What "excess" means here. Every trade is scored against the S&P 500 over the
same window, so this measures the decision, not the market. A buy is credited with
the stock's return minus the index; a sell is credited with the negative of it, since
avoiding a drop is a good call. Win rate = beat the index, not merely went up.
Congressional trades are disclosed 30–45 days late, so entry prices are the disclosed
trade date, which is not a price you could have acted on.
Recap
Who beats the index
By company size
By sector
Most-traded industries
Worth adding to your watchlist
People — ranked by average excess return vs S&P 500
Minimum 3 scored trades. Small samples swing wildly; treat the trade count as part of the number.