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Statistik › Aktiv, passiv und Mittelflüsse › Copied trade returns

Nobody has measured what a copier earns against what the leader earns on a named platform

KennzahlJoseph and co-authors, 2025Pan and co-authors, 2012Status
Copied trades-61.24 basis points per tradeSignificantly positive, p below 0.005Direct contradiction
Traders who never copy+1.15 basis pointsNot reported separatelyOnly one estimate
Traders who copy, own trades-6.88 basis pointsNot reported separatelyOnly one estimate
All trades-7.67 basis points-2.8% of position sizeDifferent measures
Share of users profitableNot reported16%Only one estimate
Stichprobe164,634 traders, window disputed in the paperOver 5.8m trades, August 2010 to January 2012Overlapping data

Both studies use data from the same platform over overlapping periods. The 2025 paper is an arXiv preprint and has not been peer reviewed; the 2012 paper was published at an IEEE conference. The point estimates for the 2012 study's trade types exist only as bars in a figure, so the positive mirror result is reported with its test and without its magnitude.

Two studies of the same platform disagree on whether copied trades even make money, one putting them at minus 61 basis points a trade and the other finding them significantly positive. Neither compares the copier's return with the leader's.

-61.24 basis pointsMean return per copied trade, 2025 study
+1.15 basis pointsMean return per trade, traders who never copy
Positive, p below 0.005The same copied trades in the 2012 study
None locatedStudies comparing copier return with leader return

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