Schwab Trading Activity Index™
Learn what retail traders are actually doing with their money—not just what they’re talking about.
Want to know what investors are buying, selling, and holding?
The Schwab Trading Activity Index™ (STAX) decreased to 48.36 in March, down from its score of 51.94 in February. Schwab clients were sellers of equities in March; Net selling was highest in the Information Technology, Energy, and Health Care sectors.
Making the most of the STAX
Whether you’re new to investing or a market veteran, the STAX can be a useful addition to your toolbox. Here are a few tips.
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STAX Tip 1: Tracking Major Market Events
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Schwab Trading Activity IndexTM (STAX)
S T A X
Tracking Major Market Events
(Joe Mazzola, Head Trading and Derivatives Strategist)
JOE: If there's big market events that came out during the month, Fed meeting, inflation report, even earnings, we look at the client trading to give us a sense of how clients are reacting to that data.
The STAX can absolutely help with that.(bright music continues)
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Disclosures:
Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2025 Charles Schwab & Co., Inc. All rights reserved.(bright music ends)
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STAX Tip 2: New to STAX
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Schwab Trading Activity IndexTM (STAX)
S T A X
A Tip for New STAX Watchers
(Joe Mazzola, Head Trading and Derivatives Strategist)
JOE: If you're new to STAX, I'd suggest you look at the trend on a month-over-month basis.Look for any divergences between STAX and the S&P 500.
If the STAX drops when the S&P 500 is trending higher, it doesn't necessarily mean clients are exiting the market, but they may be de-risking.
Charles Schwab logo
Own your tomorrow®
Disclosures:
Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2025 Charles Schwab & Co., Inc. All rights reserved.
(jazzy upbeat music ends)
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STAX Tip 3: Interpreting Investor Moves
(bright synth music)
Schwab Trading Activity IndexTM (STAX)
S T A X
Interpreting Investor Moves
(Joe Mazzola, Head Trading and Derivatives Strategist)
JOE: If you notice a trend where clients are moving into sectors that might be a little bit more defensive while the S&P 500 is moving up, it could show de-risking.
However, if the S&P 500 is going down and clients are a little bit more aggressive buying some of the higher volatile names, it could be an indication that they're buying the dip.
(bright synth music continues)Charles Schwab logo
Own your tomorrow®
Disclosures:
Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2025 Charles Schwab & Co., Inc. All rights reserved.(bright synth music ends)
STAX Tip 1: Tracking Major Market Events
(bright music)
Schwab Trading Activity IndexTM (STAX)
S T A X
Tracking Major Market Events
(Joe Mazzola, Head Trading and Derivatives Strategist)
JOE: If there's big market events that came out during the month, Fed meeting, inflation report, even earnings, we look at the client trading to give us a sense of how clients are reacting to that data.
The STAX can absolutely help with that.
(bright music continues)
Charles Schwab logo
Own your tomorrow®
Disclosures:
Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2025 Charles Schwab & Co., Inc. All rights reserved.
(bright music ends)
STAX Tip 2: New to STAX
(jazzy upbeat music)
Schwab Trading Activity IndexTM (STAX)
S T A X
A Tip for New STAX Watchers
(Joe Mazzola, Head Trading and Derivatives Strategist)
JOE: If you're new to STAX, I'd suggest you look at the trend on a month-over-month basis.
Look for any divergences between STAX and the S&P 500.
If the STAX drops when the S&P 500 is trending higher, it doesn't necessarily mean clients are exiting the market, but they may be de-risking.
Charles Schwab logo
Own your tomorrow®
Disclosures:
Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2025 Charles Schwab & Co., Inc. All rights reserved.
(jazzy upbeat music ends)
STAX Tip 3: Interpreting Investor Moves
(bright synth music)
Schwab Trading Activity IndexTM (STAX)
S T A X
Interpreting Investor Moves
(Joe Mazzola, Head Trading and Derivatives Strategist)
JOE: If you notice a trend where clients are moving into sectors that might be a little bit more defensive while the S&P 500 is moving up, it could show de-risking.
However, if the S&P 500 is going down and clients are a little bit more aggressive buying some of the higher volatile names, it could be an indication that they're buying the dip.
(bright synth music continues)
Charles Schwab logo
Own your tomorrow®
Disclosures:
Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2025 Charles Schwab & Co., Inc. All rights reserved.
