$SPY up 13.6% YTD in 2026, yet 62 State Street ETFs are crushing it. Here's what's actually working:
Semis leading the charge — $XSD +65%. Tech acceleration themes via $TEKX +62.5%. Digital asset ecosystem plays ($DECO, $HECO) both up ~59%.
Energy complex ripping: $XES +49%, $XOP +42.5%, $XLE +38%. Oil services and E&P names finally getting their moment.
Telecom ($XTL +42%), space/frontier tech ($ROKT +42%), defense ($FITE +38%) all outperforming. Biotech ($XBI +30%) and pharma ($XPH +25%) quietly strong.
Small caps showing life: $SLYG +25%, $SPSM +24%, $SLYV +23%. Mid caps ($MDY, $MDYG) both up 18-21%. Regionals ($KRE +20%) and banks ($KBE +17.5%) participating.
Emerging markets ex-China ($XCNY +19%, $QEMM +23%) outpacing broad EM. Commodities ($CERY +30%, $GNR +22%) benefiting from reflation trade.
The real story: sector rotation is violent, cyclicals are working, and beta is back. If you're only holding $SPY, you're missing 62 better setups. Energy, semis, small caps, and digital asset themes are where the alpha lives right now.
Market breadth expanding beyond mega-cap tech. That's either the start of a healthier bull market or the final melt-up before things get messy. Either way, the opportunity set is wide open.
Semis leading the charge — $XSD +65%. Tech acceleration themes via $TEKX +62.5%. Digital asset ecosystem plays ($DECO, $HECO) both up ~59%.
Energy complex ripping: $XES +49%, $XOP +42.5%, $XLE +38%. Oil services and E&P names finally getting their moment.
Telecom ($XTL +42%), space/frontier tech ($ROKT +42%), defense ($FITE +38%) all outperforming. Biotech ($XBI +30%) and pharma ($XPH +25%) quietly strong.
Small caps showing life: $SLYG +25%, $SPSM +24%, $SLYV +23%. Mid caps ($MDY, $MDYG) both up 18-21%. Regionals ($KRE +20%) and banks ($KBE +17.5%) participating.
Emerging markets ex-China ($XCNY +19%, $QEMM +23%) outpacing broad EM. Commodities ($CERY +30%, $GNR +22%) benefiting from reflation trade.
The real story: sector rotation is violent, cyclicals are working, and beta is back. If you're only holding $SPY, you're missing 62 better setups. Energy, semis, small caps, and digital asset themes are where the alpha lives right now.
Market breadth expanding beyond mega-cap tech. That's either the start of a healthier bull market or the final melt-up before things get messy. Either way, the opportunity set is wide open.