GICS industry relative rotation
Every GICS sub-industry in the S&P 500 — 120+ equal-weight composites built from the index constituents — plotted against SPY or against their own sector. Filter to a sector to watch money rotate inside it.
This is the same relative rotation graph as the sector view, one level deeper. The horizontal axis is relative strength — how an industry has performed against its benchmark, normalised so that 100 is the benchmark. The vertical axis is the momentum of that relative strength. Together they split the plane into four quadrants, and money tends to travel clockwise through them.
The benchmark toggle changes the question being asked. vs SPY asks “is this industry beating the market?” — useful for comparing industries across sectors. vs Sector measures each industry against its own sector SPDR (banks against XLF, semiconductors against XLK), which strips out the sector move and shows the rotation inside the sector — the classic drill-down question.
Still behind the benchmark, but the gap is closing. Early money arrives here.
Ahead of the benchmark and still pulling away. The crowded trade.
Behind and falling further behind. The waiting room.
Still ahead of the benchmark, but losing steam. Money is leaving.
The industries are GICS sub-industries — the same S&P classification behind the sector SPDRs, at its most granular level. Each one is an equal-weight composite of the S&P 500 members classified into it, built from their dividend-adjusted daily returns, so the signal is the industry rather than one megacap. Small groups exist — a few sub-industries have a single index member — and the member count is shown in the table; read one-stock industries as that stock. Membership is today's index, so long tails carry a touch of survivorship.
Tail sets how far back each industry's path is drawn. Animate replays the last stretch of history so you can watch the rotation unfold. Drag Date to rewind the whole chart to any past point.
The maths is the standard JdK-style construction, computed from split- and dividend-adjusted closes:
This is a description of price behaviour, not a recommendation. Rotation signals are noisy at the edges, and equal-weighted industry funds can drift a long way from their cap-weighted sector — that drift is part of what this chart measures.