Metaverse vs the S&P 500 (FMET): is it outperforming?
Over the past month, FMET has underperformed the S&P 500 by 1.7 points. Here is where that puts it in the sector rotation — updated daily.
Where FMET sits on the rotation map
Metaverse 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.
FMET vs SPY: head-to-head returns
FMET (metaverse) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means FMET won that window.
Data as of 2026-07-23 · computed from daily adjusted closes · how we measure
The read
Metaverse (FMET) is losing its lead. It built a 0.4-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 1.7 points behind the market — the weakening quadrant of the rotation map. Ranked by one-month spread, it currently stands #77 of the 115 groups Zensei tracks.
On the shorter tape, FMET's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. FMET's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via Fidelity Metaverse ETF, whose 32 tracked holdings are led by APPLE INC, ADVANCED MICRO DEVICES INC and ALPHABET INC CLASS A. Weighted by portfolio, the fund's holdings trade at roughly 51.2× earnings and 9.3× sales. The thing to watch from here is whether this is a pause or a handoff: weakening groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
What's inside FMET
Top 5 of 32 tracked holdings, by portfolio weight.
Metaverse vs the market — common questions
Is metaverse outperforming the S&P 500?
Right now, no: over the past month FMET has underperformed the S&P 500 by 1.7 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is FMET?
FMET is Fidelity Metaverse ETF, the fund Zensei uses to measure the metaverse group against the S&P 500 benchmark (SPY).
Which stocks are in FMET?
FMET's largest tracked positions are APPLE INC, ADVANCED MICRO DEVICES INC, ALPHABET INC CLASS A, META PLATFORMS INC CLASS A, EQUINIX INC — 32 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is metaverse in right now?
As of the latest daily data, metaverse is in the weakening quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track metaverse 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.