QUA010Factor HubQuality FactorsHigh
Operating Leverage Factor
Measures how revenue swings amplify into profit swings — high octane in up-cycles.
Formula
经营杠杆 = 营业利润变化率 / 营业收入变化率Performance (Top-30 equal-weight long, monthly rebalance)
Annualized return
7.19%
Sharpe ratio
0.46
Max drawdown
-24.28%
Total return
100.24%
Cumulative performance（2016-09 … 2026-08）
2016 -6.8%2017 -1.5%2018 +2.7%2019 +28.1%2020 +41.0%2021 +1.6%2022 +13.0%2023 +0.6%2024 -7.1%2025 -5.4%2026 +15.9%
Current top-30 holdings
| # | Ticker | Company | Score |
|---|---|---|---|
| 1 | LULU | Lululemon Athletica | 45.594 |
| 2 | FTV | Fortive | 5.386 |
| 3 | EMR | Emerson Electric | 3.394 |
| 4 | SNOW | Snowflake | 2.238 |
| 5 | CCL | Carnival | 2.156 |
| 6 | ECL | Ecolab | 2.113 |
| 7 | LEN | Lennar | 1.893 |
| 8 | EOG | EOG Resources | 1.829 |
| 9 | DASH | DoorDash | 1.781 |
| 10 | PH | Parker Hannifin | 1.747 |
| 11 | MELI | MercadoLibre | 1.535 |
| 12 | CDNS | Cadence | 1.526 |
| 13 | UDR | UDR | 1.468 |
| 14 | PM | Philip Morris | 1.442 |
| 15 | INTU | Intuit | 1.420 |
| 16 | AMZN | Amazon | 1.395 |
| 17 | TJX | TJX Companies | 1.391 |
| 18 | ED | Consolidated Edison | 1.361 |
| 19 | NEM | Newmont | 1.300 |
| 20 | CE | Celanese | 1.299 |
| 21 | EPR | EPR Properties | 1.296 |
| 22 | ABNB | Airbnb | 1.258 |
| 23 | KLAC | KLA | 1.248 |
| 24 | GME | GameStop | 1.239 |
| 25 | LMT | Lockheed Martin | 1.238 |
| 26 | SLB | SLB | 1.233 |
| 27 | ETSY | Etsy | 1.231 |
| 28 | ATO | Atmos Energy | 1.225 |
| 29 | SPGI | S&P Global | 1.221 |
| 30 | CF | CF Industries | 1.208 |
Holdings computed by the exact formula above at the latest month-end observation on the deterministic research panel (2026-08).
Data export
Exports include formulas, performance statistics, the 120-month series and current holdings — everything needed to replicate results locally.