multiple | 11.35 | 6.70 | -40.96% |
| Shares Outstanding (Mil) | 85.68 | 84.80 | 1.03% |
| Cumulative Contribution | -21.30% |
Market Drivers
6/24/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| VIRT | -21.3% | |
| Market (SPY) | 13.7% | 16.3% |
| Sector (XLF) | 7.8% | 22.9% |
Fundamental Drivers
The -3.3% change in VIRT stock from 12/23/2024 to 12/23/2025 was primarily driven by a -58.2% change in the company's P/E Multiple.| 12232024 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 34.53 | 33.38 | -3.33% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2578.64 | 3496.52 | 35.60% |
| Net Income Margin (%) | 7.29% | 12.09% | 65.86% |
| P/E Multiple | 16.02 | 6.70 | -58.18% |
| Shares Outstanding (Mil) | 87.15 | 84.80 | 2.70% |
| Cumulative Contribution | -3.41% |
Market Drivers
12/23/2024 to 12/23/2025| Return | Correlation | |
|---|---|---|
| VIRT | -3.3% | |
| Market (SPY) | 16.7% | 53.0% |
| Sector (XLF) | 15.7% | 54.5% |
Fundamental Drivers
The 79.9% change in VIRT stock from 12/24/2022 to 12/23/2025 was primarily driven by a 35.9% change in the company's Total Revenues ($ Mil).| 12242022 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 18.55 | 33.38 | 79.90% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 2572.65 | 3496.52 | 35.91% |
| Net Income Margin (%) | 13.27% | 12.09% | -8.96% |
| P/E Multiple | 5.56 | 6.70 | 20.53% |
| Shares Outstanding (Mil) | 102.29 | 84.80 | 17.10% |
| Cumulative Contribution | 74.64% |
Market Drivers
12/24/2023 to 12/23/2025| Return | Correlation | |
|---|---|---|
| VIRT | 73.5% | |
| Market (SPY) | 48.4% | 31.1% |
| Sector (XLF) | 52.3% | 33.8% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VIRT Return | 64% | 19% | -27% | 5% | 83% | -4% | 162% |
| Peers Return | 25% | 33% | -18% | 21% | 37% | 14% | 157% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 114% |
Monthly Win Rates [3] | |||||||
| VIRT Win Rate | 75% | 50% | 42% | 50% | 75% | 50% | |
| Peers Win Rate | 58% | 63% | 42% | 57% | 60% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| VIRT Max Drawdown | -5% | -4% | -28% | -18% | -20% | -8% | |
| Peers Max Drawdown | -28% | -10% | -36% | -12% | -9% | -17% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: IBKR, TW, MKTX, NDAQ, CBOE. See VIRT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)
How Low Can It Go
| Event | VIRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -56.4% | -25.4% |
| % Gain to Breakeven | 129.6% | 34.1% |
| Time to Breakeven | 685 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -22.9% | -33.9% |
| % Gain to Breakeven | 29.7% | 51.3% |
| Time to Breakeven | 91 days | 148 days |
| 2018 Correction | ||
| % Loss | -58.0% | -19.8% |
| % Gain to Breakeven | 138.2% | 24.7% |
| Time to Breakeven | 909 days | 120 days |
Compare to SEIC, LAZ, SPGI, CME, ICE
In The Past
Virtu Financial's stock fell -56.4% during the 2022 Inflation Shock from a high on 4/5/2022. A -56.4% loss requires a 129.6% gain to breakeven.
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Virtu Financial, Inc., a financial services company, provides data, analytics, and connectivity products to clients worldwide. The company operates in two segments, Market Making and Execution Services. Its product suite includes offerings in execution, liquidity sourcing, analytics and broker-neutral, and multi-dealer platforms in workflow technology. The company's solutions enable clients to trade on various venues across countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrencies, and other commodities. Its analytics platform provides a range of pre- and post-trade services, data products, and compliance tools for clients to invest, trade, and manage risk across markets. Virtu Financial, Inc. was founded in 2008 and is headquartered in New York, New York.
