Skip to main content
Zensei
Cooling#100 of 115 by 1M spread

Infrastructure vs the S&P 500 (IGF): is it outperforming?

Over the past month, IGF has underperformed the S&P 500 by 6.6 points. Here is where that puts it in the sector rotation — updated daily.

1M spread vs SPY
−6.6 pts
Quadrant
Cooling
Momentum
Weakening
RS health
Broken
Holdings P/E
21.2×

Where IGF sits on the rotation map

Infrastructure 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.

IGF vs SPY: head-to-head returns

IGF (infrastructure) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means IGF won that window.

Window
IGF
SPY
Spread
1 week−0.7%+0.5%−1.2 pts
2 weeks−1.5%−1.1%−0.4 pts
1 month−2.7%+3.8%−6.6 pts
3 months−1.1%+2.0%−3.1 pts
6 months−5.0%+12.7%−17.8 pts
1 year+10.5%+19.9%−9.4 pts

Data as of 2026-08-28 · computed from daily adjusted closes · how we measure

The read

Infrastructure (IGF) is losing its lead. It built a 3.5-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 6.6 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #100 of the 115 groups Zensei tracks.

On the shorter tape, IGF's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. IGF'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 iShares Global Infrastructure ETF, whose 32 tracked holdings are led by NEXTERA ENERGY INC, n/a and WILLIAMS COMPANIES INC. Weighted by portfolio, the fund's holdings trade at roughly 21.2× earnings and 3.6× 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 IGF

Top 5 of 32 tracked holdings, by portfolio weight.

Holding
Weight
1M
NEENEXTERA ENERGY INC
4.8%−7.6%
PACn/a
3.3%−4.6%
WMBWILLIAMS COMPANIES INC
3.0%+5.1%
SOSOUTHERN CO
2.8%−8.1%
DUKDUKE ENERGY CORP
2.6%−6.1%
27 more holdings — each measured against the sector, with momentum and relative strengthUnlock with Premium

Infrastructure vs the market — common questions

Is infrastructure outperforming the S&P 500?

Right now, no: over the past month IGF has underperformed the S&P 500 by 6.6 points. This page updates daily, so the answer reflects current market data rather than a dated article.

What is IGF?

IGF is iShares Global Infrastructure ETF, the fund Zensei uses to measure the infrastructure group against the S&P 500 benchmark (SPY).

Which stocks are in IGF?

IGF's largest tracked positions are NEXTERA ENERGY INC, n/a, WILLIAMS COMPANIES INC, SOUTHERN CO, DUKE ENERGY CORP — 32 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.

What quadrant is infrastructure in right now?

As of the latest daily data, infrastructure 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 infrastructure 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.