Metaverse vs the S&P 500 (FMET): is it outperforming?
Over the past month, FMET has outperformed the S&P 500 by 1.0 points. Here is where that puts it in the sector rotation — updated daily.
Where FMET sits on the rotation map
Metaverse 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.
FMET vs SPY: head-to-head returns
FMET (metaverse) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means FMET won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Metaverse (FMET) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 4.2 points, but over the past month it has moved narrowly ahead of the market — a 1.0-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #46 of the 115 groups Zensei tracks.
On the shorter tape, FMET's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. FMET'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 Fidelity Metaverse ETF, whose 32 tracked holdings are led by APPLE INC, ADVANCED MICRO DEVICES INC and ALPHABET INC CLASS A. Weighted by portfolio, the fund's holdings trade at roughly 43.8× earnings and 9.0× sales. The thing to watch from here is confirmation: emerging 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 FMET
Top 5 of 32 tracked holdings, by portfolio weight.
Metaverse vs the market — common questions
Is metaverse outperforming the S&P 500?
Right now, yes: over the past month FMET has outperformed the S&P 500 by 1.0 point. This page updates daily, so the answer reflects current market data rather than a dated article.
What is FMET?
FMET is Fidelity Metaverse ETF, the fund Zensei uses to measure the metaverse group against the S&P 500 benchmark (SPY).
Which stocks are in FMET?
FMET's largest tracked positions are APPLE INC, ADVANCED MICRO DEVICES INC, ALPHABET INC CLASS A, META PLATFORMS INC CLASS A, EQUINIX INC — 32 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is metaverse in right now?
As of the latest daily data, metaverse is in the Emerging 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 metaverse 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.