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Virtu Financial is like:
- A Visa or Mastercard for financial trading: They process immense volumes of trades in stocks, bonds, and currencies at lightning speed, earning a tiny margin per transaction as a crucial market liquidity provider.
- The Intel inside financial markets: They provide the critical, high-speed technological infrastructure and 'processing power' that enables efficient trading across global markets.
- An Amazon for financial market making: Leveraging sophisticated technology to process immense volumes of trades with razor-thin margins, constantly optimizing for speed and efficiency in providing market liquidity.
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- Market Making: As a financial market intermediary, Virtu provides continuous two-sided quotes across a vast range of asset classes to facilitate efficient price discovery and liquidity.
- Execution Services: Virtu offers institutional clients advanced trading and brokerage solutions, including algorithmic trading and smart order routing, for efficient and discreet order execution.
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Virtu Financial (VIRT) primarily sells its services and technology to other companies and institutional clients, rather than directly to individuals. Due to the nature of its business as a market maker, execution service provider, and financial technology firm, specific customer names are typically not disclosed for competitive and confidentiality reasons. Virtu's "customers" can be understood in the context of its two main business segments: 1. **Market Making:** In this segment, Virtu provides liquidity to the global financial markets across various asset classes (equities, fixed income, foreign exchange, commodities). As a market maker, Virtu's "customers" are, in a broad sense, all participants in the financial markets who trade on the exchanges and venues where Virtu operates. They are essentially trading partners for hundreds of thousands of transactions daily. This model does not involve traditional customer contracts with named companies in the same way a B2B software vendor would have. 2. **Execution Services and Analytics:** This segment, which includes the former Investment Technology Group (ITG) business, provides agency execution, workflow technology, and analytics to institutional clients. For this segment, Virtu serves the following categories of corporate and institutional customers: * **Institutional Asset Managers:** This category includes a wide range of firms such as mutual funds, pension funds, hedge funds, sovereign wealth funds, and other investment management firms. These entities use Virtu's execution platforms and algorithms to manage their portfolios and fulfill their trading needs. * **Other Broker-Dealers:** Other brokerage firms and financial intermediaries leverage Virtu's technology, liquidity, and execution capabilities to serve their own client base or manage their proprietary trading activities. * **Corporations:** Some non-financial corporations may utilize Virtu's services for treasury management, hedging strategies, or other financial risk management solutions. Given the nature of the financial services industry and client confidentiality, Virtu Financial does not publicly disclose the specific names of its major customers in these categories.AI Analysis | Feedback
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Aaron Simons, Chief Executive Officer
Mr. Simons became Chief Executive Officer of Virtu Financial in July 2025. He joined Virtu in 2008 after conducting postdoctoral research in theoretical physics, and has contributed to numerous areas of trading and technology within the firm. Mr. Simons previously served as Executive Vice President and Chief Technology Officer. He earned a BS in Mathematics from Caltech in 2002 and a PhD in Physics from Harvard in 2007.
Cindy Lee, Chief Financial Officer
Ms. Lee was appointed Chief Financial Officer of Virtu Financial in August 2024. She joined Virtu in 2011 and has held various roles in global finance, including Global Controller and Deputy Chief Financial Officer. Her contributions were instrumental in the successful completion of Virtu's IPO in 2015 and the integration of major acquisitions, including KCG in 2017 and ITG in 2019. Prior to joining Virtu, Ms. Lee worked at The Royal Bank of Scotland and was an auditor at Deloitte & Touche. She holds a Master of Science in Accounting and a Bachelor of Science in Accounting from the University of Connecticut and is a Certified Public Accountant.
Douglas Cifu, Co-Founder, Advisor
Mr. Cifu co-founded Virtu Financial in 2008. He served as the Chief Executive Officer of Virtu Financial from November 2013 until July 2025, when he transitioned to an advisory role. Prior to co-founding Virtu, Mr. Cifu was a partner at the international law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP from 1990 to 2008, where he specialized in complex merger and acquisition transactions for private equity sponsors and Fortune 500 companies. He also served on the firm's Management Committee, was Deputy Chair of the Corporate Department, and co-head of the Private Equity Group. Mr. Cifu led Virtu's initial public offering in 2015 and the acquisitions of KCG Holdings in 2017 and ITG in 2019. He is also a co-owner and Vice Chairman of the Florida Panthers NHL hockey team.
