Market Leadership
Relative performance leadership across key asset groups versus the selected benchmark.Interprets the question: which groups are outperforming the benchmark?Research tool — not investment advice.
Data as of Market Close: Apr 02, 2026How to read this dashboardRead this dashboard in layers: start with relative performance versus the benchmark, then check breadth, trend, and regime for confirmation. Look out for the ⓘ symbol throughout the page for tooltips, definitions, and methodology notes.Quick Start▾
How to read this dashboard
Read this dashboard in layers: start with relative performance versus the benchmark, then check breadth, trend, and regime for confirmation. Look out for the ⓘ symbol throughout the page for tooltips, definitions, and methodology notes.
1
Choose a universe
Start with US, International, Commodities, or Debt depending on what part of market structure you want to study.
2
Set the benchmark and window
The benchmark defines what 'outperformance' means, while 1M / 3M / 6M / 9M / 12M changes the trailing period being measured.
3
Read the tiles and breadth
Breadth answers how many assets are participating. Stronger leadership usually shows up as multiple leaders, not just one standout winner.
4
Use regime labels and ⓘ tooltips
Regime labels summarize the current snapshot, but they are descriptive rather than predictive. Look for the ⓘ symbol throughout the page for added context.
Key concepts
Relative performance: each tile shows performance versus the selected benchmark over the chosen lookback window.
Positive vs negative: positive values mean the group outperformed the benchmark; negative values mean it lagged.
Relative, not absolute: an asset can still post a positive absolute return while showing a negative value here if it underperformed the benchmark.
Benchmark matters: changing the benchmark changes the question being asked. This dashboard is not showing “what went up the most,” but rather “what outperformed the selected reference point.”
Leader = above benchmarkLaggard = below benchmarkWindow = trailing return periodⓘ = tooltip / definition
Trend Overlay
20 / 50 SMA↑ Uptrend↓ Downtrend→ Flat / mixed trend
Use trend as context, not as a forecast. Strong relative performance and supportive trend together usually indicate stronger leadership quality than relative strength alone.
Practical takeaway: the best signals usually come from alignment — strong relative performance, improving breadth, supportive trend, and a coherent regime readout. For example, if semiconductors are strongly positive versus the benchmark, breadth is improving, and trend is supportive, that is usually a stronger leadership signal than one isolated outperformer with weak participation elsewhere. Keep an eye out for the ⓘ symbol across the dashboard for definitions, methodology, cluster logic, and supporting context.
Cross-Asset Benchmark Ranking
Window6MRepresentative asset-class benchmarks ranked by trailing return over the selected windowLoading cross-asset leadership...
US Equities
Top RankVTI
—
Relative strengthRank #1
International Equities
VXUS
—
Relative strengthRank #2
Commodities
DBC
—
Relative strengthRank #3
Bonds
Bottom RankBND
—
Relative strengthRank #4
Ranking
6M
1
US Equities
—
2
International Equities
—
3
Commodities
—
4
Bonds
—
Leadership Snapshot
20/30 assets leading (67% breadth, 0 neutral)
Neutral band ±0.1%
Leaders 20Neutral 0Laggards 10
Top relative leaders
Energy+34.3%Oil & Gas+33.8%Gold Miners+24.3%
Leadership Regimeⓘ
Cyclical / Real-Asset Led
Outperformance is concentrated in energy, materials, industrial, and real-asset-sensitive groups.
Dominance: Cyclicals (4/7)Commodities: UP (DBC 31%, CPER 10%)
UniverseUSvsVTI
Window6MTrend SMA20/50
Leadership Heatmap (Relative Performance vs Benchmark)
Universe: US Sectors & Industry LeadershipBenchmark: VTIWindow: 6MBreadth: 18/26 (69%)
Leader
Neutral
Laggard
↑/↓/→ Trend (SMA)
Leader
Neutral
Laggard
↑/↓/→ Trend (SMA)
ViewSort
U.S. leadership classification
Cyclical
Economically sensitive sector and industry exposures tied to growth and spending
Growth & Innovation
Technology, communications, semiconductors, biotech, and innovation-led themes
Financials
Broad financial exposure plus bank, insurance, and credit-linked subgroup sleeves
