Many members of Congress who trade securities significantly beat the market in 2023, with 33% outperforming an S&P 500-tracking exchange-traded fund, according to data and watchdog organization Unusual Whales.
Democrats' portfolios beat Republicans' holdings by a "massive margin," according to the group, which examined portfolio performance for 100 U.S. lawmakers who trade stocks and other securities.
Members once again traded options in 2023 after refraining the year prior, according to Unusual Whales, a stock and options data service that says it focuses on market transparency and unusual trades.
"Like every year since 2020, U.S. politicians beat the market. And many in Congress made unusually timed trades resulting in huge gains," the Unusual Whales account on X, formerly Twitter, posted Tuesday.
Democrats were up an average 31% and Republicans 18%, while the S&P 500-tracking ETF was up nearly 25%, the service reported.
"Many traded despite conflicts in their committees in record numbers," the Unusual Whales account tweeted.
"Congress has continued to trade despite conflicts and potential bans proposed," the service said in its report. "Congress traded thousands of times in a year plagued by high interest rates, war, conflicts, and did well doing so."
The service said it compared members' portfolio returns to the SPDR S&P 500 ETF Trust (SPY), calculating lawmakers' results by estimating returns on current stocks in each lawmaker's holdings, based on the officials' required financial disclosures.
