Private Equity vs the S&P 500 (PSP): is it outperforming?
Over the past month, PSP has outperformed the S&P 500 by 2.9 points. Here is where that puts it in the sector rotation — updated daily.
Where PSP sits on the rotation map
Private Equity 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.
PSP vs SPY: head-to-head returns
PSP (private equity) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means PSP won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Private Equity (PSP) sits in the Outperformers quadrant of the rotation map: it has clearly beaten the S&P 500 by 2.9 points over the past month, on top of a 1.6-point advantage over the longer, time-shifted window. Ranked by one-month spread, it currently stands #38 of the 115 groups Zensei tracks.
On the shorter tape, PSP's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. PSP's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via Invesco Global Listed Private Equity ETF, whose 29 tracked holdings are led by BLACKSTONE INC, TPG INC ORDINARY SHARES CLASS A and KKR & CO INC ORDINARY SHARES. Weighted by portfolio, the fund's holdings trade at roughly 42.5× earnings and 5.7× sales. The thing to watch from here is durability: outperformers that hold their one-month spread while the longer window keeps building tend to stay out front; a fading spread is the early exit signal.
What's inside PSP
Top 5 of 29 tracked holdings, by portfolio weight.
Private Equity vs the market — common questions
Is private equity outperforming the S&P 500?
Right now, yes: over the past month PSP has outperformed the S&P 500 by 2.9 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is PSP?
PSP is Invesco Global Listed Private Equity ETF, the fund Zensei uses to measure the private equity group against the S&P 500 benchmark (SPY).
Which stocks are in PSP?
PSP's largest tracked positions are BLACKSTONE INC, TPG INC ORDINARY SHARES CLASS A, KKR & CO INC ORDINARY SHARES, n/a, ARES CAPITAL CORP — 29 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is private equity in right now?
As of the latest daily data, private equity is in the Outperformers quadrant — outperforming the S&P 500 on both the recent and the longer, time-shifted window. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track private equity 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.