Materials Stocks
Top 10 of 24 XLB holdings, updated
As of 12 October 2026, materials stocks are trailing the S&P 500, over the past month and over the longer run. XLB trails the S&P 500 by 4.6 points over one month and ranks #59 of 115 groups Zensei tracks. 12 of the 24 materials stocks Zensei prices in XLB beat the fund this month.
Where materials stocks stand now
As of 12 October 2026, Materials (XLB) ranks #59 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 — 4.6 points behind over the past month and 1.3 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, XLB's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XLB'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 Materials Select Sector SPDR, whose 24 tracked holdings are led by Linde PLC, Newmont Corp and Freeport-Mcmoran Inc. Weighted by portfolio, the fund's holdings trade at roughly 23.1× 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 materials stocks right now
The largest materials stocks by weight in XLB, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of XLB
- 1Linde PLCLIN13.0%
- 2Newmont CorpNEM7.0%
- 3Freeport-Mcmoran IncFCX6.0%
- 4Ecolab IncECL5.0%
- 5Sherwin-Williams CoSHW4.8%
Strongest this month
1-month return, holdings Zensei prices
- 1Linde PLCLIN+4.5%
- 2Ecolab IncECL+3.2%
- 3Freeport-Mcmoran IncFCX+3.1%
- 4International Flavors & Fragrances IncIFF+2.1%
- 5Steel Dynamics IncSTLD−0.0%
Materials Stocks vs the S&P 500
Over the week to 12 October 2026, XLB fell 0.1% while the S&P 500 rose 0.4%. XLB and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means XLB won that window.
Prices as of · computed from daily adjusted closes · how we measure
Materials 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 materials stocks expensive?
The price-to-earnings ratio of XLB 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.
XLB holdings: the materials stocks inside
As of 12 October 2026, 12 of the 24 materials stocks Zensei prices in XLB beat the fund over the past month. 4 of them beat the S&P 500. The strongest is Linde PLC (LIN); the weakest is The Mosaic Co (MOS). Inside the fund, the holdings split between winners and losers.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | LINLinde PLC | 13.0% | +4.5% | −6.7% | +7.0 pts | Cruising | Strong |
| 2 | NEMNewmont Corp | 7.0% | −7.6% | +26.1% | −5.1 pts | Weak | Broken |
| 3 | FCXFreeport-Mcmoran Inc | 6.0% | +3.1% | +22.5% | +5.7 pts | Strong | Strong |
| 4 | ECLEcolab Inc | 5.0% | +3.2% | +4.8% | |||
| 5 | SHWSherwin-Williams Co | 4.8% | −1.0% | −2.4% | |||
| 6 | VMCVulcan Materials Co | 4.8% | −3.0% | −16.1% | |||
| 7 | STLDSteel Dynamics Inc | 4.8% | −0.0% | +2.4% | |||
| 8 | NUENucor Corp | 4.7% | −2.7% | +8.4% | |||
| 9 | MLMMartin Marietta Materials Inc | 4.6% | −6.4% | −16.0% | |||
| 10 | APDAir Products and Chemicals Inc | 4.6% | −2.0% | −5.4% |
All 24 XLB holdings by weight: Linde PLC (LIN) 13.0%, Newmont Corp (NEM) 7.0%, Freeport-Mcmoran Inc (FCX) 6.0%, Ecolab Inc (ECL) 5.0%, Sherwin-Williams Co (SHW) 4.8%, Vulcan Materials Co (VMC) 4.8%, Steel Dynamics Inc (STLD) 4.8%, Nucor Corp (NUE) 4.7%, Martin Marietta Materials Inc (MLM) 4.6%, Air Products and Chemicals Inc (APD) 4.6%, Crh PLC (CRH) 4.5%, Ppg Industries Inc (PPG) 3.8%, Smurfit Westrock PLC (SW) 3.5%, International Flavors & Fragrances Inc (IFF) 3.5%, Packaging Corp of America (PKG) 3.3%, Dow Inc (DOW) 3.2%, Amcor PLC (AMCR) 3.1%, Cf Industries Holdings Inc (CF) 2.8%, International Paper Co (IP) 2.7%, Ball Corp (BALL) 2.5%, Lyondellbasell Industries NV (LYB) 2.4%, Avery Dennison Corp (AVY) 2.0%, Albemarle Corp (ALB) 2.0%, The Mosaic Co (MOS) 1.0%.
Materials Stocks: common questions
What are the top 3 materials stocks?
As of 12 October 2026, the three largest materials stocks in XLB by fund weight are Linde PLC (LIN) (13.0%), Newmont Corp (NEM) (7.0%) and Freeport-Mcmoran Inc (FCX) (6.0%). Fund weight shows size inside the fund, not a recommendation.
Which materials stocks are beating the sector?
As of 12 October 2026, 12 of the 24 materials stocks Zensei prices in XLB beat the fund over the past month. The strongest over the past month is Linde PLC (LIN). The list above shows every holding with its weight and returns.
Are materials stocks outperforming the S&P 500?
No. As of 12 October 2026, XLB trails the S&P 500 by 4.6 points over the past month.
Is it a good time to invest in materials stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, materials 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 XLB?
XLB is Materials Select Sector SPDR. Zensei uses it to measure materials stocks against the S&P 500 (SPY).
What stocks does XLB own?
As of 12 October 2026, the largest of the 24 positions Zensei tracks in XLB are Linde PLC, Newmont Corp, Freeport-Mcmoran Inc, Ecolab Inc, Sherwin-Williams Co. Each position measured against the fund, with momentum and relative strength, comes with a free Zensei account.
What quadrant is materials in right now?
As of 12 October 2026, materials is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·Losing ground → trailing the market
- ·Trailing the market → losing ground
- ·First tracked: trailing the market
Related sectors
Track materials 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.