We’ve all heard that companies led by women perform better than those led by men. Well, according to a new study from Quantopian, a Boston-based trading platform that relies on crowdsourced algorithms, women CEOs in the Fortune 1000 drive three times the returns as S&P 500 enterprises run predominantly by men.

The study examined how well Fortune 1000 companies led by women performed compared to the S&P 500 over a 12-year period (from 2002 to 2014). The study revealed that the 80 women CEOs during those 12 years produced equity returns 226 percent better than the S&P 500.

“It’s based on a buy-and-hold strategy aimed at looking at how well women CEOs have performed cumulatively,” Karen Rubin, Quantopian’s product manager, told Fortune. Rubin is now working with Morningstar to create an algorithm for a fund built on the same premise using real-time data for live trading.

Here’s how the simulation works: Rubin invests a hypothetical $100,000 in the companies that had women CEOs between Jan. 1, 2002 and Dec. 31, 2014, and another $100,000 in the S&P 500. Rubin buys a company’s stock when the woman becomes CEO, and holds it through her tenure. According to the algorithm, the women CEO fund would end up being worth $448,158, or a return of 348 percent, while the S&P 500 investment would have risen to $222,306, or a return of 122 percent.

Of the women CEOs tracked over those years, the two best performers were Mindy Grossman at HSNi, parent company of the Home Shopping Network, and Debra Cafaro at Ventas, a healthcare and senior living real estate investment trust. Both women, still CEOs of their respective companies, increased the initial investment by more than 500 percent. Other top performers within the fund include Carol Meyrowitz at TJX, Linda Lang at Jack in the Box, Denise Ramos at ITT, and Gracia Martore at Gannett. All of these women increased Rubin’s initial investment by more than 200 percent (300 percent in Meyrowitz’s case).

There’s a lot of the theorizing on why the results are dramatically better for the women, but most think it has to do with how hard women have to work to become CEO at such big companies in the first place, Rubin says. The ones who do “really represent the cream of the crop,” she said.

Quantopian isn’t the only company that’s looked into this phenomenon. Data from Bespoke Investment Group released earlier this year showed that women-run companies in the S&P 500 outpaced the broad market with average returns of 19.5 percent over the past year vs. 14.9 percent gains for the companies in the same list with male CEOs. All these data suggest a new era of women leadership in the world economy is upon us — or at least should be.