Wind Energy vs the S&P 500 (FAN): is it outperforming?
Over the past month, FAN has underperformed the S&P 500 by 1.5 points. Here is where that puts it in the sector rotation — updated daily.
Where FAN sits on the rotation map
Wind Energy 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.
FAN vs SPY: head-to-head returns
FAN (wind energy) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means FAN won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Wind Energy (FAN) is out of favor: it trails the S&P 500 on both rotation windows — 1.5 points behind over the past month and 9.1 points behind over the longer, time-shifted window. That is the Underperformers quadrant. Ranked by one-month spread, it currently stands #64 of the 115 groups Zensei tracks.
On the shorter tape, FAN's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. FAN'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 First Trust Global Wind Energy ETF, whose 10 tracked holdings are led by NORTHLAND POWER INC, ARCOSA INC and THE TIMKEN CO. Weighted by portfolio, the fund's holdings trade at roughly 27.1× earnings and 3.9× sales. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside FAN
Top 5 of 10 tracked holdings, by portfolio weight.
Wind Energy vs the market — common questions
Is wind energy outperforming the S&P 500?
Right now, no: over the past month FAN has underperformed the S&P 500 by 1.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is FAN?
FAN is First Trust Global Wind Energy ETF, the fund Zensei uses to measure the wind energy group against the S&P 500 benchmark (SPY).
Which stocks are in FAN?
FAN's largest tracked positions are NORTHLAND POWER INC, ARCOSA INC, THE TIMKEN CO, GE VERNOVA INC, ALLIANT ENERGY CORP — 10 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is wind energy in right now?
As of the latest daily data, wind energy is in the Underperformers quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track wind energy 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.