Steel vs the S&P 500 (SLX): is it outperforming?
Over the past month, SLX has underperformed the S&P 500 by 3.6 points. Here is where that puts it in the sector rotation — updated daily.
Where SLX sits on the rotation map
Steel 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.
SLX vs SPY: head-to-head returns
SLX (steel) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means SLX won that window.
Data as of 2026-07-22 · computed from daily adjusted closes · how we measure
The read
Steel (SLX) is out of favor: it trails the S&P 500 on both rotation windows — 3.6 points behind over the past month and 2.6 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #85 of the 115 groups Zensei tracks.
On the shorter tape, SLX's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. SLX'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 VanEck Steel ETF, whose 15 tracked holdings are led by BHP GROUP LTD ADR, VALE SA ADR and RIO TINTO PLC ADR. Weighted by portfolio, the fund's holdings trade at roughly 21.6× earnings and 1.5× 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 SLX
Top 5 of 15 tracked holdings, by portfolio weight.
Steel vs the market — common questions
Is steel outperforming the S&P 500?
Right now, no: over the past month SLX has underperformed the S&P 500 by 3.6 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is SLX?
SLX is VanEck Steel ETF, the fund Zensei uses to measure the steel group against the S&P 500 benchmark (SPY).
Which stocks are in SLX?
SLX's largest tracked positions are BHP GROUP LTD ADR, VALE SA ADR, RIO TINTO PLC ADR, NUCOR CORP, STEEL DYNAMICS INC — 15 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is steel in right now?
As of the latest daily data, steel 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 steel 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.