Joseph Molluso, Co-President and Co-Chief Operating Officer
Mr. Molluso currently serves as Co-President and Co-Chief Operating Officer of Virtu Financial, a role he assumed in 2020 after rejoining the company. He initially joined Virtu in 2013 as Chief Financial Officer and played a central role in Virtu's IPO in 2015 and the integration of KCG Holdings. Mr. Molluso briefly departed in 2019 to serve as Chief Financial Officer of Capitolis. Prior to Virtu, he was a Managing Director at J.P. Morgan in the Investment Banking Department from 2006 to 2013, providing strategic advice to financial institutions with a focus on market structure-related companies. Earlier, he was an investment banker at Donaldson, Lufkin & Jenrette and Credit Suisse, where he helped establish the global financial technology group. Mr. Molluso holds an MBA from New York University and a BBA from Pace University.
Brett Fairclough, Co-President and Co-Chief Operating Officer
Mr. Fairclough is a Co-President and Co-Chief Operating Officer at Virtu Financial, where he has worked since 2007. He was promoted to this role in 2020, having previously served as Chief Operating Officer and Global Head of Business Development. From 2014 to 2019, he led the company's Asia Pacific operations and was the Chief Compliance Officer of Virtu's broker-dealer subsidiaries from 2012 to 2014. Mr. Fairclough has worked closely with exchanges and other industry participants to promote the growth and development of securities markets globally. He is a graduate of the University of California at Los Angeles.
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Virtu Financial (VIRT) faces several key risks inherent to its business model as a high-frequency trading and market-making firm. The most significant risks include:1. Market Volatility and Trading Volume Dependence
Virtu Financial's revenues and profitability are highly sensitive to market volatility and overall trading volumes. Periods of low market volatility and reduced trading activity can lead to compressed bid-ask spreads and fewer opportunities for profitable trades, directly impacting the company's financial performance. This dependence makes Virtu's business highly cyclical and difficult to predict.2. Regulatory and Compliance Risks
The company operates in a complex and evolving regulatory environment, subject to rules and laws from numerous regulatory bodies globally. Changes in regulations, increased scrutiny, or new rules, particularly concerning areas like payment-for-order-flow or the classification and regulation of digital assets, could adversely affect Virtu's business model, increase compliance costs, and potentially limit its operational flexibility.3. Intense Competition and Technological Obsolescence
The electronic market-making industry is highly competitive, with significant players such as Citadel Securities, Jane Street, and Optiver. Virtu's success relies heavily on its proprietary technology and trading platforms. Failure to maintain a technological edge, intense price competition leading to narrower profit margins, or the emergence of more advanced technologies could diminish its competitive position and profitability.AI Analysis | Feedback
Regulatory scrutiny and potential restrictions on Payment for Order Flow (PFOF). Regulators, particularly in the United States, have expressed concerns regarding PFOF practices and are actively exploring potential rule changes or bans. As a significant market maker and recipient of PFOF, any material restriction or elimination of this practice would directly impact Virtu Financial's revenue and profitability, representing a clear emerging threat to a core part of their business model.
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Virtu Financial (symbol: VIRT) operates primarily in three key areas: Market Making, Execution Services, and Financial Analytics and Connectivity Products. The addressable market sizes for these services are as follows:
- Market Making: While a precise global market size for "market making" as a standalone industry is not explicitly available in the search results, Virtu Financial is identified as a leading global market maker across equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency, and commodities. They operate on over 235 venues in 36 countries. Virtu handles approximately 25% of market orders placed by retail investors in the U.S. The market-making business is described as constantly evolving with increasing complexity and size of securities market transactions globally.
- Execution Services: The global Trade Execution Services market was estimated to be approximately USD 15 billion in 2025 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 7% through 2033. The global market for Equities Execution services was valued at US$ 1.643 billion in 2024 and is projected to reach US$ 2.362 billion by 2031, growing at a CAGR of 5.3%. Virtu provides independent, agency execution services in more than 60 markets globally.
