Industrial Stocks
Top 10 of 83 XLI holdings, updated
As of 12 October 2026, industrial stocks are trailing the S&P 500, over the past month and over the longer run. XLI trails the S&P 500 by 3.7 points over one month and ranks #48 of 115 groups Zensei tracks. 43 of the 83 industrial stocks Zensei prices in XLI beat the fund this month.
Where industrial stocks stand now
As of 12 October 2026, Industrials (XLI) ranks #48 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 3.7 points behind over the past month and 6.5 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, XLI's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XLI'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 Industrial Select Sector SPDR, whose 83 tracked holdings are led by Caterpillar Inc, Ge Aerospace and Ge Vernova Inc. Weighted by portfolio, the fund's holdings trade at roughly 28.0× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
Top industrial stocks right now
The largest industrial stocks by weight in XLI, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of XLI
- 1Caterpillar IncCAT7.0%
- 2Ge AerospaceGE5.9%
- 3Ge Vernova IncGEV5.0%
- 4Rtx CorpRTX4.5%
- 5Eaton Corp PLCETN3.1%
Strongest this month
1-month return, holdings Zensei prices
- 1Generac Holdings IncGNRC+16.8%
- 2Ingersoll Rand IncIR+8.5%
- 3Trane Technologies PLCTT+8.0%
- 4United Rentals IncURI+6.9%
- 5Quanta Services IncPWR+6.8%
Industrial Stocks vs the S&P 500
Over the week to 12 October 2026, XLI fell 0.6% while the S&P 500 rose 0.4%. XLI and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means XLI won that window.
Prices as of · computed from daily adjusted closes · how we measure
Industrials 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 industrial stocks expensive?
The price-to-earnings ratio of XLI 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.
XLI holdings: the industrial stocks inside
As of 12 October 2026, 43 of the 83 industrial stocks Zensei prices in XLI beat the fund over the past month. 19 of them beat the S&P 500. The strongest is Generac Holdings Inc (GNRC); the weakest is Jb Hunt Transport Services Inc (JBHT). Inside the fund, the holdings split between winners and losers.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | CATCaterpillar Inc | 7.0% | −2.3% | −14.0% | −0.7 pts | Weak | Broken |
| 2 | GEGe Aerospace | 5.9% | −4.5% | −12.5% | −2.9 pts | Weak | Broken |
| 3 | GEVGe Vernova Inc | 5.0% | +4.2% | −4.4% | +5.8 pts | Cruising | Strong |
| 4 | RTXRtx Corp | 4.5% | −5.6% | −4.7% | |||
| 5 | ETNEaton Corp PLC | 3.1% | +0.3% | +6.2% | |||
| 6 | DEDeere & Co | 3.1% | −6.2% | +8.3% | |||
| 7 | UNPUnion Pacific Corp | 3.0% | −1.0% | −2.2% | |||
| 8 | BABoeing Co | 2.8% | −10.0% | −12.1% | |||
| 9 | UBERUber Technologies Inc | 2.6% | −0.2% | −3.7% | |||
| 10 | PHParker Hannifin Corp | 2.3% | +0.7% | +0.8% |
All 83 XLI holdings by weight: Caterpillar Inc (CAT) 7.0%, Ge Aerospace (GE) 5.9%, Ge Vernova Inc (GEV) 5.0%, Rtx Corp (RTX) 4.5%, Eaton Corp PLC (ETN) 3.1%, Deere & Co (DE) 3.1%, Union Pacific Corp (UNP) 3.0%, Boeing Co (BA) 2.8%, Uber Technologies Inc (UBER) 2.6%, Parker Hannifin Corp (PH) 2.3%, Quanta Services Inc (PWR) 2.0%, Automatic Data Processing Inc (ADP) 2.0%, Trane Technologies PLC (TT) 1.9%, Lockheed Martin Corp (LMT) 1.9%, Vertiv Holdings Co (VRT) 1.8%, n/a (JCI) 1.8%, Howmet Aerospace Inc (HWM) 1.7%, Emerson Electric Co (EMR) 1.7%, Csx Corp (CSX) 1.6%, Bloom Energy Corp (BE) 1.6%, 3m Co (MMM) 1.6%, General