MAP INDEX · REBALANCED MONTHLY · PRICES THROUGH
The Tech Commerce Index.
Every public company paid when someone buys something online, tracked as one index.
The TechBreakdowns Commerce Index turns our commerce industry map into a scoreboard: 75 companies across 10 stages, from the ad that finds the shopper to the parcel that comes back. The main index is equal weight, so it shows how the typical commerce business is doing. A cap-weight version, capped at 10% per company, shows where the money actually sits.
- Commerce Index · equal weight
- +2.91%
- Cap weight
- +2.09%
- QQQ
- +2.69%
- SPY
- +2.16%
Since . Cap weight limits any company to 10%. Hypothetical index levels, not a fund.
01 / THE LIVE RECORD
What happened to 100?
All four lines start at 100 at the
close. 4 trading days so far.
When equal weight leads cap weight, the typical commerce company is beating the giants. When cap weight leads, a handful of platforms are carrying the sector.
02 / THE MAP, AS AN INDEX
Ten stages. Ten scoreboards.
Each stage of the commerce map has its own
equal-weight index, rebalanced by the same rules.
Before you buy
Discovery & ads
The first sale is often the shopper’s attention.
Storefront software
The digital shop needs a working back office.
Cloud, CDN & security
The buy button is useless if the page won’t load.
The payment
Checkout & payments
“Payment accepted” takes more than a button.
Card networks
The network connects the two sides.
Issuers & credit
Someone approves—and may finance—the purchase.
The parcel
Warehouses & robots
Software has to find a real item on a real shelf.
Shipping & delivery
The final mile is still a physical mile.
Returns & support
Delivered does not always mean sold.
03 / WHO IS WINNING
Where in commerce is value moving?
Equal-weight return since inception by stage,
against QQQ and SPY.
- Checkout & payments+5.50%
- Issuers & credit+4.59%
- Warehouses & robots+3.62%
- Storefront software+2.65%
- Discovery & ads+2.34%
- Cloud, CDN & security+2.33%
- Shipping & delivery+2.23%
- Card networks+1.86%
- Stores & marketplaces+1.75%
- Returns & support+0.27%
04 / EQUAL VS CAP
Why two versions?
Even with a 10% cap, the ten largest companies
hold 74% of the cap-weight index.
Ten largest cap weights today · 10% cap at each rebalance · equal weight is 1.33% each
Equal weight asks: how is the typical commerce business doing?
This is the main Commerce Index. Every company gets the same 1.33% at each rebalance, so Instacart counts as much as Amazon and the index captures breadth: processors, carriers, warehouse software and marketplaces all move it.
Cap weight asks: how is the money in commerce doing?
Each company is sized by market value at the rebalance close, with none above 10%. That mirrors what investors own while stopping four or five platforms from deciding the result. 12 companies sit in more than one stage; they count once here.
Why the stage indices are equal weight only
A cap-weight index counts a company’s whole market value. At stage level that turns “Warehouses & robots” into an Amazon index and “Checkout & payments” into an Apple index, so each stage index weights its members equally.
05 / HISTORICAL CONTEXT · NOT THE LIVE RECORD
What if today’s map had existed earlier?
This backcast applies the inception membership to every month-end from , using the same weighting and monthly rebalancing. It knows which companies made today’s map, so it is survivorship-biased. Companies enter as they list. It is separate from the live record above and is never joined to it.
| Series | Total return | Annualized | Max drawdown |
|---|---|---|---|
| Equal weight | +30.6% | +10.2% | -27.9% |
| Cap weight | +63.7% | +19.6% | -23.1% |
| QQQ | +83.3% | +24.6% | -22.8% |
| SPY | +65.7% | +20.1% | -18.8% |
06 / THE CONSTITUENTS
Every company in the index.
