Market Leadership

Explore which groups are outperforming their benchmark, then check breadth, trend, and rotation.Research tool — not investment advice.

All universes — Latest source close: Oct 02, 2026

How to read this dashboard

Benchmark → breadth → trend → regime

Quick Start▾

Choose a universe

Start with US, International, Commodities, or Debt depending on what part of market structure you want to study.

Set the benchmark and window

The benchmark defines what 'outperformance' means, while 1M / 3M / 6M / 9M / 12M changes the trailing period being measured.

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.

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.

BenchmarkVTITrend SMA 20/50Snapshot 2026-10-02

Cross-Asset Benchmark Ranking

Window6MMajor asset-class benchmarks

Cross-asset conditions are constructive, led by US Equities with support from Commodities.

Positive 3Neutral 0Negative 1•Stronger color = stronger move

US Equities

Top Rank

VTI

+16.8%

Trailing returnRank #1

Commodities

DBC

+10.9%

Trailing returnRank #2

International Equities

VXUS

+10.3%

Trailing returnRank #3

Bonds

Bottom Rank

BND

-4.9%

Trailing returnRank #4

Leadership Snapshot · 6M vs VTI

3/26 comparable assets beat VTI (12% breadth, 0 neutral)

Neutral band ±0.10 pp

Leaders 3Neutral 0Laggards 23

Relative leadership means beating the benchmark, even when prices fall.

Top outperformers vs VTI

Semiconductors+43.99 ppTechnology+30.18 ppBiotechnology+4.42 pp

Leadership Structureⓘ

Innovation / Growth Led

Leadership is skewed toward tech, semis, biotech, and higher-duration growth themes.

Dominance: Innovation (3/3)Commodities: UP (DBC +10.9%, CPER +15.0%)

Leadership Heatmap

Universe: U.S. LeadershipBenchmark: VTI · 6MBreadth: 3/26 (12%)

Mode

Filter

Relative heat scale

≤ -2.0 pp≥ +2.0 pp

Neutral ±0.10 ppColor = direction · Area = magnitude

Strongest group: Growth & Innovation (+0.1 pp)•Weakest group: Defensive (-17.9 pp)•26 assets shown

SMH

Semiconductors

↑

+44.0 pp

TAN

Solar

↓

-36.4 pp

XLU

Utilities

↓

-30.8 pp

XLK

Technology

↑

+30.2 pp

GDX

Gold Miners

↑

-23.9 pp

PBW

Clean Energy

↓

-23.8 pp

ITA

Defense / Aerospace

↓

-23.1 pp

MOO

↑

-21.1 pp

ITB

Home Construction

↓

-20.8 pp

XLB

Materials

↓

-19.8 pp

XLRE

↓

-18.7 pp

XLP

↓

-18.4 pp

XLC

↑

-18.0 pp

BIZD

↓

-17.2 pp

XLY

↓

-15.0 pp

XRT

↓

-14.0 pp

XLI

↓

-13.0 pp

XOP

↑

-12.7 pp

XLE

↑

-10.7 pp

IYT

↓

-10.2 pp

KBE

↓

-9.9 pp

KRE

↓

-9.5 pp

KIE

↓

-9.4 pp

XLF

↓

-8.8 pp

IBB

↑

+4.4 pp

XLV

↓

-3.6 pp

Leadership Timeline (Monthly · 6M)

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

12%

Narrow LeadershipNet Breadth -20

Participation is narrow. Laggards outnumber leaders. Fewer than 20% of assets are neutral. Laggard-Heavy Distribution.

Leadership breadth measures the share of the universe outperforming VTI over the 6M window.

0%33%12%66%100%

NarrowMixedBroad

Leaders = rel > +0.10 pp, Laggards = rel < -0.10 pp, Neutral = remaining.

Participation split

Laggards Dominant

Leaders

12% of current U.S. equity view

Neutral

0% of current U.S. equity view

Laggards

88% of current U.S. equity view

Balance & benchmark proximity

Low Neutral Share

Net Breadth

-20

3 leaders vs 23 laggards

Avg rel

+26.2 pp

Top leader: SMH (+44.0 pp)

Avg lag

-16.9 pp

Weakest laggard: TAN (-36.4 pp)

Leadership summary

Participation:Narrow LeadershipDominant Side:Laggards DominantNeutral Share:Low Neutral ShareDistribution:Laggard-Heavy Distribution

Participation is narrow. Laggards outnumber leaders. Fewer than 20% of assets are neutral. Laggard-Heavy Distribution. These classifications describe relative return counts; they do not measure data quality, return dispersion or predict future performance.

Leadership Concentration

Shows whether leadership is dominated by a few standout winners or spread across many leaders

All leaders included

100%

All 3 leaders fit in the top-5 list, so its 100% share is automatic. This measure cannot distinguish concentration within the leader set; breadth separately shows how many assets outperform.

The top 3 leaders account for 100% of total leadership strength versus VTI over 6M.

Top leaders

Top group

3 of 3 leaders

Leaders

Coverage

12% of universe

Top-N share

Whole set

100%

Share of leadership strength

Leaders = rel > +0.10 pp. 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)