9 of 23 groups on the board are gaining ground on SPY this week — 6 of them already ahead of it, 3 still behind but turning up. Over 1 month, Gold Miners is the widest gain on the board at +8.5% versus SPY and Aerospace & Defense the widest loss at −14.6%.
Where each sector's strength versus SPY sits, and which way it's moving, for the week of 2026-09-11. These describe the tape, not predict it — and strength versus SPY isn't the same as a price going up. The reading smooths about six weeks of data, so it turns slowly.
The read this week: strength is fading in Gold Miners, Metals & Mining, and Software and building in Uranium, Clean Energy, and Semiconductors, versus SPY.
Return says where the group went. Volume says whether size was behind it. Breadth says whether it was the whole group or two names. Reports say whether it survives the week.
Return is price only versus SPY over the window’s trading sessions; the bars behind it are split-adjusted but dividend-blind, so a high-yielding group’s total return is understated. Volume compares the session against the ETF’s 20-day average — at or above 1.2× reads as institutional participation. Above-50d, Reports and Fragility are counted over the sector’s current S&P 500 members; the theme ETFs have no such cohort and show nothing rather than another sector’s number.
Strength and safety are different questions. A group can lead the tape and still be full of names that cannot refinance. This ranks by how much of the group is fragile, not by price.
The macro readings behind the rotation, and which groups sit on each side of them.
Returns are price only, versus SPY, over the trading sessions in each window — the bars behind them are split-adjusted but dividend-blind, so a high-yielding sector's total return is understated here. Breadth, catalyst and fragility are counted over the sector's current S&P 500 members on a US primary listing; the theme ETFs have no such cohort and show nothing rather than another sector's number. Descriptors, not forecasts.