- Financial Analytics: The global financial analytics market size was valued at USD 10.9 billion in 2023 and USD 12.57 billion in 2024. It is projected to reach USD 19.8 billion by 2030, growing at a CAGR of 10.3% from 2021 to 2030, and USD 29.65 billion by 2033, exhibiting a CAGR of 8.96% during 2025-2033. North America dominated the market in 2020 and 2024, holding a significant share (over 34.0% in 2024, and 70% of revenue share in 2023 for the U.S.).
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Here are the expected drivers of future revenue growth for Virtu Financial (VIRT) over the next 2-3 years:- Expansion of Virtu Technology Solutions (VTS): Virtu's newly launched VTS product suite extends its cutting-edge technology and execution services to sell-side broker-dealers globally. This expansion is anticipated to increase Virtu's customer base, enhance market access, execution, and analytics for these firms, and consequently drive higher trade flow and commissions in the Execution Services segment.
- Growth in New Asset Classes: Virtu is actively expanding its presence and market-making activities into new asset classes, including options, cryptocurrency, and credit trading. This strategic diversification positions the company to capitalize on emerging market opportunities and generate revenue from broader trading activities.
- Enhanced Virtu Execution Services (VES) Offerings: The Execution Services segment is a consistent growth area for Virtu. The company is continuously expanding its product set within VES to include multi-asset class capabilities, workflow automation, and new offerings such as fixed-income RFQ platforms and multi-asset analytics tools. These innovations are designed to attract more buy-side and sell-side clients seeking advanced trading solutions and operational efficiency.
- Strategic Capital Deployment: Virtu has raised and deployed over $500 million in new trading capital in 2025 through retained earnings and debt financing. This capital is intended to be used to take advantage of trading opportunities across all areas of its business and grow its trading results, suggesting an expanded capacity to engage in profitable trading activities.
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Share Repurchases
- Since the inception of the program in November 2020 through September 30, 2025, Virtu Financial repurchased approximately $1,417.2 million worth of Class A Common Stock and Virtu Financial Units.
- As of September 30, 2025, Virtu Financial had approximately $302.8 million remaining capacity for future share repurchases under its program.
- In Q2 2025, the company repurchased 1.7 million shares for $66 million, contributing to a decrease in share count from 195.6 million at the end of Q4 2020 to 159.2 million by Q2 2025.
Share Issuance
- In connection with employee exchanges, 152,037 common shares were issued, as noted in a June 30, 2023 SEC filing.
Latest Trefis Analyses
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Trade Ideas
Select ideas related to VIRT. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.4% | 12.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.4% | -5.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.1% | 7.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.5% | -11.5% | -12.1% |
| 11302018 | VIRT | Virtu Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -6.7% | -30.8% | -35.5% |
Research & Analysis
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Peer Comparisons for Virtu Financial
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 102.64 |
| Mkt Cap | 24.8 |
| Rev LTM | 4,014 |
| Op Inc LTM | 1,507 |
| FCF LTM | 667 |
| FCF 3Y Avg | 950 |
| CFO LTM | 747 |
| CFO 3Y Avg | 1,019 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.7% |
| Rev Chg 3Y Avg | 11.5% |
| Rev Chg Q | 13.1% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Mgn LTM | 40.9% |
| Op Mgn 3Y Avg | 40.3% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 38.1% |
| CFO/Rev 3Y Avg | 37.6% |
