Capital Markets Stocks
Top 10 of 65 KCE holdings, updated
As of 12 October 2026, capital markets stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. KCE trails the S&P 500 by 7.1 points over one month and ranks #83 of 115 groups Zensei tracks. 31 of the 65 capital markets stocks Zensei prices in KCE beat the fund this month.
Where capital markets stocks stand now
As of 12 October 2026, Capital Markets (KCE) ranks #83 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 3.0-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 7.1 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, KCE's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. KCE'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 SPDR S&P Capital Markets ETF, whose 65 tracked holdings are led by Wisdomtree Inc, Marketaxess Holdings Inc and Hamilton Lane Inc. Weighted by portfolio, the fund's holdings trade at roughly 19.0× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Top capital markets stocks right now
The largest capital markets stocks by weight in KCE, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of KCE
- 1Wisdomtree IncWT2.0%
- 2Marketaxess Holdings IncMKTX2.0%
- 3Hamilton Lane IncHLNE1.9%
- 4Victory Capital Holdings IncVCTR1.9%
- 5Tpg IncTPG1.8%
Strongest this month
1-month return, holdings Zensei prices
- 1Twenty One Capital IncXXI+14.3%
- 2Factset Research Systems IncFDS+11.2%
- 3Tradeweb Markets IncTW+9.1%
- 4n/aPWP+8.9%
- 5Affiliated Managers Group IncAMG+7.4%
Capital Markets Stocks vs the S&P 500
Over the week to 12 October 2026, KCE fell 1.2% while the S&P 500 rose 0.4%. KCE and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means KCE won that window.
Prices as of · computed from daily adjusted closes · how we measure
Capital Markets on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are capital markets stocks expensive?
The price-to-earnings ratio of KCE as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
KCE holdings: the capital markets stocks inside
As of 12 October 2026, 31 of the 65 capital markets stocks Zensei prices in KCE beat the fund over the past month. 11 of them beat the S&P 500. The strongest is Twenty One Capital Inc (XXI); the weakest is Miami International Holdings Inc (MIAX). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | WTWisdomtree Inc | 2.0% | −7.1% | +17.4% | −2.0 pts | Weak | Broken |
| 2 | MKTXMarketaxess Holdings Inc | 2.0% | +0.9% | +43.3% | +6.0 pts | Strong | Strong |
| 3 | HLNEHamilton Lane Inc | 1.9% | −8.8% | +7.9% | −3.8 pts | Weak | Broken |
| 4 | VCTRVictory Capital Holdings Inc | 1.9% | +0.6% | +21.2% | |||
| 5 | TPGTpg Inc | 1.8% | −5.4% | +7.4% | |||
| 6 | OWLn/a | 1.8% | −11.6% | +2.4% | |||
| 7 | DFINDonnelley Financial Solutions Inc | 1.8% | +1.6% | +7.6% | |||
| 8 | LPLALpl Financial Holdings Inc | 1.8% | −6.7% | +2.9% | |||
| 9 | FDSFactset Research Systems Inc | 1.8% | +11.2% | +10.2% | |||
| 10 | SEICSei Investments Co | 1.8% | −1.8% | +9.2% |
