Food & Beverage vs the S&P 500 (PBJ): is it outperforming?
Over the past month, PBJ has underperformed the S&P 500 by 5.5 points. Here is where that puts it in the sector rotation — updated daily.
Where PBJ sits on the rotation map
Food & Beverage 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.
PBJ vs SPY: head-to-head returns
PBJ (food & beverage) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means PBJ won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Food & Beverage (PBJ) is losing its lead. It built a 4.6-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 5.5 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #96 of the 115 groups Zensei tracks.
On the shorter tape, PBJ's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. PBJ'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 Invesco Food & Beverage ETF, whose 31 tracked holdings are led by ARCHER-DANIELS-MIDLAND CO, CORTEVA INC and MONSTER BEVERAGE CORP. Weighted by portfolio, the fund's holdings trade at roughly 28.3× earnings and 2.0× sales. 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.
What's inside PBJ
Top 5 of 31 tracked holdings, by portfolio weight.
Food & Beverage vs the market — common questions
Is food & beverage outperforming the S&P 500?
Right now, no: over the past month PBJ has underperformed the S&P 500 by 5.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is PBJ?
PBJ is Invesco Food & Beverage ETF, the fund Zensei uses to measure the food & beverage group against the S&P 500 benchmark (SPY).
Which stocks are in PBJ?
PBJ's largest tracked positions are ARCHER-DANIELS-MIDLAND CO, CORTEVA INC, MONSTER BEVERAGE CORP, STARBUCKS CORP, COCA-COLA CO — 31 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is food & beverage in right now?
As of the latest daily data, food & beverage is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track food & beverage 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.