Industrial & Office Real Estate vs the S&P 500 (INDS): is it outperforming?
Over the past month, INDS has underperformed the S&P 500 by 8.7 points. Here is where that puts it in the sector rotation — updated daily.
Where INDS sits on the rotation map
Industrial & Office Real Estate 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.
INDS vs SPY: head-to-head returns
INDS (industrial & office real estate) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means INDS won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Industrial & Office Real Estate (INDS) is losing its lead. It built a 8.8-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 8.7 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #110 of the 115 groups Zensei tracks — among the market's weakest pockets right now.
On the shorter tape, INDS's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. INDS'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 Pacer Industrial Real Estate ETF, whose 12 tracked holdings are led by PUBLIC STORAGE, EXTRA SPACE STORAGE INC and PROLOGIS INC. Weighted by portfolio, the fund's holdings trade at roughly 30.6× earnings and 11.2× 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 INDS
Top 5 of 12 tracked holdings, by portfolio weight.
Industrial & Office Real Estate vs the market — common questions
Is industrial & office real estate outperforming the S&P 500?
Right now, no: over the past month INDS has underperformed the S&P 500 by 8.7 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is INDS?
INDS is Pacer Industrial Real Estate ETF, the fund Zensei uses to measure the industrial & office real estate group against the S&P 500 benchmark (SPY).
Which stocks are in INDS?
INDS's largest tracked positions are PUBLIC STORAGE, EXTRA SPACE STORAGE INC, PROLOGIS INC, EASTGROUP PROPERTIES INC, W.P. CAREY INC — 12 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is industrial & office real estate in right now?
As of the latest daily data, industrial & office real estate 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 industrial & office real estate 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.