Capital Markets vs the S&P 500 (KCE): is it outperforming?
Over the past month, KCE has outperformed the S&P 500 by 3.1 points. Here is where that puts it in the sector rotation — updated daily.
Where KCE sits on the rotation map
Capital Markets 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.
KCE vs SPY: head-to-head returns
KCE (capital markets) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means KCE won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Capital Markets (KCE) sits in the Outperformers quadrant of the rotation map: it has clearly beaten the S&P 500 by 3.1 points over the past month, on top of a 8.2-point advantage over the longer, time-shifted window. Ranked by one-month spread, it currently stands #38 of the 115 groups Zensei tracks.
On the shorter tape, KCE 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. KCE's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The two signals agree — the short-term tape and the longer trend point the same way.
The exposure comes via SPDR S&P Capital Markets ETF, whose 65 tracked holdings are led by MARKETAXESS HOLDINGS INC, WISDOMTREE INC and HAMILTON LANE INC CLASS A. Weighted by portfolio, the fund's holdings trade at roughly 27.1× earnings and 5.3× sales. The thing to watch from here is durability: outperformers that hold their one-month spread while the longer window keeps building tend to stay out front; a fading spread is the early exit signal.
What's inside KCE
Top 5 of 65 tracked holdings, by portfolio weight.
Capital Markets vs the market — common questions
Is capital markets outperforming the S&P 500?
Right now, yes: over the past month KCE has outperformed the S&P 500 by 3.1 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is KCE?
KCE is SPDR S&P Capital Markets ETF, the fund Zensei uses to measure the capital markets group against the S&P 500 benchmark (SPY).
Which stocks are in KCE?
KCE's largest tracked positions are MARKETAXESS HOLDINGS INC, WISDOMTREE INC, HAMILTON LANE INC CLASS A, DONNELLEY FINANCIAL SOLUTIONS INC, VICTORY CAPITAL HOLDINGS INC CLASS A — 65 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is capital markets in right now?
As of the latest daily data, capital markets is in the Outperformers quadrant — outperforming the S&P 500 on both the recent and the longer, time-shifted window. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track capital markets 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.