The S&P 500 is having a strong year, but most of its sectors aren't keeping up.
Through the Oct. 14 close, only two of the 11 SPDR sector funds have beaten the SPDR S&P 500 ETF (SPY) in 2026.
Energy leads by a mile. The Energy Select Sector SPDR Fund (XLE) is up 51.3% this year. Tech is a distant second, with the Technology Select Sector SPDR Fund (XLK) up 32.3%.
SPY is up 12.9% on a price basis, in line with the S&P 500 index's 12.8% price gain.
Health care came closest to the benchmark at 12.4%, followed by consumer staples at 10.8%, materials at 9.5%, industrials at 7.7% and real estate at 2.8%.
Four sectors are in the red. Financials are down 0.5%, utilities are down 2.3%, communication services are down 5.9% and consumer discretionary is down 6.6%.
That's narrow leadership. When a couple of sectors carry the index, a broad S&P 500 fund leans heavily on whether oil and tech can keep running.
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