These Were the Top 5 Stocks During Trump’s First Term—Here’s Why

The stock market boomed during the first Trump administration. The S&P 500 rose more than 83%, the Dow Jones Industrial Average climbed 73%, and the Nasdaq Composite surged 152%.

Driven in part by factors like the 2017 Tax Cuts and Jobs Act, near-zero interest rates, low unemployment, and strong economic growth (though growth contracted briefly during the COVID-19 pandemic).

We analyzed the stocks that performed the best during Trump’s presidency based on their total return for the period dating from Jan. 20, 2017, to Jan. 20, 2021.

The top five stocks from this period generated returns of more than 1000%, far exceeding the total return for any of the major indices.

Enphase Energy 

Total return: ~10,700%

Enphase Energy (ENPH), which is included in the S&P 500, surpassed the others on the list, raking in a return of nearly 10,700% during Trump’s first term. Its stock price rose from $1.85 to $212.07.

Enphase Energy is a U.S.-based energy technology company known for developing microinverters, a device that converts direct current electricity produced by solar panels into alternating current electricity, which can be used in homes.

What drove the stock’s meteoric rise during this period? Between 2016 and 2020, the company underwent restructuring, implemented new upper management, and expanded its product lineup to include the Enphase Energy storage system, which provides electricity when solar grids are down.

The Trade Desk

Total return: ~2,600%

The Trade Desk (TTD), a U.S.-based advertising technology company, saw its stock jump from $2.93 to $81.30, increasing by more than 2,600%. The company benefited from the surge in digital media consumption during the pandemic, as advertisers followed audiences to streaming platforms. In 2020, the stock nearly doubled in value.

The company has positioned itself as a competitor to Google (GOOG), which controls a large portion of the advertising market. During this period, the company also started developing Unified ID 2.0, a possible alternative to cookies that are traditionally used to collect data on users for targeted advertising.

Shopify 

Total return: ~2,300%

Shopify (SHOP) ranks just behind Trade Desk for growth during this period, notching a gain of more than 2,300%. Between 2017 and 2021, the price went from $5.01 to $119.67.

Shopify is a platform where business owners can launch digital or brick-and-mortar stores. It experienced a huge boost in revenue during the COVID-19 pandemic.

With physical retail stores shut down due to lockdowns, customers flocked to online retailers to shop on the e-commerce platform. In 2020, the company announced $2.4 billion worth of Black Friday sales, a 75% increase over the previous year.

Tesla

Total return: ~1,630%

Elon Musk’s Tesla (TSLA) stood out during Trump’s first term, rising from just $16.32 to $282.21, a gain of more than 1,700%. The U.S.-based electric vehicle maker joined the S&P 500 in 2020 after posting five straight quarters of profitability, becoming one of the largest companies to be included in the index.

In 2020, Tesla reported $31.5 billion in revenue, up from $24.6 billion in 2019. Contributing factors included elevated demand for EVs in China, continued production despite the pandemic, and its sale of regulatory credits, all helped boost sales. In January 2021, Musk was anointed the richest person in the world, according to Bloomberg.

MercadoLibre

Total return: ~1,000%

MercadoLibre (MELI), often dubbed the “Amazon of South America,” saw its stock climb from $176.17 to $1,965.05 from 2017 to 2020, accounting for a more than 1,000% increase. The Argentina-based company operates e-commerce platforms in Latin American countries, including Mexico, the Dominican Republic, Colombia, and Venezuela.

The COVID-19 pandemic buoyed the company’s stock as shoppers began purchasing more goods online. In 2020, MercadoLibre’s e-commerce revenue increased 90%. And while the company’s e-commerce division is an integral part of the business, the company also owns Mercado Pago, a fintech arm that generates revenue from payment processing and point-of-sale purchases.

The Bottom Line

The Trump-era bull market created standout winners, especially in tech, clean energy, and e-commerce. Companies that adapted quickly to changing consumer behavior during the pandemic, or offered scalable digital solutions, saw exponential growth.

While these returns are extraordinary, they were shaped by a unique mix of policy, pandemic-driven shifts, and investor optimism.