<p>作者：麦肯齐·塔塔南尼</p>
<p>Coinbase Global 和 Robinhood Markets 上周被认为是纳入标准普尔 500 指数的竞争者，但未能入选。波动性可能是原因所在。</p>
<p>上周五，标准普尔道琼斯指数公司公布了该指数的季度变动，该指数追踪市值最大的 500 家上市公司。这些新增和删除将于 3 月 24 日生效。</p>
<p>在公告之前，巴克莱分析师将其覆盖的七只股票视为潜在竞争者，包括加密货币交易所 Coinbase 和交易平台 Robinhood。</p>
<p>投资者还关注了 AppLovin。这家市值为 883 亿美元的移动科技公司是所有可能候选者中最大的。</p>
<p>最终，只有三家公司——TKO Group、Williams-Sonoma 和 DoorDash——被纳入标准普尔 500 指数，这引发了对一些更大候选者为何被排除的质疑。在巴克莱识别的七只股票中，只有 DoorDash 入选。</p>
<p>线索可能在于这些股票的贝塔值，这是衡量其与更广泛市场波动性的指标。贝塔值大于 1 表示股票波动性大于市场，而贝塔值小于 1 则意味着其波动性通常较小。</p>
<p>2024 年纳入指数的股票的平均三年贝塔值为 1.046。对于 TKO 和 Williams-Sonoma，这一指标分别为 0.95 和 1.73。DoorDash 是波动性最大的，三年贝塔值为 2.11。</p>
<p>相比之下，AppLovin 的贝塔值为 2.16，Robinhood 的贝塔值为 2.35。Coinbase 的贝塔值为 3.78，是去年所有新增公司的平均值的三倍多。</p>
<p>AppLovin 自 2 月中旬创下 510.13 美元的历史高点以来大幅下跌。由于空头卖家 Fuzzy Panda Research 和 Culper Research 的报告称该移动广告平台创建的广告违反了谷歌和苹果应用商店的条款等多项违规行为，股价暴跌。尽管如此，该股票在过去 12 个月中仍上涨了 320%，并且是去年纳斯达克 100 指数中表现最佳的股票。</p>
<p>Coinbase 和 Robinhood 的波动性则是由于不同的原因。这两个平台用于交易加密货币，而加密货币的历史波动性通常高于市场。比特币就是一个例子，因投资者等待特朗普政府对数字货币的计划的明确性而经历了多次不稳定。</p>
<p>一家公司必须满足一长串标准才能被考虑纳入标准普尔 500 指数。它必须在美国注册并在合格的美国交易所上市。交易于场外交易公告板和粉单市场的股票被禁止考虑。</p>
<p>此外，候选公司的市值必须大于 145 亿美元，主要上市的流通股必须大于市值的 50%。该公司最近四个连续季度的 GAAP 净收入总和必须为正值，最近一个季度也必须为正值。</p>
<p>虽然对波动性股票没有全面禁令，但一家公司可能满足所有标准仍然被排除。指数委员会决定哪些股票被纳入和删除，波动性和行业多样性可能会发挥作用。</p>
<p>请联系麦肯齐·塔塔南尼，邮箱：mackenzie.tatananni@barrons.com</p>
<p>本文由巴伦周刊创作，巴伦周刊由道琼斯公司运营。巴伦周刊与道琼斯新闻通讯和华尔街日报独立出版。</p>

HOOD

COIN

<p>根据标准普尔道琼斯指数的透露，Coinbase 和 Robinhood 并未被纳入标准普尔 500 指数，原因是它们的高波动性。只有 TKO Group、Williams-Sonoma 和 DoorDash 被加入该指数，这引发了对更大候选者被排除的质疑。Coinbase 和 Robinhood 的贝塔值都很高，表明它们相较于市场波动更大，这可能影响了它们的排除。纳入标准普尔 500 的标准包括市值、正净收入以及其他因素，但尽管满足要求，波动性仍可能导致被排除</p>

