By Mark Marex, Product Development Specialist
作者：产品开发专员Mark Marex
The ISE CTA Cloud Computing Index (CPQ) was launched on December 31, 2007, when the industry was still nascent and about to experience a rapid phase of expansion and maturation. During the 2010s, CPQ returned 506% on a total return basis, besting even the Nasdaq-100 (NDX) Index, which soared 426%. Its constituent basket expanded from 28 to 62 in 2019 as a result of a methodology revamp that sought to identify a wider and more suitable spectrum of companies involved in cloud computing, falling into one of three main categories (Infrastructure-as-a-Service, Platform-as-a-Service, Software-as-a-Service). With the input of the Consumer Technology Association (CTA), companies now receive points for their involvement in one or more categories (3 for IaaS, 2 for PaaS, 1 for SaaS) and are weighted accordingly. Constituents are capped at 4.5% at each index rebalance and reconstitution. Let’s review how CPQ has performed in the recent past and what its components look like today, followed by a consideration of the drivers of future performance.
ISE CTA云计算指数（CPQ）于2007年12月31日发布，当时该行业还处于起步阶段，即将经历快速发展和成熟的阶段。在2010年代，CPQ的总回报率为506％，甚至超过了纳斯达克100（NDX）指数，后者飙升了426％。由于对方法进行了重新设计，该方法的组成篮子从28个扩大到62个，目的是确定参与云计算的公司范围更广，更合适，属于三大类之一（基础设施即服务，平台即服务，软件即服务）。在消费者技术协会（CTA）的投入下，公司现在因参与一个或多个类别（IaaS为3，PaaS为2，SaaS为1）而获得积分，并相应地加权。每次指数重新组合和重组时，成分股的上限为4.5％。让我们回顾一下CPQ在最近的表现以及今天的组成如何，然后再考虑未来表现的驱动因素。
Of the 64 constituents in CPQ, the top 15 represented 49% of the index weight as of the end of 2Q’20. The top 32 names represented approximately 79%, while the top 5 represented 20%. The largest of these were Amazon (AMZN) and Microsoft (MSFT), with weights above 4% and returns of 49.3% and 29.0%, respectively. Most of the others in the top 15 have fared well despite the volatility and economic upheaval attributed to the Coronavirus pandemic, with an average YTD return of nearly 46%; only CenturyLink (CTL) has seen its price decrease. The biggest standouts have been Fastly (FSLY), up over 300%, and Shopify (SHOP), up nearly 140% after being the top performer in the index during 2019. Names not in the top 15 performed somewhat worse, with an average YTD return of approximately 32%.
截至2Q’20年底，CPQ的64个成分股中，前15名占指数权重的49％。前32位代表约79％，前5位代表20％。其中最大的是亚马逊（AMZN）和微软（MSFT），权重超过4％，回报率分别为49.3％和29.0％。尽管冠状病毒大流行造成了动荡和经济动荡，但前15名中的大多数其他国家的表现都很好，年初至今的平均回报率接近46％；只有CenturyLink（CTL）价格下降。在2019年成为该指数中表现最好的公司之后，最杰出的公司是Fastly（FSLY），增长了300％以上，Shopify（SHOP），增长了近140％。不在前15名中的公司表现稍差，平均年初至今回报率约为32％。
In terms of market capitalization for the overall group, the average was $101.0bn, while the weighted average was $221.3bn. The median was only $11.3bn, however. This large skew results from the outsized market caps of Amazon, Microsoft, and Google – all in the vicinity of $1-1.5 Trillion (and to some extent, also Alibaba (BABA) at more than $500bn). Yet, the fat tail at the top of the size distribution does not necessarily mask a long tail at the bottom end, as only 5 constituents fall into a true “small-cap” designation with market caps less than $2.5bn, representing less than 5% of the total index weights. CPQ is still, ultimately, an index of mostly large-cap companies with a sizable mid-cap segment as well.
就整个集团的市值而言，平均值为1010亿美元，而加权平均值为2213亿美元。然而，中位数仅为113亿美元。如此大的偏差是由于亚马逊，微软和谷歌的市值过大所致，它们的市值均在1-1.5万亿美元附近（在某种程度上，阿里巴巴（BABA）的市值也超过了5000亿美元）。然而，规模分布顶部的粗尾并不一定会掩盖底端的长尾，因为只有5个成分跌入了真正的“小盘”称号，市值低于25亿美元，占总市值不到5总指数权重的百分比。最终，CPQ仍然是大多数中型企业也属于中型企业的指数。
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