All 65 KCE holdings by weight: Wisdomtree Inc (WT) 2.0%, Marketaxess Holdings Inc (MKTX) 2.0%, Hamilton Lane Inc (HLNE) 1.9%, Victory Capital Holdings Inc (VCTR) 1.9%, Tpg Inc (TPG) 1.8%, n/a (OWL) 1.8%, Donnelley Financial Solutions Inc (DFIN) 1.8%, Lpl Financial Holdings Inc (LPLA) 1.8%, Factset Research Systems Inc (FDS) 1.8%, Sei Investments Co (SEIC) 1.8%, Acadian Asset Management Inc (AAMI) 1.7%, n/a (STEP) 1.7%, n/a (APAM) 1.7%, Charles Schwab Corp (SCHW) 1.7%, Ameriprise Financial Inc (AMP) 1.7%, n/a (COIN) 1.7%, Robinhood Markets Inc (HOOD) 1.7%, Blackstone Inc (BX) 1.7%, Invesco Ltd (IVZ) 1.7%, Raymond James Financial Inc (RJF) 1.7%, Virtu Financial Inc (VIRT) 1.7%, State Street Corp (STT) 1.7%, Virtus Investment Partners Inc (VRTS) 1.7%, Morningstar Inc (MORN) 1.7%, Kkr & Co Inc (KKR) 1.6%, Bank of New York Mellon Corp (BNY) 1.6%, Stifel Financial Corp (SF) 1.6%, Pjt Partners Inc (PJT) 1.6%, Intercontinental Exchange Inc (ICE) 1.6%, Interactive Brokers Group Inc (IBKR) 1.6%, Blackrock Inc (BLK) 1.6%, Nasdaq Inc (NDAQ) 1.6%, n/a (PWP) 1.6%, Northern Trust Corp (NTRS) 1.6%, Moodys Corp (MCO) 1.6%, Federated Hermes Inc (FHI) 1.6%, n/a (ARES) 1.6%, Affiliated Managers Group Inc (AMG) 1.5%, Franklin Templeton Inc (BEN) 1.5%, The Carlyle Group Inc (CG) 1.5%, Bgc Group Inc (BGC) 1.5%, Cme Group Inc (CME) 1.5%, S&p Global Inc (SPGI) 1.5%, Tradeweb Markets Inc (TW) 1.5%, Cohen & Steers Inc (CNS) 1.5%, Miami International Holdings Inc (MIAX) 1.5%, T. Rowe Price Group Inc (TROW) 1.5%, Lazard Inc (LAZ) 1.5%, Morgan Stanley (MS) 1.5%, The Goldman Sachs Group Inc (GS) 1.4%, Moelis & Co (MC) 1.4%, Digitalbridge Group Inc (DBRG) 1.4%, Cboe Global Markets Inc (CBOE) 1.4%, Piper Sandler Cos (PIPR) 1.4%, Houlihan Lokey Inc (HLI) 1.4%, Msci Inc (MSCI) 1.3%, Twenty One Capital Inc (XXI) 1.3%, Jefferies Financial Group Inc (JEF) 1.3%, Evercore Inc (EVR) 1.2%, Stonex Group Inc (SNEX) 1.1%, Galaxy Digital Inc (GLXY) 1.1%, Wealthfront Corp (WLTH) 0.9%, Oppenheimer Holdings Inc (OPY) 0.9%, Gcm Grosvenor Inc (GCMG) 0.8%, Ridgepost Capital Inc (RPC) 0.6%.
Capital Markets Stocks: common questions
What are the top 3 capital markets stocks?
As of 12 October 2026, the three largest capital markets stocks in KCE by fund weight are Wisdomtree Inc (WT) (2.0%), Marketaxess Holdings Inc (MKTX) (2.0%) and Hamilton Lane Inc (HLNE) (1.9%). Fund weight shows size inside the fund, not a recommendation.
Which capital markets stocks are beating the sector?
As of 12 October 2026, 31 of the 65 capital markets stocks Zensei prices in KCE beat the fund over the past month. The strongest over the past month is Twenty One Capital Inc (XXI). The list above shows every holding with its weight and returns.
Are capital markets stocks outperforming the S&P 500?
No. As of 12 October 2026, KCE trails the S&P 500 by 7.1 points over the past month.
Is it a good time to invest in capital markets stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, capital markets stocks are ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is KCE?
KCE is SPDR S&P Capital Markets ETF. Zensei uses it to measure capital markets stocks against the S&P 500 (SPY).
What stocks does KCE own?
As of 12 October 2026, the largest of the 65 positions Zensei tracks in KCE are Wisdomtree Inc, Marketaxess Holdings Inc, Hamilton Lane Inc, Victory Capital Holdings Inc, Tpg Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is capital markets in right now?
As of 12 October 2026, capital markets is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track capital markets 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.