(bright synth music ends)
Decoding the STAX
Behind the Scenes with Joe Mazzola
Watch Joe, Schwab’s Head Trading & Derivatives Strategist champion of the STAX, as he dives into the methodology behind the monthly score.
Decoding the STAX
Hi, my name's Joe Mazzola.
I am the Head Trading and Derivative Strategist, here at Charles Schwab.
Let's talk about the Schwab Trading Activity Index, otherwise affectionately known as the STAX.
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(The Schwab Trading Activity IndexTM (STAX) analyzes trading behavior to show retail investor sentiment.)
The STAX is calculated by looking at the activity of millions of Schwab client accounts.
We do this over a 30-day period to smooth out that data, so we don't get caught up in the daily and weekly
machinations of the market.
It helps us reveal a trend of what our clients are actually doing.
Not what they're saying, but what they're doing.
And that way, we look at their net buys and sells to see if they're more bullish, semi-bullish, or sometimes, even bearish.
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(What does the STAX reading mean?)
Now, if they're really bullish, you're gonna see that number jump quite a bit.
If they're bearish, it's gonna go down a lot.
But if they're somewhat bullish, or somewhere in the middle, that number tends to be a little bit more steady.
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(Whose trading activity do we look at?)
A big differentiator of the STAX is that it randomizes and democratizes client accounts.
So, a $2,000 account bears the same weight as a $2 million account.
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(What makes STAX different?)
We look at client activity, we break it down at a sector level.
And we can even give you the top five net buys and sells from a stock level as well.
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(What will STAX tell you?)
I think a really good way to interpret the STAX readings is by looking at the divergence between the S&P 500 and the STAX.
Doesn't always happen, but there are some times where you will see the S&P 500 go up, but the STAX go down.
What that really means in your takeaway should be that clients are de-risking into the rally.
They're looking at their portfolios, and they're selling some of the higher volatility names, looking for an opportunity to trim into strength.
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Learn more at schwab.com/stax
Charles Schwab logo
Own your tomorrow®
Disclosures:
Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2025 Charles Schwab & Co., Inc. All rights reserved.
(soft music ends)
The STAX Rewind
What captured investor sentiment over the past year?
Let's look at some highs and some lows from our monthly Schwab Trading Activity Index™ (STAX)
Which stocks saw the most action?
Most-purchased
NVIDIA (NVDA) appeared on the popular buy list 11x
Runners up
Advanced Micro Devices (AMD) 8x
Amazon (AMZN) 6x
Palantir Technologies (PLTR) 6x
Most-sold
Disney (DIS)
7x on the net sold list
Runners up
Tesla (TSLA) 4x
Bank of America (BAC) 4x
Apple (AAPL) 4x
Hot and cold?
8 stocks appeared on both the bough and sold lists throughout the year
PLTR TSLA AAPL AVGO META AMD PANW MSFT
Investors can be fickle.
Which months were the most active?
Biggest STAX gain?
The bulls charged in June (+11.54%)
Biggest STAX drop?
But the bears took over in September (-11.40%)
How did the STAX measure up to the market?
The STAX vs. The S&P
August and September both saw a notable divergence.
While the S&P 500 climbed, the STAX fell.
But in December, the S&P 500 dropped about 1% while the STAX gained almost 4%.
Steady, balanced sentiment
STAX low: 35.54 (April 2020)
STAX high: 75.36 (November 2021)
2024 12-month average: 50.04 (January-December)
That's a wrap!
Keep following the STAX to stay ahead of trends.
Bookmark schwab.com/stax
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Own your tomorrow®
Disclosures:
Investing involves risk, including loss of principal. Past performance is no guarantee of future results.
Content intended for educational/informational purposes only. N, or account type of investment advice, or a recommendation of any security, strategy, or account type.
Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.
The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab.
Check out the STAX year in review
A quick-hit recap of last year’s highs and lows, top buys and sells, and notable periods of divergence
Why investor sentiment matters
Fear, euphoria, despair, and greed are natural emotions—and can sway markets.
Looking for even more STAX?
Read more and get notified when the latest STAX results are released each month
Investing involves risk, including loss of principal. Past performance is no guarantee of future results.
Content intended for educational/informational purposes only. Not investment advice, or a recommendation of any security, strategy, or account type.
Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.
The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab.