Wheat vs the S&P 500 (WEAT): is it outperforming?
As of 12 October 2026, Wheat (WEAT) is losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. WEAT trails the S&P 500 by 8.9 points over one month and ranks #98 of 115 groups Zensei tracks.
Where wheat stands now
As of 12 October 2026, Wheat (WEAT) ranks #98 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 8.9-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 8.9 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, WEAT's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. WEAT'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 Teucrium Wheat Fund, whose 27 tracked holdings are led by Goldman Sachs Fs Government Instl, Chicago Srw Wheat Future Mar 27 and Chicago Srw Wheat Future Dec 27. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
WEAT vs SPY: head-to-head returns
Over the week to 12 October 2026, WEAT fell 2.6% while the S&P 500 rose 0.4%. WEAT and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means WEAT won that window.
Prices as of · computed from daily adjusted closes · how we measure
Wheat on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
What's inside WEAT
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | FGTXXGoldman Sachs Fs Government Instl | 38.9% | +0.3% | +0.9% | +7.2 pts | Accelerating | — |
| 2 | Chicago Srw Wheat Future Mar 27 | 35.7% | — | — | No price data | ||
| 3 | Chicago Srw Wheat Future Dec 27 | 34.2% | — | — | No price data | ||
| 4 | Chicago Srw Wheat Future May 27 | 28.1% | — | — | No price data | ||
| 5 | US Bank Mmda Usbgfs 9 | 15.6% | — | — | No price data | ||
| 6 | Other Assets and Liabilities | 7.2% | — | — | No price data | ||
| 7 | General Motors Financial Company Inc 0% | 4.4% | — | — | No price data | ||
| 8 | Admacm | 4.1% | — | — | No price data | ||
| 9 | Mondelez International Inc. 0% | 2.6% | — | — | No price data | ||
| 10 | Enbridge Inc | 2.6% | — | — | No price data | ||
All 27 WEAT holdings by weight: Goldman Sachs Fs Government Instl (FGTXX) 38.9%, Chicago Srw Wheat Future Mar 27 35.7%, Chicago Srw Wheat Future Dec 27 34.2%, Chicago Srw Wheat Future May 27 28.1%, US Bank Mmda Usbgfs 9 15.6%, Other Assets and Liabilities 7.2%, General Motors Financial Company Inc 0% 4.4%, Admacm 4.1%, Mondelez International Inc. 0% 2.6%, Enbridge Inc 2.6%, Brookfield Infrastructure Holdings Canada Inc 0% 2.6%, Glencore Funding LLC 2.6%, Telus Corp 2.6%, Emerson Electric Co. 0% 1.8%, Sherwin-Williams Co/The 1.8%, The Campbells Co. 0% 1.8%, Keurig Dr Pepper Inc 1.8%, Bayer Corporation 0% 1.8%, Bayer Corp 1.8%, Jabil Inc 0% 1.8%, US Dollars 1.2%, Enbridge U S Inc 0% 0.9%, Astrazeneca PLC 0% 0.9%, Enbridge Inc. 0% 0.9%, Glencore Funding LLC 0% 0.9%, Bell Canada 0% 0.9%, Emerson Electric Co 0.7%.
Wheat vs the market — common questions
Is wheat outperforming the S&P 500?
No. As of 12 October 2026, WEAT trails the S&P 500 by 8.9 points over the past month.
Is it a good time to invest in wheat?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, wheat is ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is WEAT?
WEAT is Teucrium Wheat Fund. Zensei uses it to measure wheat against the S&P 500 (SPY).
What does WEAT hold?
As of 12 October 2026, the largest of the 27 positions Zensei tracks in WEAT are Goldman Sachs Fs Government Instl, Chicago Srw Wheat Future Mar 27, Chicago Srw Wheat Future Dec 27, Chicago Srw Wheat Future May 27, US Bank Mmda Usbgfs 9. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is wheat in right now?
As of 12 October 2026, wheat is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track wheat 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.