Energy sector vs S&P 500 (XLE): is it outperforming?
Over the past month, XLE has outperformed the S&P 500 by 10.7 points. Here is where that puts it in the sector rotation — updated daily.
Where XLE sits on the rotation map
Energy 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.
XLE vs SPY: head-to-head returns
XLE (energy) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XLE won that window.
Data as of 2026-07-23 · computed from daily adjusted closes · how we measure
The read
Energy (XLE) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 9.8 points, but over the past month it has moved decisively ahead of the market — a 10.7-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #4 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, XLE is in a dip window: the last sessions have pulled back while the longer intraday trend remains intact — the pattern rotation traders watch for re-entries. XLE's relative-strength line — its price ratio against the S&P 500 — is trading above its moving averages, the healthiest configuration we track. The two signals agree — the short-term tape and the longer trend point the same way.
The exposure comes via Energy Select Sector SPDR, whose 21 tracked holdings are led by EXXONMOBIL HOLDINGS CORP, CHEVRON CORP and CONOCOPHILLIPS. Weighted by portfolio, the fund's holdings trade at roughly 28.5× earnings and 2.8× sales. The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside XLE
Top 10 of 21 tracked holdings, by portfolio weight.
Energy vs the market — common questions
Is energy outperforming the S&P 500?
Right now, yes: over the past month XLE has outperformed the S&P 500 by 10.7 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is XLE?
XLE is Energy Select Sector SPDR, the fund Zensei uses to measure the energy group against the S&P 500 benchmark (SPY).
Which stocks are in XLE?
XLE's largest tracked positions are EXXONMOBIL HOLDINGS CORP, CHEVRON CORP, CONOCOPHILLIPS, MARATHON PETROLEUM CORP, PHILLIPS 66 — 21 holdings in total. The full list, with each stock measured against the group, is available with a free Zensei account.
What quadrant is energy in right now?
As of the latest daily data, energy is in the improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track energy 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.