Last updated: 2026-05-09
Alpha Builders is a research and education tool for studying quantitative equity factors. Nothing on this site — including backtests, factor recommendations, AI-generated suggestions, performance metrics, or chat responses — constitutes investment advice, a recommendation to buy or sell any security, or an offer of any financial product. You should not interpret any output of this software as a personalized recommendation tailored to your circumstances.
All backtests on this site are simulations of how a factor or rule would have performed on historical data. Past performance does not guarantee or indicate future returns. Real trading involves slippage, fees, taxes, market impact, and execution risk that simulations approximate but cannot fully reproduce. As of V1.5 (2026-05-24), backtests use point-in-time S&P 500 and Russell 2000 membership (each rebalance date sees the index constituents as they actually were on that date), eliminating backfill survivorship bias for these two universes. Other forms of bias (factor look-ahead, missing intra-quarter Russell changes pre-2020, slippage modeling) are still present at varying degrees.
Data on this site covers the period through 2026-05-22. Newer data is not available.
The "paper portfolio" feature lets you watch a strategy's selected stocks going forward, using daily closing prices. This is a hypothetical simulation:
If you choose to trade these stocks in a real account, you do so at your own risk, with your own broker, using your own judgement.
The chat assistant and the "Run AI analysis" feature use a large language model that generates text probabilistically. It can produce confident-sounding output that is incorrect, incomplete, outdated, or misleading. It may invent factor names, misstate formulas, hallucinate academic citations, or recommend strategies that have not been validated. Treat AI output as a starting point for your own research, never as ground truth. Always verify formulas against the documentation and run your own backtests before acting on any suggestion.
Alpha Builders is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any state or non-U.S. regulator. The operators of this site are not licensed broker-dealers, registered investment advisers, or certified financial planners. We do not have a fiduciary relationship with you.
Investment decisions are yours alone. We strongly recommend consulting a qualified financial professional before acting on any idea you encounter on this site. You bear all risk of loss arising from any trade you make. Alpha Builders, its operators, contributors, and underlying service providers are not liable for any losses, damages, or missed opportunities resulting from your use of this software.
Alpha Builders is in active development. Features may change, break, or be removed without notice. The site is provided "as is" and "as available," without warranties of any kind, whether express or implied, including merchantability, fitness for a particular purpose, accuracy, or non-infringement. We make no guarantee that the service will be uninterrupted, error-free, or secure.
This site uses Clerk for authentication, Anthropic's Claude for AI generation, and PostHog for cookieless usage analytics. We do not collect or store your credit-card, banking, brokerage, or government-ID information. Your chat messages are stored on our servers tied to your account so the AI can keep context across sessions; we do not share them with third parties and do not use them to train models.
We may update this disclaimer at any time. Continued use of the site after an update constitutes acceptance of the updated terms. The "Last updated" date at the top of this page reflects the most recent change.
Questions about this disclaimer can be sent to support@alphabuildersus.com.