Crypto Innovators vs the S&P 500 (DAPP): is it outperforming?
Over the past month, DAPP has outperformed the S&P 500 by 7.3 points. Here is where that puts it in the sector rotation — updated daily.
Where DAPP sits on the rotation map
Crypto Innovators 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.
DAPP vs SPY: head-to-head returns
DAPP (crypto innovators) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means DAPP won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Crypto Innovators (DAPP) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 18.4 points, but over the past month it has moved decisively ahead of the market — a 7.3-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #21 of the 115 groups Zensei tracks.
On the shorter tape, DAPP's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. DAPP's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via VanEck Digital Transformation ETF, whose 18 tracked holdings are led by BLOCK INC CLASS A, COINBASE GLOBAL INC ORDINARY SHARES CLASS A and BITMINE IMMERSION TECHNOLOGIES INC. Weighted by portfolio, the fund's holdings trade at roughly 77.7× earnings and 39.4× 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 DAPP
Top 5 of 18 tracked holdings, by portfolio weight.
Crypto Innovators vs the market — common questions
Is crypto innovators outperforming the S&P 500?
Right now, yes: over the past month DAPP has outperformed the S&P 500 by 7.3 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is DAPP?
DAPP is VanEck Digital Transformation ETF, the fund Zensei uses to measure the crypto innovators group against the S&P 500 benchmark (SPY).
Which stocks are in DAPP?
DAPP's largest tracked positions are BLOCK INC CLASS A, COINBASE GLOBAL INC ORDINARY SHARES CLASS A, BITMINE IMMERSION TECHNOLOGIES INC, CIRCLE INTERNET GROUP INC ORDINARY SHARES CLASS A, FIGURE TECHNOLOGY SOLUTIONS INC ORDINARY SHARES-CLASS A — 18 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is crypto innovators in right now?
As of the latest daily data, crypto innovators 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 crypto innovators 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.