Industrial & Office Real Estate vs the S&P 500 (INDS): is it outperforming?
Over the past month, INDS has underperformed the S&P 500 by 1.2 points. Here is where that puts it in the sector rotation — updated daily.
Where INDS sits on the rotation map
Industrial & Office Real Estate 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.
INDS vs SPY: head-to-head returns
INDS (industrial & office real estate) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means INDS won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Industrial & Office Real Estate (INDS) is out of favor: it trails the S&P 500 on both rotation windows — 1.2 points behind over the past month and 2.9 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #54 of the 115 groups Zensei tracks.
On the shorter tape, INDS's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. INDS'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 Pacer Industrial Real Estate ETF, whose 12 tracked holdings are led by PROLOGIS INC, EXTRA SPACE STORAGE INC and PUBLIC STORAGE. Weighted by portfolio, the fund's holdings trade at roughly 32.9× earnings and 11.3× 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 INDS
Top 5 of 12 tracked holdings, by portfolio weight.
Industrial & Office Real Estate vs the market — common questions
Is industrial & office real estate outperforming the S&P 500?
Right now, no: over the past month INDS has underperformed the S&P 500 by 1.2 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is INDS?
INDS is Pacer Industrial Real Estate ETF, the fund Zensei uses to measure the industrial & office real estate group against the S&P 500 benchmark (SPY).
Which stocks are in INDS?
INDS's largest tracked positions are PROLOGIS INC, EXTRA SPACE STORAGE INC, PUBLIC STORAGE, W.P. CAREY INC, EASTGROUP PROPERTIES INC — 12 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is industrial & office real estate in right now?
As of the latest daily data, industrial & office real estate 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 industrial & office real estate 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.