{"slug":"the-january-effect","qid":"turn_of_year_volume","label":"SPY share volume around the turn of the year, averaged since 2011","post_title":"The January Effect: Does It Still Work?","post_url":"/blog/the-january-effect#q-turn_of_year_volume","columns":["label","avg_volume_millions","relative_activity"],"rows":[{"label":"Dec 21","avg_volume_millions":126.2,"relative_activity":1.24},{"label":"Dec 22","avg_volume_millions":85.8,"relative_activity":0.85},{"label":"Dec 23","avg_volume_millions":71.5,"relative_activity":0.7},{"label":"Dec 24","avg_volume_millions":50.8,"relative_activity":0.5},{"label":"Dec 26","avg_volume_millions":73.5,"relative_activity":0.72},{"label":"Dec 27","avg_volume_millions":80.6,"relative_activity":0.79},{"label":"Dec 28","avg_volume_millions":83.2,"relative_activity":0.82},{"label":"Dec 29","avg_volume_millions":80.1,"relative_activity":0.79},{"label":"Dec 30","avg_volume_millions":67.2,"relative_activity":0.66},{"label":"Dec 31","avg_volume_millions":105.3,"relative_activity":1.04},{"label":"Jan 02","avg_volume_millions":107.7,"relative_activity":1.06},{"label":"Jan 03","avg_volume_millions":104.4,"relative_activity":1.03},{"label":"Jan 04","avg_volume_millions":114.5,"relative_activity":1.13},{"label":"Jan 05","avg_volume_millions":105.2,"relative_activity":1.04},{"label":"Jan 06","avg_volume_millions":107,"relative_activity":1.05},{"label":"Jan 07","avg_volume_millions":102.4,"relative_activity":1.01},{"label":"Jan 08","avg_volume_millions":96.6,"relative_activity":0.95},{"label":"Jan 09","avg_volume_millions":82.6,"relative_activity":0.81},{"label":"Jan 10","avg_volume_millions":90,"relative_activity":0.89}],"shape":"ranking","sql":"SELECT\n    concat(\n        if(toMonth(date) = 12, 'Dec ', 'Jan '),\n        if(toDayOfMonth(date) < 10, concat('0', toString(toDayOfMonth(date))), toString(toDayOfMonth(date)))\n    )                                      AS label,\n    round(avg(toFloat64(volume)) / 1e6, 1) AS avg_volume_millions,\n    round(avg(toFloat64(volume)) / (\n        SELECT avg(toFloat64(volume))\n        FROM global_markets.stocks_daily_aggs\n        WHERE ticker = 'SPY'\n          AND date >= '2011-01-01'\n          AND date <  '2026-08-01'\n    ), 2)                                  AS relative_activity\nFROM global_markets.stocks_daily_aggs\nWHERE ticker = 'SPY'\n  AND date >= '2011-01-01'\n  AND date <  '2026-08-01'\n  AND ((toMonth(date) = 12 AND toDayOfMonth(date) >= 21)\n    OR (toMonth(date) = 1  AND toDayOfMonth(date) <= 10))\nGROUP BY toMonth(date), toDayOfMonth(date)\nORDER BY if(toMonth(date) = 12, 0, 1), toDayOfMonth(date)","computed_at":"2026-08-11T15:23:02.251792+00:00","elapsed":0.002857013}