Membership locked at the close from the September 28, 2026 map edition.
| Company | Map stages | Market cap | Equal weight | Cap weight | Since rebalance |
|---|---|---|---|---|---|
| AAPL company storyApple | Checkout & payments | $4.89T | 1.30% | 9.81% | +0.2% |
| GOOGLAlphabet | Discovery & adsCloud, CDN & securityCheckout & payments | $4.14T | 1.31% | 9.90% | +1.0% |
| MSFTMicrosoft | Cloud, CDN & security | $3.81T | 1.34% | 10.11% | +3.2% |
| AMZNAmazon | Discovery & adsCloud, CDN & securityStores & marketplacesWarehouses & robotsShipping & delivery | $2.68T | 1.33% | 10.08% | +2.9% |
| METAMeta | Discovery & ads | $1.84T | 1.32% | 9.98% | +1.9% |
| JPMJPMorgan Chase | Issuers & credit | $922.6B | 1.30% | 6.46% | +0.6% |
| WMTWalmart | Stores & marketplaces | $826.6B | 1.34% | 5.93% | +3.2% |
| VVisa | Card networks | $687.6B | 1.34% | 4.93% | +3.1% |
| MAMastercard | Card networks | $486.4B | 1.33% | 3.48% | +2.7% |
| ORCLOracle | Cloud, CDN & security | $407.2B | 1.37% | 2.99% | +5.4% |
| COSTCostco | Stores & marketplaces | $404.2B | 1.33% | 2.89% | +2.8% |
| BACBank of America | Issuers & credit | $389.2B | 1.29% | 2.69% | −0.6% |
| BABAAlibaba | Stores & marketplaces | $251.0B | 1.32% | 1.77% | +1.6% |
| CCitigroup | Issuers & credit | $220.2B | 1.29% | 1.52% | −0.7% |
| AXPAmerican Express | Card networksIssuers & credit | $206.2B | 1.30% | 1.44% | +0.1% |
| SHOPShopify | Storefront softwareCheckout & payments | $192.1B | 1.44% | 1.48% | +10.9% |
| CRMSalesforce | Storefront softwareReturns & support | $188.2B | 1.27% | 1.28% | −2.0% |
| UBERUber | Shipping & delivery | $139.5B | 1.31% | 0.98% | +0.8% |
| NETCloudflare | Cloud, CDN & security | $123.1B | 1.32% | 0.88% | +2.2% |
| COFCapital One | Card networksIssuers & credit | $119.8B | 1.31% | 0.85% | +1.4% |
| PDDPDD Holdings | Stores & marketplaces | $109.6B | 1.30% | 0.77% | +0.6% |
| ADBE company storyAdobe | Storefront software | $94.8B | 1.29% | 0.65% | −0.8% |
| MELI company storyMercadoLibre | Stores & marketplacesCheckout & paymentsWarehouses & robotsShipping & delivery | $87.6B | 1.39% | 0.66% | +7.5% |
| DASHDoorDash | Shipping & delivery | $79.7B | 1.37% | 0.59% | +5.5% |
| UPSUPS | Shipping & deliveryReturns & support | $79.4B | 1.29% | 0.55% | −0.4% |
| DHLGYDHL Group | Shipping & delivery | $71.4B | 1.27% | 0.49% | −1.8% |
| TGTTarget | Stores & marketplaces | $71.2B | 1.28% | 0.49% | −1.5% |
| FDXFedEx | Shipping & deliveryReturns & support | $68.7B | 1.31% | 0.48% | +1.4% |
| HONHoneywell | Warehouses & robots | $66.9B | 1.31% | 0.47% | +0.9% |
| NU company storyNu Holdings | Issuers & credit | $61.5B | 1.60% | 0.53% | +23.7% |
| SESea | Stores & marketplaces | $59.6B | 1.28% | 0.41% | −0.9% |
| ROKRockwell Automation | Warehouses & robots | $48.8B | 1.34% | 0.35% | +3.5% |
| EBAYeBay | Stores & marketplaces | $47.4B | 1.31% | 0.33% | +1.0% |
| PYPLPayPal | Checkout & payments | $47.0B | 1.35% | 0.34% | +4.0% |
| XYZBlock | Checkout & payments | $44.0B | 1.35% | 0.32% | +4.1% |
