Leaders-Laggards
The biotech sector has found its footing again after several difficult years. The equal-weighted S&P Biotechnology ETF (XBI) has staged an impressive rebound, helped by a revival in risk appetite, firmer macro conditions, and a noticeable pickup in dealmaking. Investor sentiment toward innovation had been suppressed through
Leaders-Laggards
Retail stocks have spent most of 2025 on their back foot. The equal-weighted SPDR S&P Retail ETF (XRT) is down for the year, badly trailing the S&P 500’s gain.¹ A rotation away from consumer cyclicals has hardened into a broader risk-off stance, and
Leaders-Laggards
In early November 2025, markets stumbled after an extraordinary tech rally. Global indexes slipped as investors questioned whether the artificial-intelligence (AI) boom had gone too far. Even the entire “Magnificent Seven” — Nvidia, Amazon, Apple, Microsoft, Tesla, Alphabet, and Meta — fell in a single session, with the Nasdaq down about
Leaders-Laggards
The U.S. Utilities sector has outperformed the broader market for most of 2025. As of early November, the Utilities Select Sector ETF (XLU) is up roughly 20% in total return versus 17% for the S&P 500 (SPY)—an apparent lead that masks a volatile year. Despite their
Leaders-Laggards
Summary * Healthcare has lagged the S&P 500 by hundreds of basis points year-to-date, extending a multi-year stretch of underperformance. * Political pressure, patent expirations, and investor rotations into AI and tech have weighed heavily on the sector. * Valuations are now at multi-decade lows, with large-
Leaders-Laggards
The Consumer Staples sector—traditionally a safe haven—has lagged sharply in 2025. Year-to-date, staples have gained barely 3 percent versus more than 15 percent for the S&P 500, making them among the weakest major sector of the stock market. Investors have chased high-growth tech
Leaders-Laggards
The Business Development Company (BDC) sector has had a rough ride in 2025. The VanEck BDC Income ETF (BIZD), a broad proxy for the group, is down 16.36% year-to-date as of early October, while the S&P 500 is up over 13%.¹ Even reliable names like
Leaders-Laggards
Over the past 12 months, the Materials sector has trailed the broader U.S. equity market. In 2024, it was the worst-performing S&P 500 sector, while the S&P 500 itself rose more than 20 percent.[1] High interest rates, weak Chinese industrial demand, and uncertainty
Leaders-Laggards
The U.S. energy sector has been volatile over the past year. After a strong run in 2022, energy cooled in 2023 and has delivered more modest gains since. As of mid-2025, the S&P 500 Energy sector was up about 4% year-to-date, despite wide swings
Leaders-Laggards
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show
Leaders-Laggards
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show
Leaders-Laggards
Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show