AlphaScore is CEORater's proprietary 0–100 rating of a CEO's TSR performance relative to their S&P 500 peers. It's calculated in two steps: first, each CEO is percentile-ranked on their total TSR vs. SPY and separately on their Average Annual TSR vs. SPY. The AlphaScore is the average of these two percentile ranks—producing a single, comprehensive measure of market outperformance over the CEO's tenure.
Because AlphaScore is a relative percentile ranking, shifts in TSR vs. SPY can move a CEO's position meaningfully—and over a single month, the swings can be significant.
We compared AlphaScores for 511 S&P 500 CEOs present in both our January 12th and February 12th, 2026 datasets. Of those, 242 saw their AlphaScore decline. The five largest drops—ranging from −28.9 to −46.6 points—are concentrated in technology.
Top 5 AlphaScore Decliners
The largest AlphaScore drops are dominated by technology names. These CEOs have substantial tenures—ranging from 5 months to 25 years—meaning these shifts reflect meaningful changes in their TSR positioning relative to S&P 500 peers.
| # | CEO | Ticker | AlphaScore | Δ |
|---|---|---|---|---|
| 1 |
Balazs Fejes EPAM Systems |
EPAM | 74.8 → 28.2 | −46.6 |
| TSR: 20.1% → −7.5% | Avg Annual TSR: 55.2% → −16.7% · Tenure: ~5 months | ||||
| 2 |
Sasan Goodarzi Intuit |
INTU | 68.1 → 28.1 | −39.9 |
| TSR: 239.6% → 112.7% | Avg Annual TSR: 34.1% → 15.8% · Tenure: ~7 years | ||||
| 3 |
James C. Foster Charles River Laboratories |
CRL | 77.4 → 48.0 | −29.4 |
| TSR: 894.6% → 621.5% | Avg Annual TSR: 35.0% → 24.2% · Tenure: ~25 years | ||||
| 4 |
Jack Dorsey Block, Inc. |
XYZ | 78.9 → 49.8 | −29.1 |
| TSR: 437.6% → 275.6% | Avg Annual TSR: 43.1% → 26.9% · Tenure: ~10 years | ||||
| 5 |
Glenn Fogel Booking Holdings |
BKNG | 65.1 → 36.1 | −28.9 |
| TSR: 273.8% → 188.3% | Avg Annual TSR: 30.3% → 20.7% · Tenure: ~9 years | ||||
Biggest Drop: EPAM's Balazs Fejes saw his AlphaScore cut nearly in half—from 74.8 to 28.2. His cumulative TSR swung from +20.1% to −7.5%, and his Average Annual TSR went from 55.2% to −16.7%. With a tenure of roughly five months, shifts in TSR have an amplified impact on his percentile position.
What's Behind the Declines
Intuit (INTU) saw the second-largest drop. Sasan Goodarzi's cumulative TSR fell from 239.6% to 112.7%, and his Average Annual TSR dropped from 34.1% to 15.8% over his roughly seven-year tenure. The result: his AlphaScore was cut from 68.1 to 28.1.
Charles River Laboratories (CRL) illustrates how large cumulative TSR bases can shift in absolute terms. James Foster's TSR fell from 894.6% to 621.5% over his 25-year tenure—still extraordinary—but the 273-point drop in cumulative TSR was enough to move his AlphaScore from 77.4 to 48.0.
Block (XYZ) and Booking Holdings (BKNG) both saw their multi-year TSR records compressed meaningfully. Dorsey's Block went from 437.6% to 275.6% cumulative TSR, while Fogel's Booking fell from 273.8% to 188.3%. Both remain strongly positive on an absolute basis, but their positions relative to the S&P 500 deteriorated significantly.
The Takeaway
AlphaScore is a relative percentile measure, and a single month of TSR deterioration can meaningfully compress years of accumulated outperformance. Four of these five CEOs still carry strongly positive cumulative TSR over their tenures—but their positions relative to S&P 500 peers shifted significantly in a 30-day window.
EPAM's Fejes is the only decliner whose cumulative TSR turned negative during the period. The remaining four—Goodarzi, Foster, Dorsey, and Fogel—saw multi-year track records of outperformance diluted, a reminder that even strong long-term records can be recalibrated quickly in a relative ranking system.
About AlphaScore
AlphaScore is a 0–100 rating calculated by percentile-ranking each CEO on two metrics—total TSR vs. SPY and Average Annual TSR vs. SPY—then averaging those two percentile ranks into a single blended score. It accounts for 50% of the overall CEORaterScore™. Month-over-month changes in AlphaScore reflect shifts in a CEO's TSR relative to the S&P 500, which in turn move their percentile position among all S&P 500 CEOs. This analysis compares 511 CEOs present in both the January 12th and February 12th, 2026 datasets.
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