Steel vs the S&P 500 (SLX): is it outperforming?
Over the past month, SLX has outperformed the S&P 500 by 1.1 points. Here is where that puts it in the sector rotation — updated daily.
Where SLX sits on the rotation map
Steel 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.
SLX vs SPY: head-to-head returns
SLX (steel) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means SLX won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Steel (SLX) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 4.4 points, but over the past month it has moved clearly ahead of the market — a 1.1-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #45 of the 115 groups Zensei tracks.
On the shorter tape, SLX's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. SLX'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 VanEck Steel ETF, whose 15 tracked holdings are led by BHP GROUP LTD ADR, RIO TINTO PLC ADR and VALE SA ADR. Weighted by portfolio, the fund's holdings trade at roughly 24.0× earnings and 1.6× 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 SLX
Top 5 of 15 tracked holdings, by portfolio weight.
Steel vs the market — common questions
Is steel outperforming the S&P 500?
Right now, yes: over the past month SLX has outperformed the S&P 500 by 1.1 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is SLX?
SLX is VanEck Steel ETF, the fund Zensei uses to measure the steel group against the S&P 500 benchmark (SPY).
Which stocks are in SLX?
SLX's largest tracked positions are BHP GROUP LTD ADR, RIO TINTO PLC ADR, VALE SA ADR, NUCOR CORP, ARCELORMITTAL SA DEPOSITORY RECEIPT — 15 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is steel in right now?
As of the latest daily data, steel 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 steel 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.