Cannabis vs the S&P 500 (MJ): is it outperforming?
Over the past month, MJ has underperformed the S&P 500 by 5.8 points. Here is where that puts it in the sector rotation — updated daily.
Where MJ sits on the rotation map
Cannabis 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.
MJ vs SPY: head-to-head returns
MJ (cannabis) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means MJ won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Cannabis (MJ) is out of favor: it trails the S&P 500 on both rotation windows — 5.8 points behind over the past month and 4.4 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #87 of the 115 groups Zensei tracks.
On the shorter tape, MJ's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. MJ's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via Amplify Alternative Harvest ETF, whose 5 tracked holdings are led by AMPLIFY SEYMOUR CANNABIS ETF, TILRAY BRANDS INC and SNDL INC ORDINARY SHARES. Weighted by portfolio, the fund's holdings trade at roughly 9.1× earnings and 0.6× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside MJ
Top 5 of 5 tracked holdings, by portfolio weight.
Cannabis vs the market — common questions
Is cannabis outperforming the S&P 500?
Right now, no: over the past month MJ has underperformed the S&P 500 by 5.8 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is MJ?
MJ is Amplify Alternative Harvest ETF, the fund Zensei uses to measure the cannabis group against the S&P 500 benchmark (SPY).
Which stocks are in MJ?
MJ's largest tracked positions are AMPLIFY SEYMOUR CANNABIS ETF, TILRAY BRANDS INC, SNDL INC ORDINARY SHARES, VILLAGE FARMS INTERNATIONAL INC, INVESCO SHRT-TRM INV GOV&AGCY INSTL — 5 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is cannabis in right now?
As of the latest daily data, cannabis is in the lagging quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track cannabis 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.