Since 2019, Technology (XLK) has surged +199.7%, almost doubling the S&P 500’s +101.8%.
The remaining 10 sectors have lagged behind, creating one of the largest performance gaps in S&P history.
The equal-weighted index (RSP) tells the truth behind the headline numbers:
up only +57.5% vs +101.8% for the cap-weighted SPY —
a −44 pp underperformance that exposes just how concentrated this market really is.
Some sectors have barely moved or even declined:
🏠 Real Estate (XLRE) −2.5%
🧺 Consumer Staples (XLP) +17%
⚡ Utilities (XLU) +26%
💭 Reflection:
This isn’t a broad bull market — it’s a tech-driven rally.
When leadership narrows this much, strength becomes fragility. The S&P 500 looks healthy on the surface, but its heartbeat comes from a single sector.
The remaining 10 sectors have lagged behind, creating one of the largest performance gaps in S&P history.
The equal-weighted index (RSP) tells the truth behind the headline numbers:
up only +57.5% vs +101.8% for the cap-weighted SPY —
a −44 pp underperformance that exposes just how concentrated this market really is.
Some sectors have barely moved or even declined:
🏠 Real Estate (XLRE) −2.5%
🧺 Consumer Staples (XLP) +17%
⚡ Utilities (XLU) +26%
💭 Reflection:
This isn’t a broad bull market — it’s a tech-driven rally.
When leadership narrows this much, strength becomes fragility. The S&P 500 looks healthy on the surface, but its heartbeat comes from a single sector.
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