Conviction53.5
SPY weight1.9%
Target weight2.0%
Tilt+0.08 pp
Performance
Vega compared with SPY
Vega NAV101.36
SPY NAV101.39
Alpha vs SPY-0.03%
First-day Vega NAV101.29
11 sectors
Current sector calls
Each card shows SPY weight, Vega target weight, tilt, conviction, and valuation.
Conviction49.1
SPY weight10.7%
Target weight9.9%
Tilt-0.79 pp
Conviction63.6
SPY weight3.3%
Target weight3.4%
Tilt+0.11 pp
Conviction53.2
SPY weight11.6%
Target weight11.0%
Tilt-0.51 pp
Conviction55.5
SPY weight8.6%
Target weight8.3%
Tilt-0.23 pp
Conviction70.3
SPY weight36.9%
Target weight39.9%
Tilt+2.97 pp
Conviction50.9
SPY weight4.8%
Target weight4.5%
Tilt-0.30 pp
Conviction52.3
SPY weight1.9%
Target weight2.0%
Tilt+0.13 pp
Conviction62.2
SPY weight2.2%
Target weight2.2%
Tilt+0.05 pp
Conviction52.6
SPY weight8.3%
Target weight7.9%
Tilt-0.40 pp
Conviction45.7
SPY weight9.8%
Target weight8.8%
Tilt-0.98 pp
SPY mix and Vega tilt
Where Vega is above or below SPY
SPY sector weight, Vega target weight, current Vega weight, and tilt.
Vega target weightThe weight Vega wants after applying today's sector tilt.
Current Vega weightThe weight currently held. It can differ from target because Vega only trades after the gap is large enough.
Tilt vs SPYVega target weight minus SPY sector weight, shown in percentage points.
| Sector | SPY sector weight | Vega target weight | Tilt vs SPY | Current Vega weight | Vega view | Conviction | Valuation |
|---|---|---|---|---|---|---|---|
| MaterialsXLB | 1.9% | 2.0% | +0.08 ppMore than SPY | 1.9% | UNDERWEIGHT | 53.5 | Expensive by EV/EBITDA |
| Communication ServicesXLC | 10.7% | 9.9% | -0.79 ppLess than SPY | 11.0% | NEUTRAL | 49.1 | Expensive by PEG |
| EnergyXLE | 3.3% | 3.4% | +0.11 ppMore than SPY | 3.2% | UNDERWEIGHT | 63.6 | Expensive by EV/EBITDA |
| FinancialsXLF | 11.6% | 11.0% | -0.51 ppLess than SPY | 11.7% | OVERWEIGHT | 53.2 | Cheap by P/B |
| IndustrialsXLI | 8.6% | 8.3% | -0.23 ppLess than SPY | 8.6% | UNDERWEIGHT | 55.5 | Expensive by EV/EBITDA |
| Information TechnologyXLK | 36.9% | 39.9% | +2.97 ppMore than SPY | 36.3% | OVERWEIGHT | 70.3 | Expensive by PEG |
| Consumer StaplesXLP | 4.8% | 4.5% | -0.30 ppLess than SPY | 4.8% | NEUTRAL | 50.9 | Expensive by P/E |
| Real EstateXLRE | 1.9% | 2.0% | +0.13 ppMore than SPY | 1.9% | UNDERWEIGHT | 52.3 | Expensive by Price/FFO |
| UtilitiesXLU | 2.2% | 2.2% | +0.05 ppMore than SPY | 2.2% | NEUTRAL | 62.2 | Cheap by P/E |
| Health CareXLV | 8.3% | 7.9% | -0.40 ppLess than SPY | 8.3% | NEUTRAL | 52.6 | Expensive by P/E |
| Consumer DiscretionaryXLY | 9.8% | 8.8% | -0.98 ppLess than SPY | 10.0% | UNDERWEIGHT | 45.7 | Expensive by EV/EBITDA |
Recent events
Events noted by sector
Score impact is the model's recorded event effect for the sector.
