Software vs the S&P 500 (IGV): is it outperforming?
Over the past month, IGV has outperformed the S&P 500 by 0.6 points. Here is where that puts it in the sector rotation — updated daily.
Where IGV sits on the rotation map
Software 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.
IGV vs SPY: head-to-head returns
IGV (software) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means IGV won that window.
Data as of 2026-07-23 · computed from daily adjusted closes · how we measure
The read
Software (IGV) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 0.8 points, but over the past month it has moved narrowly ahead of the market — a 0.6-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #63 of the 115 groups Zensei tracks.
On the shorter tape, IGV's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. IGV'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 iShares Expanded Tech-Software Sector ETF, whose 106 tracked holdings are led by PALO ALTO NETWORKS INC, MICROSOFT CORP and n/a. Weighted by portfolio, the fund's holdings trade at roughly 112.7× earnings and 31.5× 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 IGV
Top 5 of 106 tracked holdings, by portfolio weight.
Software vs the market — common questions
Is software outperforming the S&P 500?
Right now, yes: over the past month IGV has outperformed the S&P 500 by 0.6 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is IGV?
IGV is iShares Expanded Tech-Software Sector ETF, the fund Zensei uses to measure the software group against the S&P 500 benchmark (SPY).
Which stocks are in IGV?
IGV's largest tracked positions are PALO ALTO NETWORKS INC, MICROSOFT CORP, n/a, CROWDSTRIKE HOLDINGS INC CLASS A, ORACLE CORP — 106 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is software in right now?
As of the latest daily data, software 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 software 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.