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Cooling#69 of 115 by 1M spread

Financial Services vs the S&P 500 (IYG): is it outperforming?

Over the past month, IYG has underperformed the S&P 500 by 2.3 points. Here is where that puts it in the sector rotation — updated daily.

1M spread vs SPY
−2.3 pts
Quadrant
Cooling
Momentum
Weakening
RS health
Strong
Holdings P/E
20.2×

Where IYG sits on the rotation map

Financial Services 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.

IYG vs SPY: head-to-head returns

IYG (financial services) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means IYG won that window.

Window
IYG
SPY
Spread
1 week+1.1%+0.5%+0.7 pts
2 weeks−0.4%−1.1%+0.6 pts
1 month+1.6%+3.8%−2.3 pts
3 months+12.3%+2.0%+10.3 pts
6 months+14.5%+12.7%+1.7 pts
1 year+10.4%+19.9%−9.4 pts

Data as of 2026-08-28 · computed from daily adjusted closes · how we measure

The read

Financial Services (IYG) is losing its lead. It built a 12.3-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 2.3 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #69 of the 115 groups Zensei tracks.

On the shorter tape, IYG's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. IYG's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.

The exposure comes via iShares U.S. Financial Services ETF, whose 99 tracked holdings are led by JPMORGAN CHASE & CO, BERKSHIRE HATHAWAY INC CLASS B and VISA INC CLASS A. Weighted by portfolio, the fund's holdings trade at roughly 20.2× earnings and 6.5× sales. 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.

What's inside IYG

Top 5 of 99 tracked holdings, by portfolio weight.

Holding
Weight
1M
JPMJPMORGAN CHASE & CO
12.8%+0.1%
BRK-BBERKSHIRE HATHAWAY INC CLASS B
12.6%−1.4%
VVISA INC CLASS A
8.3%+4.3%
MAMASTERCARD INC CLASS A
6.1%+5.8%
BACBANK OF AMERICA CORP
5.5%−0.5%
94 more holdings — each measured against the sector, with momentum and relative strengthUnlock with Premium

Financial Services vs the market — common questions

Is financial services outperforming the S&P 500?

Right now, no: over the past month IYG has underperformed the S&P 500 by 2.3 points. This page updates daily, so the answer reflects current market data rather than a dated article.

What is IYG?

IYG is iShares U.S. Financial Services ETF, the fund Zensei uses to measure the financial services group against the S&P 500 benchmark (SPY).

Which stocks are in IYG?

IYG's largest tracked positions are JPMORGAN CHASE & CO, BERKSHIRE HATHAWAY INC CLASS B, VISA INC CLASS A, MASTERCARD INC CLASS A, BANK OF AMERICA CORP — 99 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.

What quadrant is financial services in right now?

As of the latest daily data, financial services is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.

Related sectors

Track financial services 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.