The stocks that performed best under the first Trump presidency were not the household names you might expect. From January 20, 2017 to January 20, 2021, a handful of tech and e-commerce companies posted returns that dwarfed even the market's own strong run, with the top five all topping 1,000% in total return.
At a Glance
- The S&P 500 gained more than 83% during Trump's first term, while the Nasdaq surged 152%.
- Enphase Energy led all major stocks with a total return near 10,700%.
- Pandemic driven shifts toward digital services and online shopping fueled much of the growth.
- The 2017 Tax Cuts and Jobs Act helped support corporate expansion during this stretch.
How the Broader Market Performed
Context matters here. Between January 2017 and January 2021, the S&P 500 rose more than 83%, the Dow Jones Industrial Average climbed 73%, and the Nasdaq Composite jumped 152%. Near zero interest rates, low unemployment, and a generally strong economy (interrupted briefly by the COVID 19 pandemic) all played a part. Against that backdrop, the standout individual stocks look even more remarkable, since each of the five biggest winners posted total returns north of 1,000%, far beyond what the indices themselves delivered.
Enphase Energy's Extraordinary Run
Enphase Energy (ENPH), an S&P 500 component, topped the list with a return of roughly 10,700%. Its share price climbed from $1.85 to $212.07 over the four year stretch. The company makes microinverters, devices that convert the direct current electricity generated by solar panels into the alternating current used in homes. Between 2016 and 2020, Enphase restructured its business, brought in new leadership, and expanded its lineup to include a storage system that keeps power flowing when solar grids go down. That combination of operational cleanup and product expansion set the stage for the stock's climb.
Ad Tech, E-commerce, and the Pandemic Effect
The Trade Desk (TTD) came in second, with shares rising from $2.93 to $81.30, a gain of about 2,600%. The advertising technology company rode the wave of digital media consumption as advertisers chased audiences onto streaming platforms, and its stock nearly doubled in 2020 alone. The Trade Desk also positioned itself as an alternative to Google's dominant ad business and began building Unified ID 2.0, a proposed replacement for the cookies that have traditionally tracked users for targeted ads.
Shopify (SHOP) followed closely with a gain of more than 2,300%, its price moving from $5.01 to $119.67. The e-commerce platform, which lets business owners set up online or physical storefronts, benefited enormously when pandemic lockdowns pushed shoppers toward online retail. Shopify reported $2.4 billion in Black Friday sales in 2020, a 75% jump from the year before.
MercadoLibre (MELI), sometimes called the Amazon of South America, rounded out the group with a return topping 1,000% as its stock rose from $176.17 to $1,965.05. The Argentina based company runs e-commerce platforms across Latin America, including Mexico, the Dominican Republic, Colombia, and Venezuela. Its e-commerce revenue grew 90% in 2020, and its fintech arm, Mercado Pago, added another layer of growth through payment processing and point of sale transactions.
Tesla's Rise Into the S&P 500
Tesla (TSLA) delivered a gain of more than 1,700% (Musk's electric vehicle company traded around $16.32 at the start of Trump's term and reached $282.21 by its end). Tesla joined the S&P 500 in 2020 after five consecutive profitable quarters, becoming one of the largest firms ever added to the index. Revenue hit $31.5 billion in 2020, up from $24.6 billion in 2019, helped by strong EV demand in China, uninterrupted production through the pandemic, and income from selling regulatory credits. By January 2021, Musk had become the world's richest person, according to Bloomberg.
What These Numbers Actually Tell Investors
These five stocks share a common thread: each one either adapted fast to pandemic driven changes in consumer behavior or offered a digital solution that scaled quickly once demand shifted. Corporate tax cuts from the 2017 Tax Cuts and Jobs Act gave many companies room to reinvest and expand during this window too. But the returns were the product of a specific, unusual mix of policy shifts, a global health crisis, and investor enthusiasm that will not simply repeat itself on command.
Can Past Winners Signal Anything About the Future?
None of this guarantees similar performance under any future administration or economic backdrop. Pandemic conditions were singular, and the policy environment that followed 2017 won't be duplicated exactly. Investors watching for the next breakout stock should weigh how much of this era's success was tied to circumstances unlikely to repeat.