Shipping vs the S&P 500 (BOAT): is it outperforming?
Over the past month, BOAT has underperformed the S&P 500 by 3.0 points. Here is where that puts it in the sector rotation — updated daily.
Where BOAT sits on the rotation map
Shipping 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.
BOAT vs SPY: head-to-head returns
BOAT (shipping) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means BOAT won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Shipping (BOAT) is out of favor: it trails the S&P 500 on both rotation windows — 3.0 points behind over the past month and 5.4 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #70 of the 115 groups Zensei tracks.
On the shorter tape, BOAT's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. BOAT's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The two signals agree — the short-term tape and the longer trend point the same way.
The exposure comes via SonicShares Global Shipping ETF, whose 26 tracked holdings are led by FRONTLINE PLC, MATSON INC and INTERNATIONAL SEAWAYS INC. Weighted by portfolio, the fund's holdings trade at roughly 14.0× earnings and 2.7× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside BOAT
Top 5 of 26 tracked holdings, by portfolio weight.
Shipping vs the market — common questions
Is shipping outperforming the S&P 500?
Right now, no: over the past month BOAT has underperformed the S&P 500 by 3.0 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is BOAT?
BOAT is SonicShares Global Shipping ETF, the fund Zensei uses to measure the shipping group against the S&P 500 benchmark (SPY).
Which stocks are in BOAT?
BOAT's largest tracked positions are FRONTLINE PLC, MATSON INC, INTERNATIONAL SEAWAYS INC, SCORPIO TANKERS INC, ZIM INTEGRATED SHIPPING SERVICES LTD ORDINARY SHARES — 26 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is shipping in right now?
As of the latest daily data, shipping is in the lagging quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track shipping 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.