Just 17% Of S&P 500 Stocks Outperform The Index: What Does That Mean For The Market?
Just 17% Of S&P 500 Stocks Outperform The Index: What Does That Mean For The Market?
The SPDR S&P 500 ETF Trust (NYSE:SPY) is up over 3.5% in the last 30 days, an impressive feat amid signs of slowing in the U.S. economy. Despite investor optimism, only 17% of S&P 500 components have outperformed the index in the past month, a historic low.
過去30天，標普500指數ETF信託（NYSE：SPY）上漲超過3.5％，在美國經濟放緩跡象下仍然表現出色。儘管投資者持樂觀態度，但過去一個月只有17％的標普500成分股跑贏了指數，這是歷史最低水平。
The Data: A post on X relayed data from The Compound News.
數據：X上的一篇帖子轉述了The Compound News的數據。
How concentrated has this market become?
— The Kobeissi Letter (@KobeissiLetter) July 8, 2024
Just 17% of S&P 500 stocks have outperformed the index over the last 30 days, the lowest share in at least a decade.
In other words, only 85 stocks in the S&P 500 have had higher returns than the index itself over the last month.
By... pic.twitter.com/ETPAG2ZCi3
市場變得多麼集中？
— The Kobeissi Letter (@KobeissiLetter) 2024年7月8日
換句話說，在過去的30天裏，只有17％的標普500股票跑贏了指數，這是至少十年來的最低份額。
換句話說，在過去的一個月裏，只有85支標普500股票的回報率超過了指數本身。
通過... pic.twitter.com/ETPAG2ZCi3
According to the data, just 17% of S&P 500 members — approximately 85 companies — outperformed the overall index in the past 30 days. The 10-year average for overperformance is 49%, far above today's figure.
根據數據，在過去的30天中，只有17％的標普500成員，約85家公司，的表現超過了整體指數。過去10年的超額收益平均值爲49％，遠高於今天的數字。
This is the lowest number for 30-day outperformance in at least a decade. The figure reached above 50% for extended periods in mid-to-late 2022, late 2023 and early 2024.
這是至少十年來30天內跑贏的最低數字。該數字在2022年中期至晚期，2023年末和2024年初出現了超過50％的時期。
Tesla Inc, Adobe Inc., Apple Inc and Amazon.com Inc are among the few companies to outperform the index, according to Benzinga Pro. Nike Inc, Danaher Corp and CVS Health Corp are a few of the biggest underperformers.
特斯拉公司，Adobe公司，蘋果公司和Amazon.com公司是少數表現優異的公司，據Benzinga Pro稱。耐克公司，Danaher公司和CVS健康公司是表現最差的幾個公司。
Why it Matters: The data reflects the fact that just a few technology-focused stocks have a historically outsized impact on the market. Big Tech has outperformed companies in other industries.
爲什麼這很重要：數據反映出僅有幾家以技術爲重點的股票對市場產生了歷史上的影響。大型科技公司在其他行業的企業中表現優異。
High concentration is a double-edged sword: while investors with S&P 500 exposure stand to benefit even more from tech's continued rally, they also face increased risk if the market sours on the tech play. According to Goldman Sachs Research, the S&P 500 has historically rallied in the year following periods of peak concentration.
高度集中是一把雙刃劍：雖然持有標普500指數的投資者有可能從科技的持續漲勢中獲益更多，但如果市場對科技領域持悲觀態度，則面臨着增加的風險。據高盛研究，標普500指數在高度集中期之後的一年裏通常會反彈。
There are some concerns that the standard S&P 500 has become overvalued compared to its more diversified, Invesco S&P 500 Equal Weight ETF (NYSE:RSP) counterpart.
有人擔心標準普爾500已與其更多元化的Invesco S&P 500等權重ETF（NYSE：RSP）相比被定價過高。
Also Read:
還閱讀：
- Active Fund Managers Bet These 6 Stocks Will Trade Near All-Time Highs
- 主動基金經理打賭這6只股票將交易接近歷史最高點
Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。