| JDJD.com | Stores & marketplacesShipping & delivery | $35.8B | 1.29% | 0.25% | −0.4% |
| ADYEYAdyen | Checkout & payments | $30.9B | 1.28% | 0.21% | −1.5% |
| SYMSymbotic | Warehouses & robots | $29.9B | 1.36% | 0.22% | +4.9% |
| RDDTReddit | Discovery & ads | $27.4B | 1.35% | 0.20% | +4.6% |
| FISVFiserv | Checkout & payments | $24.2B | 1.30% | 0.17% | +0.7% |
| SYFSynchrony | Issuers & credit | $23.5B | 1.32% | 0.17% | +1.7% |
| AFRMAffirm | Issuers & credit | $23.5B | 1.40% | 0.18% | +8.2% |
| GPNGlobal Payments | Checkout & payments | $21.2B | 1.30% | 0.15% | +0.1% |
| ZBRAZebra Technologies | Warehouses & robots | $18.8B | 1.34% | 0.14% | +3.3% |
| AKAMAkamai | Cloud, CDN & security | $15.4B | 1.32% | 0.11% | +2.1% |
| ZTOZTO Express | Shipping & delivery | $14.9B | 1.31% | 0.10% | +1.3% |
| WWayfair | Stores & marketplaces | $13.5B | 1.33% | 0.10% | +2.8% |
| GDDYGoDaddy | Storefront software | $12.5B | 1.33% | 0.09% | +2.8% |
| MANHManhattan Associates | Warehouses & robots | $11.8B | 1.32% | 0.08% | +2.1% |
| PINSPinterest | Discovery & ads | $11.3B | 1.37% | 0.08% | +6.0% |
| HUBSHubSpot | Storefront software | $10.4B | 1.37% | 0.08% | +5.9% |
| CGNXCognex | Warehouses & robots | $10.1B | 1.42% | 0.08% | +9.4% |
| CART company storyInstacart | Stores & marketplacesShipping & delivery | $10.1B | 1.37% | 0.07% | +5.4% |
| SNAPSnap | Discovery & ads | $9.0B | 1.39% | 0.07% | +7.0% |
| CHWYChewy | Stores & marketplaces | $7.4B | 1.29% | 0.05% | −0.3% |
| DSGXDescartes | Warehouses & robots | $6.9B | 1.26% | 0.05% | −2.8% |
| ETSYEtsy | Stores & marketplaces | $6.7B | 1.29% | 0.05% | −0.1% |
| GLBEGlobal-e | Storefront software | $6.7B | 1.26% | 0.05% | −2.6% |
| NICENiCE | Returns & support | $6.5B | 1.34% | 0.05% | +3.6% |
| TTDThe Trade Desk | Discovery & ads | $5.7B | 1.27% | 0.04% | −2.1% |
| GXOGXO Logistics | Warehouses & robotsReturns & support | $5.1B | 1.35% | 0.04% | +4.4% |
| KLARKlarna | Issuers & credit | $4.7B | 1.39% | 0.03% | +6.9% |
| KVYOKlaviyo | Storefront software | $4.7B | 1.37% | 0.03% | +5.5% |
| DLO company storydLocal | Checkout & payments | $4.1B | 1.37% | 0.03% | +5.6% |
| FSLYFastly | Cloud, CDN & security | $4.0B | 1.29% | 0.03% | −0.6% |
| FOURShift4 | Checkout & payments | $3.8B | 1.38% | 0.03% | +6.4% |
| WIXWix | Storefront software | $3.1B | 1.33% | 0.02% | +2.5% |
| FIVNFive9 | Returns & support | $2.6B | 1.27% | 0.02% | −2.1% |
| PAGSPagBank | Checkout & payments | $2.5B | 1.56% | 0.02% | +20.4% |
| PAYOPayoneer | Checkout & payments | $2.4B | 1.30% | 0.02% | +0.1% |
| STNEStoneCo | Checkout & payments | $2.2B | 1.61% | 0.02% | +24.4% |
| LQDTLiquidity Services | Returns & support | $1.3B | 1.26% | 0.01% | −3.1% |
| RSKDRiskified | Checkout & payments | $1.1B | 1.28% | 0.01% | −1.5% |
| CRTOCriteo | Discovery & ads | $755M | 1.26% | 0.01% | −2.6% |
| CMRCCommerce.com | Storefront software | $261M | 1.32% | 0.00% | +1.6% |
No constituents match this search.
