BreadthFour universes since 2010–2016 · US industries since 1926 · as of October 16, 2026

How Many Stocks Are Beating the S&P 500 and the Nasdaq-100?

The share of stocks whose return over the last one, three, six or twelve months beat their index’s. Around half is normal. Well under half means a few large companies carried the index while most of its stocks trailed it: a narrow market, and a hard year for anyone picking stocks.

Beating the index12 months · S&P 500

38.7%

Leaning narrow

493 members · SPY +14.7%, median member +7.9%

All US stocks

33%

vs SPY · median 37%

Nasdaq-100 members

47%

vs QQQ · median 50%

All Nasdaq-listed stocks

29%

vs QQQ · median 32%

Narrow below 35%, leaning narrow below 45%, even to 55%, broad above. Since 1926, narrow readings have not been followed by a weaker market.

Latest read

On October 16, 2026, 38.7% of S&P 500 members had beaten SPY over the last 12 months, against a median of 53.2% since 2010; the index returned +14.7% and the median member +7.9%. Across all US stocks the share was 33.4% (median 36.9%), for Nasdaq-100 members 46.5% and for all Nasdaq-listed stocks 29.3% against QQQ. Over one month, 56.3% of S&P 500 members beat the index. On the industry record since 1926, the share stood at 30.6% at the end of August 2026, in the bottom 6% of all readings; the lows were 16.3% in February 2000 and 16.3% in January 2024.

Sources, methodology & freshnessDaily closes for every listed US common stock and ADR (TradeStation, Massive), SPY and QQQ; dated listings from our A-D reference; Ken French Data Library (49 industries, CRSP market). · Daily after the close; the industry record monthly.Data as of 2026-10-16 · Open ↓

Source

Daily closes for every listed US common stock and ADR (TradeStation, Massive), SPY and QQQ; dated listings from our A-D reference; Ken French Data Library (49 industries, CRSP market).

Methodology

Share of a universe whose price return over 21, 63, 126 or 252 sessions beat the index fund's. All-stock universes count a stock only when listed at both ends of the window. Industries: value-weighted returns with dividends against the CRSP market.

Updates

Daily after the close; the industry record monthly.Data as of 2026-10-16

Maintained & reviewed by Yuriy Matso — methodology shown on the page.

Every universe, every window

Universe	1 month	3 months	6 months	12 months	12-mo median
All US stocks vs SPY	30%	29%	28%	33%	37%
S&P 500 members* vs SPY	56%	39%	35%	39%	53%
Nasdaq-100 members* vs QQQ	53%	43%	39%	47%	50%
All Nasdaq-listed stocks vs QQQ	29%	27%	25%	29%	32%

Price returns over 21, 63, 126 and 252 sessions, stock against index fund. All US and all Nasdaq-listed stocks count a stock only when it was listed at both ends of the window. *Today’s members carried back, so older readings look healthier than they were. The all-stock shares sit lower than the member shares in a normal market: small companies trail the index more often than large ones.

The 12-month share, the version usually quoted, with the index fund in the upper pane. The shorter windows are in the table above.

All US stocks beating SPY

Range:

The share of all US stocks whose price return over the last 252 sessions beat SPY's, every session from November 1, 2017 to October 16, 2026 (4345 stocks at the latest reading). It is 33.4%, against a median of 36.9%; the low was 22.4% on March 18, 2020. Our price files are mostly today’s listings, so companies that failed are under-represented and the share reads somewhat high.

S&P 500 members beating SPY

Range:

The share of S&P 500 members whose price return over the last 252 sessions beat SPY's, every session from December 31, 2010 to October 16, 2026 (493 stocks at the latest reading). It is 38.7%, against a median of 53.2%; the low was 28.6% on May 13, 2026. Today’s members carried back, so removed companies are missing and older readings run high; this series feeds no study.

Nasdaq-100 members beating QQQ

Range:

The share of Nasdaq-100 members whose price return over the last 252 sessions beat QQQ's, every session from December 31, 2010 to October 16, 2026 (99 stocks at the latest reading). It is 46.5%, against a median of 50.0%; the low was 28.2% on September 4, 2020. Today’s members carried back, so removed companies are missing and older readings run high; this series feeds no study.

