Technology sector vs S&P 500 (XLK): is it outperforming?
Over the past month, XLK has outperformed the S&P 500 by 4.7 points. Here is where that puts it in the sector rotation — updated daily.
Where XLK sits on the rotation map
Technology 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.
XLK vs SPY: head-to-head returns
XLK (technology) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XLK won that window.
Data as of 2026-08-28 · computed from daily adjusted closes · how we measure
The read
Technology (XLK) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 8.5 points, but over the past month it has moved decisively ahead of the market — a 4.7-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #32 of the 115 groups Zensei tracks.
On the shorter tape, XLK's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XLK's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via Technology Select Sector SPDR, whose 73 tracked holdings are led by NVIDIA CORP, APPLE INC and MICROSOFT CORP. Weighted by portfolio, the fund's holdings trade at roughly 110.9× earnings and 15.6× sales. The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside XLK
Top 10 of 73 tracked holdings, by portfolio weight.
Technology vs the market — common questions
Is technology outperforming the S&P 500?
Right now, yes: over the past month XLK has outperformed the S&P 500 by 4.7 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is XLK?
XLK is Technology Select Sector SPDR, the fund Zensei uses to measure the technology group against the S&P 500 benchmark (SPY).
Which stocks are in XLK?
XLK's largest tracked positions are NVIDIA CORP, APPLE INC, MICROSOFT CORP, BROADCOM INC, ADVANCED MICRO DEVICES INC — 73 holdings in total. The full list, with each stock measured against the group, is available with a free Zensei account.
What quadrant is technology in right now?
As of the latest daily data, technology is in the Emerging quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track technology 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.