Manufacturing vs the S&P 500 (RSHO): is it outperforming?
Over the past month, RSHO has underperformed the S&P 500 by 3.8 points. Here is where that puts it in the sector rotation — updated daily.
Where RSHO sits on the rotation map
Manufacturing 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.
RSHO vs SPY: head-to-head returns
RSHO (manufacturing) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means RSHO won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Manufacturing (RSHO) is losing its lead. It built a 9.3-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 3.8 points behind the market — the Cooling quadrant of the rotation map. Ranked by one-month spread, it currently stands #80 of the 115 groups Zensei tracks.
On the shorter tape, RSHO's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. RSHO'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 Tema American Reshoring ETF, whose 23 tracked holdings are led by THE TIMKEN CO, COGNEX CORP and APPLIED INDUSTRIAL TECHNOLOGIES INC. Weighted by portfolio, the fund's holdings trade at roughly 38.7× earnings and 4.2× 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 RSHO
Top 5 of 23 tracked holdings, by portfolio weight.
Manufacturing vs the market — common questions
Is manufacturing outperforming the S&P 500?
Right now, no: over the past month RSHO has underperformed the S&P 500 by 3.8 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is RSHO?
RSHO is Tema American Reshoring ETF, the fund Zensei uses to measure the manufacturing group against the S&P 500 benchmark (SPY).
Which stocks are in RSHO?
RSHO's largest tracked positions are THE TIMKEN CO, COGNEX CORP, APPLIED INDUSTRIAL TECHNOLOGIES INC, GATES INDUSTRIAL CORP LTD, TEREX CORP — 23 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is manufacturing in right now?
As of the latest daily data, manufacturing 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 manufacturing 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.