Industrial & Office Real Estate vs the S&P 500 (INDS): is it outperforming?
Over the past month, INDS has outperformed the S&P 500 by 4.0 points. Here is where that puts it in the sector rotation — updated daily.
Where INDS sits on the rotation map
Industrial & Office Real Estate 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.
INDS vs SPY: head-to-head returns
INDS (industrial & office real estate) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means INDS won that window.
Data as of 2026-07-22 · computed from daily adjusted closes · how we measure
The read
Industrial & Office Real Estate (INDS) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 5.5 points, but over the past month it has moved decisively ahead of the market — a 4.0-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #31 of the 115 groups Zensei tracks.
On the shorter tape, INDS's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. INDS'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 Pacer Industrial Real Estate ETF, whose 12 tracked holdings are led by PROLOGIS INC, EXTRA SPACE STORAGE INC and PUBLIC STORAGE. Weighted by portfolio, the fund's holdings trade at roughly 34.0× earnings and 11.9× 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 INDS
Top 5 of 12 tracked holdings, by portfolio weight.
Industrial & Office Real Estate vs the market — common questions
Is industrial & office real estate outperforming the S&P 500?
Right now, yes: over the past month INDS has outperformed the S&P 500 by 4.0 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is INDS?
INDS is Pacer Industrial Real Estate ETF, the fund Zensei uses to measure the industrial & office real estate group against the S&P 500 benchmark (SPY).
Which stocks are in INDS?
INDS's largest tracked positions are PROLOGIS INC, EXTRA SPACE STORAGE INC, PUBLIC STORAGE, W.P. CAREY INC, EASTGROUP PROPERTIES INC — 12 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is industrial & office real estate in right now?
As of the latest daily data, industrial & office real estate 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 industrial & office real estate 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.