Here are the 10 stocks with smallest volume vs. last year's average volume. They did not trade very much yesterday, under 10% of last year's average daily volume.

   0 HUSA   Houston American Energy Corp                       2.5%
   1 TRHC   Tabula Rasa HealthCare Inc                         3.0%
   2 LGVN   Longeveron Inc                                     3.4%
   3 SST    System1 Inc                                        5.2%
   4 TXMD   TherapeuticsMD Inc                                 5.7%
   5 IVVD   Invivyd Inc                                        6.2%
   6 CVM    Cel-Sci Corp.                                      7.6%
   7 CASA   Casa Systems Inc                                   7.9%
   8 USEG   U.S. Energy Corp.                                  8.8%
   9 ADN    Advent Technologies Holdings Inc                   9.6%

Good morning. Our model is up to 34 stocks held evenly in the optimized CQNS Long portfolio. This portfolio would be hedged by shorting the $SPY by a BETA-weighted amount.

The benefits of stock picking declines when short-term interest rates approach the expected return of stocks.

We only see four stocks with a better risk-adjusted return than the indices:
   2 PNM    PNM Resources In -0.000044    5.23%     0.60     1.06  0.00113   1.04   0.20
   4 IEP    Icahn Enterprises L P -0.000020    5.66%     0.79     1.10  0.00243   1.16   0.30
   5 BRK.B  Berkshire Hathaway Inc. -0.000019    6.89%     0.77     1.01  0.00560   1.00   0.77
   6 AME    Ametek Inc -0.000007    7.17%     0.69     1.13  0.00684   1.01   0.86

All of these stocks pay a dividend. That helps in a risk-off market.
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Good luck in the markets today. Stay safe.

We realize that factors that describe stocks, like BETA values, and kurtosis which are calculated over the past year are changing quite a bit between January 12, 2023 and February 6, 2023. 

​We maintain US listed stock portfolios of these types of factors. More than half the stocks in each list are different over the past month. This means that edges provided by mathematical anomalies from normal distributions may not last more than a month, on average.