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: May 20, 2026

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.

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.

Cross-Asset Benchmark Ranking

Window6MRepresentative asset-class benchmarks ranked by trailing return over the selected window

Loading cross-asset leadership...

US Equities

Top Rank

VTI

—

Relative strengthRank #1

International Equities

VXUS

—

Relative strengthRank #2

Commodities

DBC

—

Relative strengthRank #3

Bonds

Bottom Rank

BND

—

Relative strengthRank #4

Ranking

US Equities

—

International Equities

—

Commodities

—

Bonds

—

Leadership Snapshot

15/30 assets leading (50% breadth, 0 neutral)

Neutral band ±0.1%

Leaders 15Neutral 0Laggards 15

Top relative leaders

Semiconductors+54.4%Oil & Gas+21.4%Clean Energy+21.2%

Leadership Regimeⓘ

Innovation / Growth Led

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

Dominance: Innovation (3/7)Commodities: UP (DBC 35%, CPER 24%)

UniverseUSvsVTI

Window6MTrend SMA20/50

Leadership Heatmap

Universe: U.S. LeadershipBenchmark: VTIWindow: 6MBreadth: 13/26 (50%)Scope: U.S. leadership breadth

Mode

Filter

Sort

Relative Heat Scale

Versus VTI over 6M

≤ -2.0%

≥ +2.0%

Neutral = ±0.1%•Area shows relative magnitude•Color shows direction

Strongest group: Growth & Innovation (+14.9%)•Weakest group: Defensive (-7.3%)•26 assets shown

Area = magnitude of relative performance•Color = direction of relative performance

SMH

Semiconductors

↑

+54.4%

Growth & Innovation

XOP

Oil & Gas

↑

+21.4%

BIZD

Private Credit

↑

-21.3%

PBW

Clean Energy

↑

+21.2%

XLE

Energy

↓

+20.8%

TAN

Solar

↑

+17.5%

ITB

Home Construction

↓

-15.8%

XLV

↓

-14.6%

XLK

Technology

↑

+13.3%

KIE

Insurance

↑

-12.4%

XLU

Utilities

↓

-12.2%

XLF

↑

-11.2%

IBB

↑

-10.0%

XRT

↑

-8.7%

XLY

↑

-8.4%

XLC

↑

-7.1%

KRE

↑

+6.4%

XLB

↑

+4.8%

IYT

↑

+4.1%

GDX

↓

+3.7%

KBE

↑

+3.2%

MOO

↓

+3.1%

XLRE

↑

-2.3%

ITA

↓

-2.0%

XLI

↑

+1.9%

XLP

-0.2%

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

50%

Mixed LeadershipNet Breadth 0

Participation is mixed, with no clear directional advantage at present.

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

0%33%50%66%100%

NarrowMixedBroad

Leaders = rel > +0.1%, Laggards = rel < -0.1%, Neutral = remaining.

Participation split

Balanced

Leaders

50% of current U.S. equity view

Neutral

0% of current U.S. equity view

Laggards

50% of current U.S. equity view

Balance & confirmation

Clear Separation

Net Breadth

15 leaders vs 15 laggards

Avg rel

+12.7%

Top leader: SMH (+54.4%)

Avg lag

-8.7%

Weakest laggard: BIZD (-21.3%)

Leadership summary

Participation:Mixed LeadershipDominant Side:BalancedConfirmation:Clear SeparationDifferentiation:Polarized Structure

Participation is mixed. Neither side currently holds a decisive 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

Moderately concentrated

71%

Leadership is moderately concentrated: 5 of the 15 leaders account for 71% of leadership strength, suggesting meaningful but not extreme dependence on the top-ranked winners.

The top 5 leaders account for 71% of total leadership strength versus VTI over 6M.

Top leaders

Top group

5 of 15 leaders

Leaders

Coverage

50% of universe

Concentration

Moderate

71%

Share of leadership strength

Broad71%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)