• Models on emotional data for German equities outperform standard price momentum strategies

• Emotional data indicator “positive rate” achieves the best performance in most of the experiments with a Sortino ratio of 1.45

• In addition to the “positive rate” method, a “sentiment average” approach has better performance in shorter time periods (< 12-weeks)

• Stock selections for standard price momentum strategies and emotional data models have low overlapping. Emotional data models pick different stocks which perform better.