Technology sector vs S&P 500 (XLK): is it outperforming?
Over the past month, XLK has underperformed the S&P 500 by 3.0 points. Here is where that puts it in the sector rotation — updated daily.
Where XLK sits on the rotation map
Technology 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.
XLK vs SPY: head-to-head returns
XLK (technology) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XLK won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Technology (XLK) is losing its lead. It built a 18.8-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 3.0 points behind the market — the weakening quadrant of the rotation map. Ranked by one-month spread, it currently stands #72 of the 115 groups Zensei tracks.
On the shorter tape, XLK's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XLK'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 Technology Select Sector SPDR, whose 74 tracked holdings are led by NVIDIA CORP, APPLE INC and MICROSOFT CORP. Weighted by portfolio, the fund's holdings trade at roughly 60.9× earnings and 15.5× sales. The thing to watch from here is whether this is a pause or a handoff: weakening groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
What's inside XLK
Top 10 of 74 tracked holdings, by portfolio weight.
Technology vs the market — common questions
Is technology outperforming the S&P 500?
Right now, no: over the past month XLK 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 XLK?
XLK is Technology Select Sector SPDR, the fund Zensei uses to measure the technology group against the S&P 500 benchmark (SPY).
Which stocks are in XLK?
XLK's largest tracked positions are NVIDIA CORP, APPLE INC, MICROSOFT CORP, BROADCOM INC, ADVANCED MICRO DEVICES INC — 74 holdings in total. The full list, with each stock measured against the group, is available with a free Zensei account.
What quadrant is technology in right now?
As of the latest daily data, technology is in the weakening quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track technology 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.