Rotation map
1M impulse · 6M trendBoth axes show excess return versus SPY. Upper-left sectors are newly emerging; lower-right sectors retain a six-month lead but have begun to fade.
SectorsUpdated daily after close · as of 2026-09-04
Sector Performance: All 11 GICS Sector ETFs vs SPY
Compare the Select Sector SPDR ETFs on equal footing: every line is rebased to 0% at the start of the selected window, with SPY dashed as the benchmark. Use the spread to see leadership, then cross-check whether that leadership is broad, new, or unusually risky.
Today's reading
As of market close on September 4, 2026, 3 of 11 sectors closed higher. The daily leader was XLK at +0.70%; XLY lagged at -1.33%. Year to date, XLE leads at +43.28% while XLC trails at -4.83%. 4 of 11 sectors are ahead of SPY's +12.94%, a mixed leadership profile.
Sources, methodology & freshnessLast updated 2026-09-04 · Open ↓Close ↑
Source
Daily closes for the 11 Select Sector SPDR ETFs + SPY (1999–present where available)
Methodology
Lines rebased from first available close; rankings and diagnostics use common endpoints; returns exclude dividends
Updates
Daily after market close (~1:30 PM PT)Last: 2026-09-04
Maintained & reviewed by Yuriy Matso — methodology shown on the page.
The answer · 1Y2026-09-04market close
XLEleads
Energy returned +43.8%, +25.2 pp versus SPY.
Concentrated leadership · 3/11 beat SPY
- SPY benchmark
- +18.7%
- Positive sectors
- 9/11
- Runner-up
- XLK +42.6%
- Leader–laggard spread
- 46.1 pp
LaggardXLY -2.3%
Comparable window starts 2025-09-04. Relative leadership is not a forecast or a standalone buy signal.
01
Comparative chart
Window:
Close-price returns; dividends excluded. Interactive windows use calendar cutoffs, while the table uses fixed trading-session lookbacks. On MAX, each late-starting ETF joins at its first observation and begins at 0%.
02
Sector breadth vs SPY
How many of the 11 sectors are outperforming SPY over the 1Y window — the green band counts beaters, the red band laggards. Broad leadership means participation is distributed across the market; a thin green band means a handful of heavyweights are carrying the index. Right now 3 of 11 sectors are beating SPY. The common comparison starts 2025-09-04.
Sectors outperforming SPY Sectors underperforming Half (5.5)
03
Where leadership is changing — and what it costs
The rotation map separates a fresh one-month impulse from an established six-month trend, while the risk map asks whether the selected-window return came with more or less realized volatility than SPY. Together they distinguish durable leadership from a fast rebound or a volatile outlier.
Return vs realized risk
Selected window · 1YSPY's dashed crosshairs divide the field. Upper-left points delivered more return with less day-to-day volatility; hover a point for its worst peak-to-trough drawdown.
Common comparison period: 2025-09-04 to 2026-09-04. Volatility is annualized from daily close returns; short-window estimates can move quickly.
04
Returns by horizon
| ETF | Close | 1D | 1W | 1M ▼ | 3M | 6M | YTD | 1Y |
|---|---|---|---|---|---|---|---|---|
| XLE | $64.06 | -0.87% | +2.20% | +10.14% | +11.08% | +13.24% | +43.28% | +43.83% |
| XLV | $171.45 | -1.04% | +0.17% | +4.26% | +12.05% | +12.28% | +10.76% | +24.75% |
| XLK | $187.28 | +0.70% | +0.86% | +1.05% | +3.87% | +36.41% | +30.08% | +42.61% |
| XLC | $112.03 | -1.19% | -0.85% | +0.76% | +0.32% | -4.62% | -4.83% | -1.80% |
| XLF | $58.10 | -0.79% | +0.00% | +0.52% | +11.09% | +14.89% | +6.08% | +7.47% |
| XLB | $52.44 | -0.34% | -1.39% | +0.52% | +3.57% | +5.17% | +15.63% | +14.85% |
| SPY | $770.19 | -0.39% | +0.11% | +0.21% | +4.43% | +14.55% | +12.94% | +18.65% |
| XLP | $84.58 | -0.80% | -1.02% | -0.62% | +1.37% | -1.40% | +8.88% | +4.89% |
| XLU | $43.08 | +0.12% | +0.82% | -0.69% | -2.86% | -7.83% | +0.91% | +2.89% |
| XLRE | $43.93 | -0.72% | -1.24% | -1.96% | -1.72% | +2.42% | +8.87% | +5.20% |
| XLY | $114.91 | -1.33% | -1.96% | -2.70% | +0.04% | +0.41% | -3.77% | -2.27% |
| XLI | $175.27 | +0.41% | -1.06% | -5.14% | +0.63% | +3.14% | +12.99% | +15.70% |
The answer · 1Y2026-09-04market close
XLEleads
Energy returned +43.8%, +25.2 pp versus SPY.
Concentrated leadership · 3/11 beat SPY
- SPY benchmark
- +18.7%
- Positive sectors
- 9/11
- Runner-up
- XLK +42.6%
- Leader–laggard spread
- 46.1 pp
LaggardXLY -2.3%
Comparable window starts 2025-09-04. Relative leadership is not a forecast or a standalone buy signal.
How Sector Performance Works
- 1Track the 11 GICS sector ETFs plus SPYThe same universe as the Sector Health dashboard: XLK, XLC, XLY, XLF, XLI, XLB, XLE, XLV, XLP, XLU, XLRE — real, liquid ETFs rather than constructed indices — with SPY as the benchmark line.