| Date | Sector | Event noted | Source | Score impact | Sectors affected |
|---|---|---|---|---|---|
| 2026-05-14 | XLY | Strong comparable store sales and raised guidance indicate resilient consumer spending in the automotive aftermarket segment. | news | +2.00 | 1 |
| 2026-05-14 | XLRE | Rising gilt and treasury yields are driving deep discounts to NAV and challenging REIT valuations despite M&A activity. | news | -2.40 | 1 |
| 2026-05-14 | XLU | Vistra's profit swing and investment-grade upgrade highlight the high margins available to merchant generators in a high-demand environment. | news | +4.00 | 1 |
| 2026-05-14 | XLV | This massive multi-program deal helps BMS mitigate upcoming patent cliffs by replenishing its oncology and immunology pipeline. | news | +8.00 | 1 |
| 2026-05-14 | XLV | Shorter regulatory review timelines in major markets accelerate the time-to-market for new pharmaceutical products. | news | +4.00 | 1 |
| 2026-05-14 | XLV | The $60M upfront deal for an Alzheimer's candidate reflects continued high-value M&A and licensing activity in neurodegenerative diseases. | news | +2.00 | 1 |
| 2026-05-14 | XLV | Strong product uptake and revenue growth for Attruby validate the commercial success of recent biotech approvals. | news | +1.00 | 1 |
| 2026-05-14 | XLY | Trade barriers against cheap Chinese EVs protect the market share and pricing power of major domestic constituents like TSLA, GM, and Ford. | news | +2.00 | 1 |
| 2026-05-14 | XLY | Tariffs on EU-produced vehicles threaten margins and sales for global automotive players in the discretionary sector. | news | -2.40 | 1 |
| 2026-05-14 | XLB | Record copper prices directly improve margins for major sector constituents like Freeport-McMoRan and Rio Tinto. | news | +7.00 | 1 |
| 2026-05-14 | XLB | Strong organic sales growth and earnings beat in agricultural chemicals indicate robust demand and margin management. | news | +2.00 | 1 |
| 2026-05-14 | XLE | A 4.3 million barrel crude draw significantly exceeding expectations is bullish for spot prices and upstream margins. | news | +5.00 | 1 |
| 2026-05-14 | XLE | Increased drilling activity in high-output regions like Alaska supports rig demand and long-term production growth for majors like COP. | news | +6.00 | 1 |
| 2026-05-14 | XLF | Modernizing lending infrastructure for regional banks supports credit growth and competitiveness against fintechs. | news | +2.00 | 1 |
| 2026-05-14 | XLI | Direct DoD contract awards provide multi-year revenue visibility for top sector constituents RTX, LMT, and NOC. | news | +5.00 | 1 |
| 2026-05-14 | XLI | Significant labor cost increases at major carriers impact the transport sub-segment's margins and operational stability. | news | -2.40 | 1 |
| 2026-05-14 | XLK | The largest AI chip IPO of the year signals massive capital inflow and demand for AI semiconductor hardware. | news | +9.00 | 1 |
| 2026-05-14 | XLK | AMD's record data center revenue and aggressive growth targets validate the hyperscaler capex thesis for semis. | news | +7.00 | 1 |
| 2026-05-14 | XLK | Cisco: Fiscal Q3 Earnings Snapshot - kare11.com | news | +10.00 | 1 |
| 2026-05-14 | XLK | Cisco's stock pops 17% on surging AI orders, as company says it's cutting almost 4,000 jobs | news | +2.00 | 1 |
| 2026-05-14 | XLK | Cisco Stock Soars As 'Very Strong, Broad-Based Demand' Drives Q3 Earnings Beat - Benzinga | news | +2.00 | 1 |
| 2026-05-14 | XLRE | Strong Q1 results and double-digit revenue growth for AMT, EQIX, and DLR confirm structural acceleration in data center leasing and AI-driven demand. | news | +4.00 | 1 |