Dynamics Corp (GD) 1.6%, Waste Management Inc (WM) 1.5%, Cummins Inc (CMI) 1.3%, Norfolk Southern Corp (NSC) 1.3%, United Parcel Service Inc (UPS) 1.3%, Illinois Tool Works Inc (ITW) 1.3%, Cintas Corp (CTAS) 1.3%, Honeywell International Inc (HON) 1.2%, United Rentals Inc (URI) 1.2%, Fedex Corp (FDX) 1.2%, Northrop Grumman Corp (NOC) 1.2%, Comfort Systems USA Inc (FIX) 1.1%, Transdigm Group Inc (TDG) 1.1%, Ametek Inc (AME) 1.1%, Fastenal Co (FAST) 1.1%, Paccar Inc (PCAR) 1.1%, W.W. Grainger Inc (GWW) 1.0%, Rockwell Automation Inc (ROK) 0.9%, Delta Air Lines Inc (DAL) 0.9%, Honeywell Aerospace Inc (HONA) 0.9%, Westinghouse Air Brake Technologies Corp (WAB) 0.9%, Carrier Global Corp (CARR) 0.9%, L3harris Technologies Inc (LHX) 0.8%, Republic Services Inc (RSG) 0.8%, Ferguson Enterprises Inc (FERG) 0.8%, United Airlines Holdings Inc (UAL) 0.7%, Emcor Group Inc (EME) 0.7%, Axon Enterprise Inc (AXON) 0.6%, n/a (ODFL) 0.6%, Paychex Inc (PAYX) 0.6%, Ingersoll Rand Inc (IR) 0.5%, Otis Worldwide Corp (OTIS) 0.5%, Hubbell Inc (HUBB) 0.5%, Dover Corp (DOV) 0.5%, n/a (EXPD) 0.5%, Veralto Corp (VLTO) 0.4%, Xylem Inc (XYL) 0.4%, Copart Inc (CPRT) 0.4%, Verisk Analytics Inc (VRSK) 0.4%, Southwest Airlines Co (LUV) 0.4%, Snap-On Inc (SNA) 0.4%, Broadridge Financial Solutions Inc (BR) 0.3%, Dupont de Nemours Inc (DD) 0.3%, Nordson Corp (NDSN) 0.3%, Idex Corp (IEX) 0.3%, Fortive Corp (FTV) 0.3%, Equifax Inc (EFX) 0.3%, Jb Hunt Transport Services Inc (JBHT) 0.3%, C.H. Robinson Worldwide Inc (CHRW) 0.3%, Jacobs Solutions Inc (J) 0.3%, Leidos Holdings Inc (LDOS) 0.3%, Masco Corp (MAS) 0.3%, Stanley Black & Decker Inc (SWK) 0.3%, Fedex Freight Holding Co Inc (FDXF) 0.3%, Generac Holdings Inc (GNRC) 0.2%, Allegion PLC (ALLE) 0.2%, Textron Inc (TXT) 0.2%, Lennox International Inc (LII) 0.2%, Huntington Ingalls Industries Inc (HII) 0.2%, Rollins Inc (ROL) 0.2%, Pentair PLC (PNR) 0.2%, A.O. Smith Corp (AOS) 0.1%.
Industrial Stocks: common questions
What are the top 3 industrial stocks?
As of 12 October 2026, the three largest industrial stocks in XLI by fund weight are Caterpillar Inc (CAT) (7.0%), Ge Aerospace (GE) (5.9%) and Ge Vernova Inc (GEV) (5.0%). Fund weight shows size inside the fund, not a recommendation.
Which industrial stocks are beating the sector?
As of 12 October 2026, 43 of the 83 industrial stocks Zensei prices in XLI beat the fund over the past month. The strongest over the past month is Generac Holdings Inc (GNRC). The list above shows every holding with its weight and returns.
Are industrial stocks outperforming the S&P 500?
No. As of 12 October 2026, XLI trails the S&P 500 by 3.7 points over the past month.
Is it a good time to invest in industrial stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, industrial stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is XLI?
XLI is Industrial Select Sector SPDR. Zensei uses it to measure industrial stocks against the S&P 500 (SPY).
What stocks does XLI own?
As of 12 October 2026, the largest of the 83 positions Zensei tracks in XLI are Caterpillar Inc, Ge Aerospace, Ge Vernova Inc, Rtx Corp, Eaton Corp PLC. Each position measured against the fund, with momentum and relative strength, comes with a free Zensei account.
What quadrant is industrials in right now?
As of 12 October 2026, industrials is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: trailing the market
Related sectors
Track industrials 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.