Capital Markets vs the S&P 500 (KCE): is it outperforming?
Over the past month, KCE has underperformed the S&P 500 by 0.2 points. Here is where that puts it in the sector rotation — updated daily.
Where KCE sits on the rotation map
Capital Markets 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.
KCE vs SPY: head-to-head returns
KCE (capital markets) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means KCE won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Capital Markets (KCE) is out of favor: it trails the S&P 500 on both rotation windows — 0.2 points behind over the past month and 2.6 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #44 of the 115 groups Zensei tracks.
On the shorter tape, KCE's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. KCE's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via SPDR S&P Capital Markets ETF, whose 65 tracked holdings are led by ROBINHOOD MARKETS INC CLASS A, DONNELLEY FINANCIAL SOLUTIONS INC and VIRTU FINANCIAL INC CLASS A. Weighted by portfolio, the fund's holdings trade at roughly 28.6× earnings and 5.2× 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 KCE
Top 5 of 65 tracked holdings, by portfolio weight.
Capital Markets vs the market — common questions
Is capital markets outperforming the S&P 500?
Right now, no: over the past month KCE has underperformed the S&P 500 by 0.2 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is KCE?
KCE is SPDR S&P Capital Markets ETF, the fund Zensei uses to measure the capital markets group against the S&P 500 benchmark (SPY).
Which stocks are in KCE?
KCE's largest tracked positions are ROBINHOOD MARKETS INC CLASS A, DONNELLEY FINANCIAL SOLUTIONS INC, VIRTU FINANCIAL INC CLASS A, CHARLES SCHWAB CORP, WISDOMTREE INC — 65 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is capital markets in right now?
As of the latest daily data, capital markets 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 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.