Top 10 S&P 500 shorts all carry negative 6m expected returns: -15.1% to -11.0%, median conf 93. The common thread is earnings yield vs bonds—dominant in half the book, present almost everywhere. This

Trimble Inc. ($TRMB) sits worst at -15.1%, conf 94—earnings yield vs bonds is the biggest drag, short interest adds, only illiquidity helps. Realty Income Corporation ($O) -14.4% conf 92 flips the order: short interest is the main hit, earnings yield second, illiquidity doesn’t cushion. Coinbase Global, Inc. ($COIN) -13.7% conf 93 has short interest and earnings yield both dragging, 60d volatility the lone tailwind. Molson Coors Beverage Company ($TAP) -12.7% conf 93 is the same short-interest/earnings-yield trade, with illiquidity as the only positive offset. Tyler Technologies, Inc. ($TYL) -12.1% conf 93 adds a third problem: 12mo momentum fading. Jacobs Solutions Inc. ($J) -12.1% conf 94 is cleaner—earnings yield first, short interest second, illiquidity small help. Live Nation Entertainment, Inc. ($LYV) -11.6% conf 91: earnings yield and short interest drag, falling 60d volatility doesn’t help. The Mosaic Company ($MOS) -11.2% conf 91: short interest and earnings yield hit hard, il

Trimble Inc. ($TRMB) sits worst at -15.1%, conf 94—earnings yield vs bonds is the biggest drag, short interest adds, only illiquidity helps. Realty Income Corporation ($O) -14.4% conf 92 flips the ord