All Nasdaq-listed stocks beating QQQ

Range:

The share of all Nasdaq-listed stocks whose price return over the last 252 sessions beat QQQ's, every session from November 1, 2017 to October 16, 2026 (2471 stocks at the latest reading). It is 29.3%, against a median of 32.1%; the low was 13.4% on March 18, 2020. Our price files are mostly today’s listings, so companies that failed are under-represented and the share reads somewhat high.

A century of narrow markets

Our stock records start in 2010. For the long view, the same count on Ken French’s 49 US industry portfolios against the whole US market, dividends included, every session since 1926. It moves with the S&P 500 member share and has no survivorship gap. The two lowest readings on it are February 2000 (16.3%) and January 2024 (16.3%).

Range:

Ken French's 49 value-weighted US industry portfolios, the share whose return over the last 252 sessions beat the CRSP value-weighted market, both with dividends, through August 31, 2026 (French publishes monthly; weekly points). It reads 30.6%, against a median of 49.0%. The upper pane is the US market's total return on a log scale.

What the market did after narrow readings

Narrow has not meant weak. On the industry record, days in the narrowest tenth of 12-month readings, each ranked only against the days before it, were followed by a median market return of +14.5% over the next year, against +13.4% for every day. Narrow readings with the market within 3% of its record did about as well: 23 of 26 episodes were higher a year later, the exceptions September 1972, September 2000, March 2019. The broadest tenth was the weaker set (+11.4%), because most stocks beat a cap-weighted index when its largest stocks are falling.

12-month industry share	Days	Next quarter	Next 6 months	Next year
Every day	25,065	+3.3%68% up	+6.4%71% up	+13.4%76% up
Bottom tenth (narrowest)(41 episodes)	3,408	+4.4%74% up	+8.1%81% up	+14.5%82% up
Top tenth (broadest)(34 episodes)	2,876	+1.3%57% up	+3.5%60% up	+11.4%71% up
Every day within 3% of a record	9,349	+3.3%72% up	+6.7%77% up	+12.7%78% up
Bottom tenth within 3% of a record(26 episodes)	1,614	+3.5%73% up	+6.5%85% up	+13.7%90% up

Median CRSP US market return including dividends, and the share of days it was higher. Tenths are ranked point-in-time, each day against every earlier day once 1,000 readings exist. Days overlap heavily; an episode is the first signal day after 63 sessions without one.

The result also changes with the era, which is why no threshold here is offered as a signal. Over the next year, against each era’s own average day:

1927–1949

Narrowest tenth −6.0 pts

Broadest tenth +7.6 pts

Average day +8.1%

1950–1989

Narrowest tenth −2.7 pts

Broadest tenth −1.4 pts

Average day +13.7%

1990 onward

Narrowest tenth +4.4 pts

Broadest tenth −12.9 pts

Average day +14.6%

From 1990 onward, narrow readings ran 4.4 points ahead of the average year and broad ones 12.9 points behind it; in 1927–1949 and 1950–1989 the narrow ones trailed. The same narrowness shows up as a return gap on Equal Weight vs Cap Weight.

Limits

The S&P 500 and Nasdaq-100 series use today’s members. Companies that trailed and were removed are missing, so past readings run high and today’s lows look rarer than they were.
The all-stock series count only listings in our dated reference, from November 2016, and our price files hold few companies that have since failed, so they also read somewhat high.
Stock and index returns are price returns. A high-dividend stock can trail SPY on price and still beat it with dividends.
The industry record is industries, not stocks: 49 portfolios rather than thousands of companies. It tracks the member series closely enough to show the history but is not the same count.

Beating the index12 months · S&P 500

38.7%

Leaning narrow

493 members · SPY +14.7%, median member +7.9%

All US stocks

33%

vs SPY · median 37%

Nasdaq-100 members

47%

vs QQQ · median 50%

All Nasdaq-listed stocks

29%

vs QQQ · median 32%

Narrow below 35%, leaning narrow below 45%, even to 55%, broad above. Since 1926, narrow readings have not been followed by a weaker market.

