Coverage now spans 19 markets across energy, agriculture and metals, with the model recording a 24.8% return in live evaluation through 22 September 2026.
London, 30 September 2026 – Permutable, a provider of explainable market intelligence, today reported 24.8% live model performance for 2026 to 22 September using its next-generation of signals, compared with approximately 13.2% for the S&P 500. The result extends the strong performance reported in November 2025 and takes cumulative model performance since live tracking began in October 2024 to 74.0%.
Alongside the 2026 results, Permutable has expanded its live capabilities from six commodity markets to 19 major assets spanning energy, agriculture and metals. The expansion turns a focused set of signals into a connected view of the broader commodity economy, from fuel and industrial inputs to food and precious metals.
2026 live results at a glance
Performance in context
Across the full live period, from 3 October 2024 to 22 September 2026, the indexed cumulative paths ended at the following levels (3 October 2024 = 100):
Source: Permutable live results, marked 22 September 2026. Based on 105 weekly marks. During 2026 the model remained ahead of the S&P 500 but trailed the sharp rise in commodity prices represented by BCOM. These are reference comparisons, not like-for-like products.
A disruption in oil or gas can raise costs for metals producers and farmers, poor weather can cut crop supply, while sanctions can change where cargoes go and what buyers pay. With coverage across 19 assets in energy, agriculture and metals, Permutable can track when pressure in one market starts to show up in another, and trace the news behind it.
Wilson Chan, Founder and CEO at Permutable commented, “Last year showed that our approach could identify meaningful changes in a focused group of commodity markets. This year is about breadth. We can now apply the same explainable intelligence across the major commodity complex, helping investors understand not only what is changing, but why markets may be moving together.”
The technology reads large volumes of news, company reporting, policy announcements and other public information, then identifies the narratives most likely to matter for each market. Unlike a conventional sentiment score, it distinguishes attention from genuine market pressure and retains the underlying sources so that investors can examine how a conclusion was reached.
The results provide a practical measure of whether those insights have been useful over time. Positive contributions in 2026 came from all three major groups: energy, agriculture and metals.
Michael Brisley, Chief Commercial Officer at Permutable commented, “Investors are looking for a coherent picture of markets that are increasingly connected by geopolitics, climate, regulation and supply chains. AI can help make those relationships visible as they develop, with enough evidence for investors to assess what they mean for their decisions.”
Permutable provides its intelligence through a real-time API for integration into research and investment systems delivering live market signals, narrative drivers, source evidence and an audit trail. Permutable is a technology provider; it does not manage money or offer the modelled portfolio as an investment product.
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