Just 17% Of S&P 500 Stocks Outperform The Index: What Does That Mean For The Market?
Just 17% Of S&P 500 Stocks Outperform The Index: What Does That Mean For The Market?
The SPDR S&P 500 ETF Trust (NYSE:SPY) is up over 3.5% in the last 30 days, an impressive feat amid signs of slowing in the U.S. economy. Despite investor optimism, only 17% of S&P 500 components have outperformed the index in the past month, a historic low.
过去30天，标普500指数ETF信托（NYSE：SPY）上涨超过3.5％，在美国经济放缓迹象下仍然表现出色。尽管投资者持乐观态度，但过去一个月只有17％的标普500成分股跑赢了指数，这是历史最低水平。
The Data: A post on X relayed data from The Compound News.
数据：X上的一篇帖子转述了The Compound News的数据。
How concentrated has this market become?
— The Kobeissi Letter (@KobeissiLetter) July 8, 2024
Just 17% of S&P 500 stocks have outperformed the index over the last 30 days, the lowest share in at least a decade.
In other words, only 85 stocks in the S&P 500 have had higher returns than the index itself over the last month.
By... pic.twitter.com/ETPAG2ZCi3
市场变得多么集中？
— The Kobeissi Letter (@KobeissiLetter) 2024年7月8日
换句话说，在过去的30天里，只有17％的标普500股票跑赢了指数，这是至少十年来的最低份额。
换句话说，在过去的一个月里，只有85支标普500股票的回报率超过了指数本身。
通过... pic.twitter.com/ETPAG2ZCi3
According to the data, just 17% of S&P 500 members — approximately 85 companies — outperformed the overall index in the past 30 days. The 10-year average for overperformance is 49%, far above today's figure.
根据数据，在过去的30天中，只有17％的标普500成员，约85家公司，的表现超过了整体指数。过去10年的超额收益平均值为49％，远高于今天的数字。
This is the lowest number for 30-day outperformance in at least a decade. The figure reached above 50% for extended periods in mid-to-late 2022, late 2023 and early 2024.
这是至少十年来30天内跑赢的最低数字。该数字在2022年中期至晚期，2023年末和2024年初出现了超过50％的时期。
Tesla Inc, Adobe Inc., Apple Inc and Amazon.com Inc are among the few companies to outperform the index, according to Benzinga Pro. Nike Inc, Danaher Corp and CVS Health Corp are a few of the biggest underperformers.
特斯拉公司，Adobe公司，苹果公司和Amazon.com公司是少数表现优异的公司，据Benzinga Pro称。耐克公司，Danaher公司和CVS健康公司是表现最差的几个公司。
Why it Matters: The data reflects the fact that just a few technology-focused stocks have a historically outsized impact on the market. Big Tech has outperformed companies in other industries.
为什么这很重要：数据反映出仅有几家以技术为重点的股票对市场产生了历史上的影响。大型科技公司在其他行业的企业中表现优异。
High concentration is a double-edged sword: while investors with S&P 500 exposure stand to benefit even more from tech's continued rally, they also face increased risk if the market sours on the tech play. According to Goldman Sachs Research, the S&P 500 has historically rallied in the year following periods of peak concentration.
高度集中是一把双刃剑：虽然持有标普500指数的投资者有可能从科技的持续涨势中获益更多，但如果市场对科技领域持悲观态度，则面临着增加的风险。据高盛研究，标普500指数在高度集中期之后的一年里通常会反弹。
There are some concerns that the standard S&P 500 has become overvalued compared to its more diversified, Invesco S&P 500 Equal Weight ETF (NYSE:RSP) counterpart.
有人担心标准普尔500已与其更多元化的Invesco S&P 500等权重ETF（NYSE：RSP）相比被定价过高。
Also Read:
还阅读：
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Photo: Shutterstock
Photo: shutterstock