| 2026-05-14 | XLRE | PLD's 5 GW power capacity for data centers represents a significant pivot into high-growth AI infrastructure, diversifying from pure logistics. | news | +9.00 | 1 |
| 2026-05-14 | XLRE | Cisco Stock Soars As 'Very Strong, Broad-Based Demand' Drives Q3 Earnings Beat - Benzinga | news | +2.00 | 1 |
| 2026-05-14 | XLRE | Cisco's stock pops 17% on surging AI orders, as company says it's cutting almost 4,000 jobs | news | +2.00 | 1 |
| 2026-05-13 | XLI | Caterpillar's record performance and demand for data center construction directly impact the heavy machinery and electrical equipment macro triggers. | news | +7.00 | 1 |
| 2026-05-13 | XLK | Collaboration between the leading equipment provider and foundry is a key driver for future semiconductor capacity and AI hardware advancement. | news | +5.00 | 1 |
| 2026-05-13 | XLK | Direct diplomatic involvement of the sector's largest constituent suggests potential easing of trade frictions or strategic alignment for semiconductor exports. | news | +6.00 | 1 |
| 2026-05-13 | XLK | Pricing power in the face of strong demand supports margin expansion for semiconductor firms like Intel and NXP. | news | +3.00 | 1 |
| 2026-05-13 | XLU | CEG's massive revenue growth and earnings beat are attributed to record U.S. power consumption and strategic merchant power acquisitions. | news | +5.00 | 1 |
| 2026-05-13 | XLU | Large equity issuances dilute existing shareholders but are necessary to fund the massive capex cycles required for grid modernization and load growth. | news | +7.00 | 1 |
| 2026-05-13 | XLU | Sempra's massive 5-year capex plan focused on utility investments in TX and CA supports long-term rate-base growth. | news | +4.00 | 1 |
| 2026-05-13 | XLF | Major banks reporting significant increases in bad debt provisions indicates deteriorating asset quality and rising credit risk. | news | -2.40 | 1 |
| 2026-05-09 | XLI | Event summary was not preserved in the earlier data format. | news | -1.20 | 1 |
| 2026-05-09 | XLV | Event summary was not preserved in the earlier data format. | news | +2.00 | 1 |
| 2026-05-09 | XLE | Event summary was not preserved in the earlier data format. | news | -2.40 | 1 |
| 2026-05-09 | XLI | Event summary was not preserved in the earlier data format. | news | +2.00 | 1 |
| 2026-05-09 | XLV | Event summary was not preserved in the earlier data format. | news | +1.00 | 1 |
| 2026-05-09 | XLI | Event summary was not preserved in the earlier data format. | news | -2.40 | 1 |
| 2026-05-09 | XLC | Event summary was not preserved in the earlier data format. | news | -2.40 | 1 |
| 2026-05-09 | XLV | Event summary was not preserved in the earlier data format. | news | +1.00 | 1 |
| 2026-05-09 | XLY | Event summary was not preserved in the earlier data format. | news | -2.40 | 1 |
| 2026-05-09 | XLK | Event summary was not preserved in the earlier data format. | news | +4.00 | 1 |
| 2026-05-09 | XLV | Event summary was not preserved in the earlier data format. | news | +1.00 | 1 |
| 2026-05-09 | XLU | Event summary was not preserved in the earlier data format. | news | +5.00 | 1 |
| 2026-05-09 | XLF | Event summary was not preserved in the earlier data format. | news | +4.00 | 1 |
| 2026-05-09 | XLY | Event summary was not preserved in the earlier data format. | news | -1.20 | 1 |
| 2026-05-09 | XLE | Event summary was not preserved in the earlier data format. | news | +0.80 | 1 |
| 2026-05-09 | XLU | Event summary was not preserved in the earlier data format. | news | +2.00 | 1 |
| 2026-05-09 | XLB | Event summary was not preserved in the earlier data format. | news | +2.00 | 1 |