Banks vs the S&P 500 (KBWB): is it outperforming?
Over the past month, KBWB has outperformed the S&P 500 by 2.9 points. Here is where that puts it in the sector rotation — updated daily.
Where KBWB sits on the rotation map
Banks highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
KBWB vs SPY: head-to-head returns
KBWB (banks) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means KBWB won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Banks (KBWB) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 0.1 points, but over the past month it has moved clearly ahead of the market — a 2.9-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #17 of the 115 groups Zensei tracks.
On the shorter tape, KBWB is in a dip window: the last sessions have pulled back while the longer intraday trend remains intact — the pattern rotation traders watch for re-entries. KBWB's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The two signals agree — the short-term tape and the longer trend point the same way.
The exposure comes via Invesco KBW Bank ETF, whose 25 tracked holdings are led by BANK OF AMERICA CORP, JPMORGAN CHASE & CO and WELLS FARGO & CO. Weighted by portfolio, the fund's holdings trade at roughly 17.3× earnings and 4.2× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside KBWB
Top 5 of 25 tracked holdings, by portfolio weight.
Banks vs the market — common questions
Is banks outperforming the S&P 500?
Right now, yes: over the past month KBWB has outperformed the S&P 500 by 2.9 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is KBWB?
KBWB is Invesco KBW Bank ETF, the fund Zensei uses to measure the banks group against the S&P 500 benchmark (SPY).
Which stocks are in KBWB?
KBWB's largest tracked positions are BANK OF AMERICA CORP, JPMORGAN CHASE & CO, WELLS FARGO & CO, MORGAN STANLEY, THE GOLDMAN SACHS GROUP INC — 25 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is banks in right now?
As of the latest daily data, banks is in the improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track banks against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.