Banks vs the S&P 500 (KBWB): is it outperforming?
Over the past month, KBWB has outperformed the S&P 500 by 5.3 points. Here is where that puts it in the sector rotation — updated daily.
Where KBWB sits on the rotation map
Banks highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
KBWB vs SPY: head-to-head returns
KBWB (banks) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means KBWB won that window.
Data as of 2026-07-22 · computed from daily adjusted closes · how we measure
The read
Banks (KBWB) sits in the leading quadrant of the rotation map: it has decisively beaten the S&P 500 by 5.3 points over the past month, on top of a 1.0-point advantage over the longer, time-shifted window. Ranked by one-month spread, it currently stands #24 of the 115 groups Zensei tracks.
On the shorter tape, KBWB's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. KBWB's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via Invesco KBW Bank ETF, whose 25 tracked holdings are led by BANK OF AMERICA CORP, JPMORGAN CHASE & CO and WELLS FARGO & CO. Weighted by portfolio, the fund's holdings trade at roughly 17.3× earnings and 4.2× sales. The thing to watch from here is durability: leaders that hold their one-month spread while the longer window keeps building tend to stay leaders; a fading spread is the early exit signal.
What's inside KBWB
Top 5 of 25 tracked holdings, by portfolio weight.
Banks vs the market — common questions
Is banks outperforming the S&P 500?
Right now, yes: over the past month KBWB has outperformed the S&P 500 by 5.3 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is KBWB?
KBWB is Invesco KBW Bank ETF, the fund Zensei uses to measure the banks group against the S&P 500 benchmark (SPY).
Which stocks are in KBWB?
KBWB's largest tracked positions are BANK OF AMERICA CORP, JPMORGAN CHASE & CO, WELLS FARGO & CO, THE GOLDMAN SACHS GROUP INC, MORGAN STANLEY — 25 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is banks in right now?
As of the latest daily data, banks is in the leading quadrant — outperforming the S&P 500 on both the recent and the longer, time-shifted window. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track banks against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.