Cannabis vs the S&P 500 (MJ): is it outperforming?
Over the past month, MJ has outperformed the S&P 500 by 15.5 points. Here is where that puts it in the sector rotation — updated daily.
Where MJ sits on the rotation map
Cannabis 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.
MJ vs SPY: head-to-head returns
MJ (cannabis) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means MJ won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Cannabis (MJ) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 14.5 points, but over the past month it has moved decisively ahead of the market — a 15.5-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, MJ is in a dip window: the last sessions have pulled back while the longer intraday trend remains intact — the pattern rotation traders watch for re-entries. MJ's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The two signals agree — the short-term tape and the longer trend point the same way.
The exposure comes via Amplify Alternative Harvest ETF, whose 5 tracked holdings are led by AMPLIFY SEYMOUR CANNABIS ETF, TILRAY BRANDS INC and SNDL INC ORDINARY SHARES. Weighted by portfolio, the fund's holdings trade at roughly 15.9× earnings and 0.8× 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 MJ
Top 5 of 5 tracked holdings, by portfolio weight.
Cannabis vs the market — common questions
Is cannabis outperforming the S&P 500?
Right now, yes: over the past month MJ has outperformed the S&P 500 by 15.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is MJ?
MJ is Amplify Alternative Harvest ETF, the fund Zensei uses to measure the cannabis group against the S&P 500 benchmark (SPY).
Which stocks are in MJ?
MJ's largest tracked positions are AMPLIFY SEYMOUR CANNABIS ETF, TILRAY BRANDS INC, SNDL INC ORDINARY SHARES, VILLAGE FARMS INTERNATIONAL INC, INVESCO SHRT-TRM INV GOV&AGCY INSTL — 5 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is cannabis in right now?
As of the latest daily data, cannabis 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 cannabis 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.