<p>By Mackenzie Tatananni</p>
<div class="lb-trans"><p>作者：麦肯齐·塔塔南尼</p>
</div><p>Coinbase Global and Robinhood Markets were thought to be contenders for inclusion in the S&amp;P 500 last week, but failed to make the cut. Volatility could be to blame.</p>
<div class="lb-trans"><p>Coinbase Global 和 Robinhood Markets 上周被认为是纳入标准普尔 500 指数的竞争者，但未能入选。波动性可能是原因所在。</p>
</div><p>On Friday, S&amp;P Dow Jones Indices revealed its quarterly changes to the index, which tracks the 500 largest publicly listed companies by market capitalization. The additions and deletions will go into effect March 24.</p>
<div class="lb-trans"><p>上周五，标准普尔道琼斯指数公司公布了该指数的季度变动，该指数追踪市值最大的 500 家上市公司。这些新增和删除将于 3 月 24 日生效。</p>
</div><p>Ahead of the announcement, Barclays analysts held out seven stocks in their coverage as potential contenders, including crypto exchange Coinbase and trading platform Robinhood.</p>
<div class="lb-trans"><p>在公告之前，巴克莱分析师将其覆盖的七只股票视为潜在竞争者，包括加密货币交易所 Coinbase 和交易平台 Robinhood。</p>
</div><p>Investors also had their eyes on AppLovin. With a market cap of $88.3 billion, the mobile technology company was the largest of all the possible candidates.</p>
<div class="lb-trans"><p>投资者还关注了 AppLovin。这家市值为 883 亿美元的移动科技公司是所有可能候选者中最大的。</p>
</div><p>Ultimately, just three companies — TKO Group, Williams-Sonoma, and DoorDash — were added to the S&amp;P 500, raising questions as to why some of the bigger candidates were excluded. Out of seven stocks identified by Barclays, DoorDash was the only one to make it.</p>
<div class="lb-trans"><p>最终，只有三家公司——TKO Group、Williams-Sonoma 和 DoorDash——被纳入标准普尔 500 指数，这引发了对一些更大候选者为何被排除的质疑。在巴克莱识别的七只股票中，只有 DoorDash 入选。</p>
</div><p>Clues may lie in the stocks' beta, a measure of their volatility compared with the broader market. A beta greater than 1 indicates a stock fluctuates more than the market, while a beta less than 1 means it is generally less volatile.</p>
<div class="lb-trans"><p>线索可能在于这些股票的贝塔值，这是衡量其与更广泛市场波动性的指标。贝塔值大于 1 表示股票波动性大于市场，而贝塔值小于 1 则意味着其波动性通常较小。</p>
</div><p>Stocks added to the index in 2024 have an average three-year beta of 1.046. For TKO and Williams-Sonoma, this metric was 0.95 and 1.73, respectively. DoorDash was the most volatile, with a 3-year beta of 2.11.</p>
<div class="lb-trans"><p>2024 年纳入指数的股票的平均三年贝塔值为 1.046。对于 TKO 和 Williams-Sonoma，这一指标分别为 0.95 和 1.73。DoorDash 是波动性最大的，三年贝塔值为 2.11。</p>
</div><p>By comparison, AppLovin's beta was 2.16 and Robinhood's was 2.35. At 3.78, Coinbase had a beta that was more than three times the average for all companies added last year.</p>
<div class="lb-trans"><p>相比之下，AppLovin 的贝塔值为 2.16，Robinhood 的贝塔值为 2.35。Coinbase 的贝塔值为 3.78，是去年所有新增公司的平均值的三倍多。</p>
</div><p>AppLovin has declined sharply from its all-time high of $510.13 in mid-February. Shares tumbled on the heels of reports from short sellers Fuzzy Panda Research and Culper Research, which claimed the mobile advertising platform created ads that violated of the terms of the Google and Apple app stores, among other offenses. Nevertheless, the stock has still gained 320% over the past 12 months, and was the top gainer in the Nasdaq 100 last year.</p>
<div class="lb-trans"><p>AppLovin 自 2 月中旬创下 510.13 美元的历史高点以来大幅下跌。由于空头卖家 Fuzzy Panda Research 和 Culper Research 的报告称该移动广告平台创建的广告违反了谷歌和苹果应用商店的条款等多项违规行为，股价暴跌。尽管如此，该股票在过去 12 个月中仍上涨了 320%，并且是去年纳斯达克 100 指数中表现最佳的股票。</p>
</div><p>Coinbase and Robinhood have fluctuated for a different reason. Both platforms are used to trade cryptocurrencies, which are historically more volatile than the market. Bitcoin, for one, has been subject to bouts of instability as investors wait for clarity on the Trump administration's plan for digital currencies.</p>
<div class="lb-trans"><p>Coinbase 和 Robinhood 的波动性则是由于不同的原因。这两个平台用于交易加密货币，而加密货币的历史波动性通常高于市场。比特币就是一个例子，因投资者等待特朗普政府对数字货币的计划的明确性而经历了多次不稳定。</p>
</div><p>A company must meet a lengthy list of criteria to be considered for S&amp;P 500 inclusion. It must be U.S.-domiciled and listed on an eligible U.S. exchange. Stocks trading on the OTC Bulletin Board and pink sheets are barred from consideration.</p>
<div class="lb-trans"><p>一家公司必须满足一长串标准才能被考虑纳入标准普尔 500 指数。它必须在美国注册并在合格的美国交易所上市。交易于场外交易公告板和粉单市场的股票被禁止考虑。</p>
</div><p>Furthermore, a candidate's market cap must be greater than $14.5 billion, with the primary listing's float greater than 50% of the market cap. The company's sum of GAAP net income over the four most recent consecutive quarters must be positive, as well as for the most recent quarter.</p>
<div class="lb-trans"><p>此外，候选公司的市值必须大于 145 亿美元，主要上市的流通股必须大于市值的 50%。该公司最近四个连续季度的 GAAP 净收入总和必须为正值，最近一个季度也必须为正值。</p>
</div><p>While there's no blanket ban on volatile stocks, a company could meet all of the criteria and still be passed over. An index committee determines which stocks are added and removed, and volatility and sector diversification could play a role.</p>
<div class="lb-trans"><p>虽然对波动性股票没有全面禁令，但一家公司可能满足所有标准仍然被排除。指数委员会决定哪些股票被纳入和删除，波动性和行业多样性可能会发挥作用。</p>
</div><p>Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com</p>
<div class="lb-trans"><p>请联系麦肯齐·塔塔南尼，邮箱：mackenzie.tatananni@barrons.com</p>
</div><p>This content was created by Barron's, which is operated by Dow Jones &amp; Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由巴伦周刊创作，巴伦周刊由道琼斯公司运营。巴伦周刊与道琼斯新闻通讯和华尔街日报独立出版。</p>
</div>

Coinbase and Robinhood Didn't Make the S&P 500. They May Be Too Volatile. — Barrons.com

- Coinbase 和 Robinhood 未能入选 S&P 500 指数。  
- 仅有 TKO Group、Williams-Sonoma 和 DoorDash 被纳入。  
- 股票波动性可能是排除的原因，Coinbase 的 beta 值高达 3.78。  

Coinbase 和 Robinhood 未能进入标普 500 指数。它们可能过于波动。——巴伦周刊