Real-World & Alternative DataExtended setexperimental liveNew

Wikipedia Attention Reversal

Updated weeklyData needs: lowshort only

2016

Heim, F.S., Lemmon, M., Pyun, J. (2016). "Investor attention and return predictability." SSRN / JFE.

In plain terms

When Wikipedia pageviews for a stock surge in the top 10% of normal weekly moves, retail attention has driven the price up too far. Short the stock for 1-2 weeks as the attention premium fades.

How it works

Wikipedia pageview spikes — like Da-Engelberg-Gao 2011 SVI spikes — proxy retail-investor attention. Heim et al document that the attention-induced price bump REVERSES over 5-10 days: stocks in the top decile of week-over-week Wikipedia pageview growth underperform by ~1-2% over the subsequent 5-10 days as the attention-priced premium decays.

Live results

15 times picked on its own · 15 times inside a blend (14 beat the stock) · updated 2026-06-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 15 such blended picks (14 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

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Data dependencies

Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
Wikipedia pageviews
Wikimedia daily pageview counts joined to ticker pages.

Expected edge

Reported return: -1 to -2% over 5-10d
Tested over: T+1 to T+10d

-1 to -2% over 5-10d on top-decile attention-spike reversal (Heim-Lemmon-Pyun 2016).

Example tickers where this is likely to fire

GME AMC TSLA NVDA MARA RIOT

Illustrative only, the signal fires based on the live data, not a fixed list.

Related families

Wikipedia Attention SpikeReal-World & Alternative Data

Abnormal Wikipedia pageviews for a ticker predict a 2-week rally then a year-out reversal. Cleaner than Google Trends per Pyun 2024.

Attention SpikeReal-World & Alternative Data

When Google searches for a ticker spike abnormally, retail piles in and pushes the price up for about two weeks. That attention-driven run-up then unwinds over the following six to twelve months, so the strategy rides the pop and later shorts the fade.

Wsb Attention AlphaReal-World & Alternative Data

When WallStreetBets suddenly piles into a name AND the chart is already trending up, that's a 2-5 day continuation. When they pile in and the chart isn't cooperating, ride the fade once the noise dies down a week later.

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