Weights are today’s drifted weights: each name was set to its target at the Sep 30, 2026 close and has moved with its price since. Cap weight limits any company to 10% at each rebalance. Market cap is the value locked at that rebalance. “Since rebalance” uses dividend-adjusted closes.
07 / METHODOLOGY
The rules, in full.
Every number on this page follows these rules. Nothing is chosen by hand between rebalances.
- Universe. Every public company the commerce map places in a stage. Private companies such as Stripe are context, not members. U.S. listings and ADRs are used; Adyen and DHL trade as OTC ADRs.
- Weighting. The main index and every stage index are equal weight: each member is set to 1/N. The headline index also has a cap-weight version: each member is set to its market cap divided by the total at the rebalance close, with no company above 10% and the excess shared pro rata. Stage indices are not cap-weighted.
- Monthly rebalance. At the last completed session of each month, membership resets to the map edition then in force and weights reset to target. Between rebalances, weights drift with prices.
- Adds and removes are cash-neutral. Changes happen only at a rebalance close, and each month starts at the previous month’s closing level. A company joining or leaving never moves the index by itself. A member that stops trading mid-month is held at its last price, like cash, until the next rebalance.
- Prices and benchmarks. FMP dividend-adjusted daily closes; FMP historical market capitalization for cap weights. QQQ (Nasdaq-100) and SPY (S&P 500) are measured on the same dividend-adjusted basis from the same start date. No fees, taxes or trading costs.
- An append-only record. Each rebalance records its date, map edition, members, closing prices and market caps. Past rebalances are never rewritten.
08 / REBALANCE LOG
Every change has a date.
Inception. 75 companies from the September 28, 2026 commerce map, each index set to 100 at the close.
Download the daily index levels: levels.csv.
QUESTIONS
About the Commerce Index.
What is the TechBreakdowns Commerce Index?
A rules-based tech commerce index of every public company on the TechBreakdowns commerce map: the businesses paid when someone buys something online, from advertising and storefront software to payments, card networks, lenders, warehouses, carriers and returns. It has 75 companies across 10 stages and began on September 30, 2026.
How is the Commerce Index weighted?
The main index is equal weight: each company gets the same share at every rebalance, so small and mid-size commerce companies matter as much as the giants. A second, cap-weight version sizes each company by market capitalization at the rebalance close, with no company above 10%, to show where the money in commerce sits. The ten stage indices are equal weight only, because one platform’s whole market value would otherwise dominate a stage.
How often is the index rebalanced?
Monthly, at the last completed closing session of each month. Membership follows the commerce map edition in force on that date. Companies added to or removed from the map join or leave only at a rebalance close, and the index is chain-linked, so a membership change never moves the index level by itself.
How has the Commerce Index performed against QQQ and SPY?
From September 30, 2026 through October 6, 2026, the equal-weight index returned +2.91% and the cap-weight index +2.09%, compared with +2.69% for QQQ (Nasdaq-100) and +2.16% for SPY (S&P 500), all on dividend-adjusted closes.
What does the commerce index backcast show?
The backcast applies the inception membership to month-ends from December 29, 2023. It returned +30.6% equal-weighted and +63.7% cap-weighted, versus +83.3% for QQQ and +65.7% for SPY. It is survivorship-biased because it uses today’s map, so it is context, not a track record.
Can I invest in the Commerce Index?
No. It is an independent research index, not a fund, ETF or investment product, and no one manages money against it. Results are hypothetical and exclude trading costs and taxes. It is not personalized investment advice.
FOLLOW THE MONEY
The index starts with the map.
The TechBreakdowns Commerce Index is an independent, hypothetical research index, not an investable product, fund or personalized investment advice. Levels exclude fees, taxes and trading costs. The backcast is survivorship-biased and is not a track record. Data through October 6, 2026; priced 2026-10-07.