Music vs the S&P 500 (MUSQ): is it outperforming?
Over the past month, MUSQ has underperformed the S&P 500 by 5.0 points. Here is where that puts it in the sector rotation — updated daily.
Where MUSQ sits on the rotation map
Music 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.
MUSQ vs SPY: head-to-head returns
MUSQ (music) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means MUSQ won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Music (MUSQ) is out of favor: it trails the S&P 500 on both rotation windows — 5.0 points behind over the past month and 1.5 points behind over the longer, time-shifted window. That is the Underperformers quadrant. Ranked by one-month spread, it currently stands #94 of the 115 groups Zensei tracks.
On the shorter tape, MUSQ's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. MUSQ's relative-strength picture is mixed, without a clean alignment across its moving averages. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via MUSQ Global Music Industry ETF, whose 13 tracked holdings are led by LIVE NATION ENTERTAINMENT INC, SPOTIFY TECHNOLOGY SA and AMAZON.COM INC. Weighted by portfolio, the fund's holdings trade at roughly 34.6× earnings and 4.4× sales. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside MUSQ
Top 5 of 13 tracked holdings, by portfolio weight.
Music vs the market — common questions
Is music outperforming the S&P 500?
Right now, no: over the past month MUSQ has underperformed the S&P 500 by 5.0 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is MUSQ?
MUSQ is MUSQ Global Music Industry ETF, the fund Zensei uses to measure the music group against the S&P 500 benchmark (SPY).
Which stocks are in MUSQ?
MUSQ's largest tracked positions are LIVE NATION ENTERTAINMENT INC, SPOTIFY TECHNOLOGY SA, AMAZON.COM INC, WARNER MUSIC GROUP CORP ORDINARY SHARES CLASS A, ALPHABET INC CLASS A — 13 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is music in right now?
As of the latest daily data, music is in the Underperformers quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track music 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.