Medical Devices vs the S&P 500 (IHI): is it outperforming?
Over the past month, IHI has outperformed the S&P 500 by 0.9 points. Here is where that puts it in the sector rotation — updated daily.
Where IHI sits on the rotation map
Medical Devices 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.
IHI vs SPY: head-to-head returns
IHI (medical devices) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means IHI won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Medical Devices (IHI) sits in the Outperformers quadrant of the rotation map: it has narrowly beaten the S&P 500 by 0.9 points over the past month, on top of a 9.6-point advantage over the longer, time-shifted window. Ranked by one-month spread, it currently stands #46 of the 115 groups Zensei tracks.
On the shorter tape, IHI's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. IHI's relative-strength line has dropped below its moving averages — the outperformance trend is fading. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via iShares U.S. Medical Devices ETF, whose 45 tracked holdings are led by ABBOTT LABORATORIES, INTUITIVE SURGICAL INC and STRYKER CORP. Weighted by portfolio, the fund's holdings trade at roughly 35.2× earnings and 5.7× 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 IHI
Top 5 of 45 tracked holdings, by portfolio weight.
Medical Devices vs the market — common questions
Is medical devices outperforming the S&P 500?
Right now, yes: over the past month IHI has outperformed the S&P 500 by 0.9 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is IHI?
IHI is iShares U.S. Medical Devices ETF, the fund Zensei uses to measure the medical devices group against the S&P 500 benchmark (SPY).
Which stocks are in IHI?
IHI's largest tracked positions are ABBOTT LABORATORIES, INTUITIVE SURGICAL INC, STRYKER CORP, BECTON DICKINSON & CO, MEDTRONIC PLC — 45 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is medical devices in right now?
As of the latest daily data, medical devices 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 medical devices 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.