How Stocks Beating the Index Works

1
Compare each stock with its index
For every stock in a universe, its price return over the window (21, 63, 126 or 252 sessions) is compared with the index fund's over the same window: SPY for all US stocks and S&P 500 members, QQQ for Nasdaq-100 members and all Nasdaq-listed stocks. Dividends are left out on both sides.
2
Count the share that won
The reading is the share of stocks whose return beat the index's. Half is the even split; well under half means a few large stocks carried the index while most of its members trailed it.
3
Use dated listings where we can
All US stocks and all Nasdaq-listed stocks count a stock only if it was listed at both ends of the window, from our dated listing reference, which starts in November 2016. The S&P 500 and Nasdaq-100 versions use today's members, carried back to 2010.
4
Check it against a century of industries
The same count on Ken French's 49 US industry portfolios against the whole US market, dividends included, runs daily since 1926 and has no survivorship problem. It is the record the forward study is graded on. French publishes monthly, so it runs one to two months behind.

Who Uses Stocks Beating the Index

Traders asking how narrow the market is

The share tells you whether the index's move reflects the typical stock or a handful of large ones. A low reading means owning the index has beaten owning most of its stocks.

Stock pickers and active managers

When fewer than a third of stocks beat the index, most diversified stock portfolios trail it. The reading explains a bad year for stock pickers without anyone having picked badly.

Anyone checking a viral chart

"Only N% of stocks are beating the S&P 500" is shared as a warning. The page shows the reading, how it compares with 1999 and 2023, and what the market did after past narrow readings.

Pro Tips

Narrow has not meant weak

On the industry record since 1926, the narrowest tenth of readings was followed by a slightly better year for the market than the average day, including when the market sat near its record. 1999 is the famous exception.

A broad reading can be a warning too

Most stocks beat a cap-weighted index when its largest stocks are falling. Since 1990 the broadest readings came in late 2000 and early 2022, when leadership was already breaking down.

Use the window that matches your question

The one-month share swings with every rotation. The twelve-month share is the version usually quoted and the one that says whether a narrow market has lasted.

Common Issues & Solutions

Why is the all-stocks share below the S&P 500 share?▾

Small companies trail the index more often than large ones, and the typical stock's return is pulled below the average by a long tail of losers. Half beating the index is normal for the S&P 500; for all US stocks the median share is lower.

Why do the member series look healthier in the past?▾

They use today's members. Companies that fell out of the index after trailing it are missing from the past, so older readings are too high and today's low readings look rarer than they were. Those series feed no study.

Why does the industry series lag?▾

Ken French publishes his daily files once a month, so the 1926 record ends one to two months before today. The stock series are current.

Frequently Asked Questions

How many stocks are beating the S&P 500 right now?▾

On October 16, 2026, 38.7% of S&P 500 members had beaten the index (SPY) over the last 12 months and 56.3% over the last month. Across all US stocks the 12-month share was 33.4%.

What does it mean when few stocks are beating the S&P 500?▾

It means a handful of large companies carried the index while most of its members did worse. The S&P 500 is weighted by market value, so a few very large stocks can lift it while the typical stock trails. It describes how narrow the market is; on its own it has not been a reliable warning of a fall.

Is a low share of stocks beating the index bearish?▾

Not on the record. Across US industries since 1926, the narrowest tenth of readings was followed by a median market return over the next year slightly above that of the average day, and the same held when the market was near its record. The sign has changed from one era to another (the page shows each), and 1999–2000 is the best-known case where a narrow market came before a bear market.

What is a normal share of S&P 500 stocks beating the index?▾

About half. Over any window, roughly half of S&P 500 members beat the index in a typical market. On the industry record since 1926, the lowest twelve-month readings came in early 2000 and early 2024, when a few of the largest companies dominated returns; the page shows both.

Why does this page use SPY and QQQ rather than the indexes?▾

They are the investable versions of the S&P 500 and the Nasdaq-100, with daily closes for every session we cover. Stock returns and the fund's are both price returns, so neither side gets credit for dividends.