- 2Rebase every series to a common startFor the selected window (1M to MAX), each ETF's closes are converted to cumulative percent change from its first available session in that window. On MAX, late-starting XLRE and XLC join at inception; rankings and diagnostic charts use the first date shared by all 11 sectors so those comparisons remain like-for-like.
- 3Read rotation from the spreadThe vertical spread between sector lines IS the rotation. Tight bundles mean macro-driven tape (everything moves together); wide spreads mean stock-picker markets with strong sector selection payoffs.
- 4Cross-check horizons in the returns tableThe table shows 1D through 1Y returns side by side, sortable by any column. A sector leading on 1M but lagging on 1Y is an emerging rotation; leading everywhere is an established trend.
- 5Separate rotation from riskThe rotation map compares one-month and six-month excess return versus SPY, distinguishing emerging, established, fading and lagging sectors. The selected-window risk map then compares total return, realized volatility and peak-to-trough drawdown.
Who Uses Sector Performance
Sector Rotators
The core workflow: sort the table by 1M or 3M, compare against YTD, and you have the rotation picture — who's emerging, who's fading — in seconds.
Trend Followers
Relative strength vs SPY is the filter: sectors persistently above the dashed benchmark line are where momentum strategies want exposure.
Macro Traders
Defensive leadership (XLP, XLU, XLV on top) with cyclicals lagging is a regime read in one glance — confirm with the macro panel and credit spreads.
Dip Buyers
The worst 6M sector with an improving 1M column is the classic mean-reversion candidate; check Sector Health to see if its regime is actually turning.
Pro Tips
01
Toggle down to 3-4 lines
Twelve lines is a lot of ink. Click legend chips to isolate the sectors you care about — e.g. XLK vs XLE vs SPY tells the growth-vs-commodities story without the noise.
02
Use YTD for narrative, 1M for action
YTD is what everyone talks about; 1M is where rotation actually shows up first. The interesting trades live where the two disagree.
03
Equal-weight your eyes
SPY is cap-weighted, so XLK's line drags the benchmark with it. A sector beating SPY while XLK lags is stronger than it looks.
04
Pair with Sector Health
This page shows relative performance; Sector Health shows trend structure (50d/200d regimes). A sector leading here while still "weak" there is early; leading in both is confirmed.
Common Issues & Solutions
How far back does the chart go?▾
The MAX line chart reaches January 1999 where data are available. XLK joins in February 1999, XLRE in October 2015 and XLC in June 2018, each rebased to zero at its first observation. The answer card, breadth and risk map use the common history beginning June 2018 so all 11 sectors have identical endpoints.
Lines jump when I change ranges▾
By design — each window rebases to its own first session at 0%. A sector can be +20% on the 1Y window and -5% on the 1M window simultaneously; that disagreement is the rotation signal.
Why ETFs instead of the official GICS indices?▾
The Select Sector SPDR ETFs are the tradeable expression of the GICS sectors — real prices with real liquidity, and identical tickers to what you'd actually buy or hedge with.
Frequently Asked Questions
What is sector rotation?▾
The tendency of market leadership to move between sectors as the economic cycle and rate environment shift — energy and materials leading in inflationary expansions, technology in liquidity-driven phases, staples and utilities when growth slows. This page makes rotation visible by rebasing all 11 GICS sector ETFs to a common start.
Which ETFs are tracked?▾
The eleven Select Sector SPDR funds covering the GICS sectors: XLK (Technology), XLC (Communication Services), XLY (Consumer Discretionary), XLF (Financials), XLI (Industrials), XLB (Materials), XLE (Energy), XLV (Health Care), XLP (Consumer Staples), XLU (Utilities), XLRE (Real Estate) — plus SPY as the benchmark.
What does "rebased to 0%" mean?▾
Each line shows cumulative percent change from the first session of the selected window, so every sector starts at the same point and the chart directly compares total returns over exactly that window — eliminating the price-level differences that make raw ETF prices incomparable.
How do I read sector leadership vs SPY?▾
SPY is the dashed benchmark line. Sectors above it are outperforming the market over the window; below it, underperforming. Because SPY is cap-weighted and tech-heavy, broad sector strength with XLK lagging means the average sector is doing better than the index suggests.
What does the sector breadth chart show?▾
It counts, for each day in the common comparison window, how many of the 11 GICS sectors are outperforming SPY. The green band is the number beating SPY, the red band the number lagging, and the two sum to 11. On MAX, this diagnostic begins in June 2018 when all sector ETFs have observations. A wide green band means broad, participatory leadership; a thin one means only a few sectors are carrying the index.
How do I read the sector rotation map?▾
The horizontal axis is six-month excess return versus SPY, which represents the established trend. The vertical axis is one-month excess return, which captures the recent impulse. Upper-right sectors are established leaders, upper-left are emerging, lower-right are fading, and lower-left are persistent laggards.
What does the risk and return map measure?▾
It plots total return over the selected common window against annualized volatility calculated from daily closes. SPY provides the dashed reference lines, and each point's tooltip also reports its worst peak-to-trough drawdown. These are descriptive historical measures, not return forecasts.
How often does this update?▾
After every market close, alongside the rest of the daily pipeline. Returns in the table use trading-day lookbacks (1D/1W/1M/3M/6M/1Y) plus calendar YTD.
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Last updated: 2026-09-04