Pharmaceutical vs the S&P 500 (PPH): is it outperforming?
Over the past month, PPH has outperformed the S&P 500 by 1.5 points. Here is where that puts it in the sector rotation — updated daily.
Where PPH sits on the rotation map
Pharmaceutical 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.
PPH vs SPY: head-to-head returns
PPH (pharmaceutical) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means PPH won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Pharmaceutical (PPH) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 5.5 points, but over the past month it has moved clearly ahead of the market — a 1.5-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #29 of the 115 groups Zensei tracks.
On the shorter tape, PPH's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. PPH'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 VanEck Pharmaceutical ETF, whose 24 tracked holdings are led by ELI LILLY AND CO, NOVARTIS AG ADR and MERCK & CO INC. Weighted by portfolio, the fund's holdings trade at roughly 62.9× earnings and 5.9× 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 PPH
Top 5 of 24 tracked holdings, by portfolio weight.
Pharmaceutical vs the market — common questions
Is pharmaceutical outperforming the S&P 500?
Right now, yes: over the past month PPH has outperformed the S&P 500 by 1.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is PPH?
PPH is VanEck Pharmaceutical ETF, the fund Zensei uses to measure the pharmaceutical group against the S&P 500 benchmark (SPY).
Which stocks are in PPH?
PPH's largest tracked positions are ELI LILLY AND CO, NOVARTIS AG ADR, MERCK & CO INC, NOVO NORDISK AS ADR, ABBVIE INC — 24 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is pharmaceutical in right now?
As of the latest daily data, pharmaceutical 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 pharmaceutical 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.