Medical Devices vs the S&P 500 (IHI): is it outperforming?
Over the past month, IHI has outperformed the S&P 500 by 2.3 points. Here is where that puts it in the sector rotation — updated daily.
Where IHI sits on the rotation map
Medical Devices 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.
IHI vs SPY: head-to-head returns
IHI (medical devices) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means IHI won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Medical Devices (IHI) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 16.0 points, but over the past month it has moved clearly ahead of the market — a 2.3-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #24 of the 115 groups Zensei tracks.
On the shorter tape, IHI's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. IHI'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 U.S. Medical Devices ETF, whose 45 tracked holdings are led by ABBOTT LABORATORIES, INTUITIVE SURGICAL INC and STRYKER CORP. Weighted by portfolio, the fund's holdings trade at roughly 53.0× earnings and 6.3× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside IHI
Top 5 of 45 tracked holdings, by portfolio weight.
Medical Devices vs the market — common questions
Is medical devices outperforming the S&P 500?
Right now, yes: over the past month IHI has outperformed the S&P 500 by 2.3 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is IHI?
IHI is iShares U.S. Medical Devices ETF, the fund Zensei uses to measure the medical devices group against the S&P 500 benchmark (SPY).
Which stocks are in IHI?
IHI's largest tracked positions are ABBOTT LABORATORIES, INTUITIVE SURGICAL INC, STRYKER CORP, EDWARDS LIFESCIENCES CORP, RESMED INC — 45 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is medical devices in right now?
As of the latest daily data, medical devices is in the improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track medical devices 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.