Software vs the S&P 500 (IGV): is it outperforming?
Over the past month, IGV has outperformed the S&P 500 by 17.0 points. Here is where that puts it in the sector rotation — updated daily.
Where IGV sits on the rotation map
Software 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.
IGV vs SPY: head-to-head returns
IGV (software) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means IGV won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Software (IGV) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 3.2 points, but over the past month it has moved decisively ahead of the market — a 17.0-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #6 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, IGV's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. IGV'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 iShares Expanded Tech-Software Sector ETF, whose 105 tracked holdings are led by PALO ALTO NETWORKS INC, n/a and MICROSOFT CORP. Weighted by portfolio, the fund's holdings trade at roughly 409.8× earnings and 30.2× 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 IGV
Top 5 of 105 tracked holdings, by portfolio weight.
Software vs the market — common questions
Is software outperforming the S&P 500?
Right now, yes: over the past month IGV has outperformed the S&P 500 by 17.0 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is IGV?
IGV is iShares Expanded Tech-Software Sector ETF, the fund Zensei uses to measure the software group against the S&P 500 benchmark (SPY).
Which stocks are in IGV?
IGV's largest tracked positions are PALO ALTO NETWORKS INC, n/a, MICROSOFT CORP, CROWDSTRIKE HOLDINGS INC CLASS A, ORACLE CORP — 105 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is software in right now?
As of the latest daily data, software 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 software 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.