Metals & Mining vs the S&P 500 (XME): is it outperforming?
Over the past month, XME has underperformed the S&P 500 by 9.6 points. Here is where that puts it in the sector rotation — updated daily.
Where XME sits on the rotation map
Metals & Mining 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.
XME vs SPY: head-to-head returns
XME (metals & mining) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XME won that window.
Data as of 2026-07-23 · computed from daily adjusted closes · how we measure
The read
Metals & Mining (XME) is out of favor: it trails the S&P 500 on both rotation windows — 9.6 points behind over the past month and 7.3 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #102 of the 115 groups Zensei tracks.
On the shorter tape, XME's momentum reads strong: the recent hourly trend is positive across every lookback Zensei measures. XME's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. That tension — a firm short-term tape against a damaged longer trend — is usually resolved within a few weeks, one way or the other.
The exposure comes via SPDR S&P Metals & Mining ETF, whose 39 tracked holdings are led by HECLA MINING CO, CENTRUS ENERGY CORP CLASS A and URANIUM ENERGY CORP. Weighted by portfolio, the fund's holdings trade at roughly 30.8× earnings and 51.3× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside XME
Top 5 of 39 tracked holdings, by portfolio weight.
Metals & Mining vs the market — common questions
Is metals & mining outperforming the S&P 500?
Right now, no: over the past month XME has underperformed the S&P 500 by 9.6 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is XME?
XME is SPDR S&P Metals & Mining ETF, the fund Zensei uses to measure the metals & mining group against the S&P 500 benchmark (SPY).
Which stocks are in XME?
XME's largest tracked positions are HECLA MINING CO, CENTRUS ENERGY CORP CLASS A, URANIUM ENERGY CORP, COEUR MINING INC, NEWMONT CORP — 39 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is metals & mining in right now?
As of the latest daily data, metals & mining is in the lagging quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track metals & mining 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.