Health Care Services vs the S&P 500 (XHS): is it outperforming?
Over the past month, XHS has underperformed the S&P 500 by 4.7 points. Here is where that puts it in the sector rotation — updated daily.
Where XHS sits on the rotation map
Health Care Services 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.
XHS vs SPY: head-to-head returns
XHS (health care services) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XHS won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Health Care Services (XHS) is losing its lead. It built a 20.6-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 4.7 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #87 of the 115 groups Zensei tracks.
On the shorter tape, XHS's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XHS'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 Health Care Services ETF, whose 59 tracked holdings are led by TENET HEALTHCARE CORP, LIFESTANCE HEALTH GROUP INC ORDINARY SHARES and GENEDX HOLDINGS CORP ORDINARY SHARES CLASS A. Weighted by portfolio, the fund's holdings trade at roughly 67.9× earnings and 2.3× 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 XHS
Top 5 of 59 tracked holdings, by portfolio weight.
Health Care Services vs the market — common questions
Is health care services outperforming the S&P 500?
Right now, no: over the past month XHS has underperformed the S&P 500 by 4.7 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is XHS?
XHS is SPDR S&P Health Care Services ETF, the fund Zensei uses to measure the health care services group against the S&P 500 benchmark (SPY).
Which stocks are in XHS?
XHS's largest tracked positions are TENET HEALTHCARE CORP, LIFESTANCE HEALTH GROUP INC ORDINARY SHARES, GENEDX HOLDINGS CORP ORDINARY SHARES CLASS A, NEOGENOMICS INC, HINGE HEALTH INC ORDINARY SHARES CLASS A — 59 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is health care services in right now?
As of the latest daily data, health care services 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 health care services 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.