Defensive / Real Assets
Stability-oriented sectors alongside commodity and real-economy input exposure
Color = relative performance vs VTI (6M)•Neutral band = ±0.1%•Tile values show relative performance vs VTI, not standalone asset return•Trend = SMA 20/50
U.S. leadership breadth
Real Assets
5/5 (100%)
Defensive
4/4 (100%)
Growth & Innovation
4/6 (67%)
Cyclical
3/6 (50%)
Financials
2/5 (40%)
Cyclical
6 assets in this group
Leaders: 3/6 (50%)Avg rel: -0.9%Neutral: 0Top: Industrial (+8.2%)
Industrial
XLI
↓
+8.2%
Last Price: 163.77
Defense / Aerospace
ITA
↓
+7.7%
Last Price: 221.91
Transportation
IYT
↓
+7.4%
Last Price: 75.28
Retail
XRT
↓
-5.1%
Last Price: 80.45
Consumer Discretionary
XLY
↓
-8.6%
Last Price: 108.15
Home Construction
ITB
↓
-14.9%
Last Price: 90.25
Growth & Innovation
6 assets in this group
Leaders: 4/6 (67%)Avg rel: +9.8%Neutral: 0Top: Solar (+23.4%)
Solar
TAN
↓
+23.4%
Last Price: 54.85
Semiconductors
SMH
↓
+19.3%
Last Price: 392.32
Biotechnology
IBB
↓
+15.8%
Last Price: 169.43
Clean Energy
PBW
↓
+5.7%
Last Price: 31.76
Communication
XLC
↓
-2.6%
Last Price: 111.70
Technology
XLK
↓
-2.8%
Last Price: 135.99
Financials
5 assets in this group
Leaders: 2/5 (40%)Avg rel: -2.4%Neutral: 0Top: Regional Banking (+6.5%)
Regional Banking
KRE
↓
+6.5%
Last Price: 66.00
Banking
KBE
↓
+3.7%
Last Price: 60.24
Insurance
KIE
↓
-4.5%
Last Price: 55.18
Financial
XLF
↓
-5.5%
Last Price: 49.53
Private Credit
BIZD
↓
-11.9%
Last Price: 12.37
Defensive
4 assets in this group
Leaders: 4/4 (100%)Avg rel: +4.4%Neutral: 0Top: Utilities (+6.9%)
Utilities
XLU
↑
+6.9%
Last Price: 46.34
Consumer Staples
XLP
↓
+6.3%
Last Price: 81.89
Healthcare
XLV
↓
+4.0%
Last Price: 146.81
Real Estate
XLRE
↓
+0.5%
Last Price: 41.61
Real Assets
5 assets in this group
Leaders: 5/5 (100%)Avg rel: +25.2%Neutral: 0Top: Energy (+34.3%)
Energy
XLE
↑
+34.3%
Last Price: 59.25
Oil & Gas
XOP
↑
+33.8%
Last Price: 177.72
Gold Miners
GDX
↓
+24.3%
Last Price: 94.59
Agribusiness
MOO
↓
+18.2%
Last Price: 85.03
Materials
XLB
↓
+15.4%
Last Price: 50.41
Leadership Timeline (Monthly)
Select a month-end to load the heatmap snapshot as of that date. Relative vs VTI.
Leadership Health
Breadth answers “how many are participating?” Concentration answers “how narrow is outperformance?”
Leadership breadth
67%
Broad LeadershipNet Breadth +10
Leadership is broad, positively skewed, and clearly defined.
Leadership breadth measures the share of the universe outperforming VTI over the 6M window.
0%33%67%66%100%
NarrowMixedBroad
Leaders = rel > +0.1%, Laggards = rel < -0.1%, Neutral = remaining.
Participation split
Leaders DominantLeaders
20
67% of current U.S. equity view
Neutral
0
0% of current U.S. equity view
Laggards
10
33% of current U.S. equity view
Balance & confirmation
Clear SeparationNet Breadth
+10
20 leaders vs 10 laggards
Avg rel
+12.4%
Top leader: XLE (+34.3%)
Avg lag
-5.7%
Weakest laggard: ITB (-14.9%)
Leadership summary
Participation:Broad LeadershipDominant Side:Leaders DominantConfirmation:Clear SeparationDifferentiation:Polarized Structure
Participation is broad. Leaders currently hold the participation edge. The signal structure is clearly defined. Cross-sectional separation is strong.
Leadership Concentration
Shows whether leadership is dominated by a few standout winners or spread across many leaders
Broadly distributed
54%
Leadership is broadly distributed: 20 leaders have emerged across the 30-asset universe, and leadership strength is spread more evenly rather than dominated by the top 5.
The top 5 leaders account for 54% of total leadership strength versus VTI over 6M.
Top leaders
Top group5
5 of 20 leaders
Leaders
Coverage20
67% of universe
Concentration
Broad54%
Share of leadership strength
Broad54%Concentrated
DistributedModerateNarrow
Leaders = rel > +0.1%. Concentration reflects how much of total leadership strength is driven by the top-ranked leaders, not simply how many leaders exist.
Top Leaders
Highest relative return (6M)
1
Energy
XLE
+34.3%
2
Oil & Gas
XOP
+33.8%
3
Gold Miners
GDX
+24.3%
4
Solar
TAN
+23.4%
5
Semiconductors
SMH
+19.3%
Worst Laggards
Lowest relative return (6M)
1
Home Construction
ITB
-14.9%
2
Private Credit
BIZD
-11.9%
3
Consumer Discretionary
XLY
-8.6%
4
Financial
XLF
-5.5%
5
Retail
XRT
-5.1%