| FCF/Rev LTM | 33.5% |
| FCF/Rev 3Y Avg | 33.3% |
Price Behavior
Price Behavior
| Market Price | $33.38 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 04/16/2015 | |
| Distance from 52W High | -25.1% | |
| 50 Days | 200 Days | |
| DMA Price | $34.27 | $38.09 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -2.6% | -12.4% |
| 3M | 1YR | |
| Volatility | 22.9% | 31.1% |
| Downside Capture | 29.06 | 91.89 |
| Upside Capture | 4.31 | 74.54 |
| Correlation (SPY) | 13.1% | 53.0% |
VIRT Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.52 | 0.22 | 0.13 | 0.34 | 0.87 | 0.62 |
| Up Beta | 0.59 | 0.51 | 0.16 | 0.42 | 0.81 | 0.62 |
| Down Beta | -0.23 | 0.13 | -0.21 | -0.11 | 0.89 | 0.62 |
| Up Capture | 90% | 20% | -18% | 21% | 76% | 36% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 12 | 25 | 33 | 67 | 132 | 406 |
| Down Capture | 44% | 16% | 70% | 81% | 99% | 81% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 17 | 30 | 57 | 114 | 335 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of VIRT With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| VIRT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -1.5% | 18.1% | 18.8% | 72.9% | 9.0% | 3.7% | -11.4% |
| Annualized Volatility | 31.0% | 19.0% | 19.5% | 19.2% | 15.3% | 17.2% | 35.0% |
| Sharpe Ratio | -0.03 | 0.74 | 0.76 | 2.72 | 0.36 | 0.05 | -0.14 |
| Correlation With Other Assets | 54.7% | 53.2% | -0.7% | 25.2% | 40.7% | 23.0% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of VIRT With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| VIRT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.0% | 16.2% | 14.8% | 18.9% | 11.8% | 4.7% | 35.5% |
| Annualized Volatility | 32.2% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.38 | 0.71 | 0.70 | 0.98 | 0.51 | 0.16 | 0.62 |
| Correlation With Other Assets | 30.2% | 29.4% | 4.0% | 7.1% | 26.0% | 16.3% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of VIRT With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| VIRT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 8.9% | 13.1% | 14.8% | 15.1% | 6.8% | 5.4% | 69.1% |
| Annualized Volatility | 35.6% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.34 | 0.55 | 0.71 | 0.85 | 0.31 | 0.23 | 0.90 |
| Correlation With Other Assets | 14.7% | 15.0% | 3.7% | 3.6% | 13.0% | 11.9% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/20/2023 | -1.9% | -0.7% | -8.4% |
| 1/26/2023 | -6.0% | -5.4% | -6.6% |
| 11/3/2022 | 1.5% | -0.8% | -0.1% |
| 7/28/2022 | 1.3% | 2.8% | 4.9% |
| 4/28/2022 | -13.1% | -12.8% | -22.6% |
| 2/8/2022 | 7.3% | 8.9% | 5.1% |
| 11/3/2021 | 10.1% | 4.1% | 7.3% |
| 8/4/2021 | -5.2% | 0.1% | -3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 4.9% | 3.6% | 7.8% |
| Median Negative | -5.2% | -5.0% | -7.5% |
| Max Positive | 32.2% | 41.9% | 66.9% |
| Max Negative | -18.1% | -19.5% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 4292025 | 10-Q 3/31/2025 |
| 12312024 | 2212025 | 10-K 12/31/2024 |
| 9302024 | 10282024 | 10-Q 9/30/2024 |
| 6302024 | 7262024 | 10-Q 6/30/2024 |
| 3312024 | 4262024 | 10-Q 3/31/2024 |
| 12312023 | 2162024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 7282023 | 10-Q 6/30/2023 |
| 3312023 | 4282023 | 10-Q 3/31/2023 |
| 12312022 | 2172023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8022022 | 10-Q 6/30/2022 |
| 3312022 | 5032022 | 10-Q 3/31/2022 |
| 12312021 | 2182022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Fairclough Brett | Co-President & Co-COO | 8082025 | Sell | 42.40 | 90,701 | 3,846,049 | Form | |
| 1 | Nixon John | 5152025 | Sell | 42.82 | 6,965 | 298,241 | 1,452,583 | Form | |
| 2 | Cifu Douglas A | Chief Executive Officer | 4282025 | Sell | 38.40 | 93,708 | 3,598,771 | 18,951,617 | Form |
| 3 | Cavoli Stephen | EVP | 2182025 | Sell | 36.88 | 34,000 | 1,253,832 | 7,069,508 | Form |
| 4 | Fairclough Brett | Co-President & Co-COO | 2142025 | Sell | 36.84 | 72,967 | 2,688,440 | 3,343,611 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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