Conviction55.8
SPY weight1.8%
+ Tilt-0.07 pp
= Target1.8%
Current weight (drives NAV)1.8%vs target +0.01 pp
11
Sectors Tracked
2026-05-14
Tracking Since
Day 11
of Daily Monitoring
2026-05-24
Current Date
Alpha vs SPY, since launch
+1.02%
Vega total return minus SPY total return. Positive means Vega is ahead of the index.
Vega NAV
102.13
SPY NAV
101.11
Both NAVs start at 100 on the pilot launch date.
11 sectors
Current sector calls
Each card: SPY weight, plus Vega's tilt, equals Vega's target weight. Conviction and valuation on the side.
Conviction52.0
SPY weight10.6%
+ Tilt-0.71 pp
= Target9.9%
Current weight (drives NAV)9.9%vs target -0.01 pp
Conviction64.7
SPY weight3.4%
+ Tilt+0.09 pp
= Target3.4%
Current weight (drives NAV)3.4%vs target -0.02 pp
Conviction57.9
SPY weight11.5%
+ Tilt-0.28 pp
= Target11.2%
Current weight (drives NAV)11.4%vs target +0.13 pp
Conviction62.2
SPY weight8.3%
+ Tilt+0.06 pp
= Target8.4%
Current weight (drives NAV)8.4%vs target +0.08 pp
Conviction72.3
SPY weight37.3%
+ Tilt+3.05 pp
= Target40.3%
Current weight (drives NAV)39.9%vs target -0.45 pp
Conviction53.7
SPY weight4.8%
+ Tilt-0.26 pp
= Target4.5%
Current weight (drives NAV)4.6%vs target +0.06 pp
Conviction53.2
SPY weight1.9%
+ Tilt-0.11 pp
= Target1.8%
Current weight (drives NAV)1.8%vs target +0.01 pp
Conviction59.6
SPY weight2.2%
+ Tilt-0.03 pp
= Target2.1%
Current weight (drives NAV)2.2%vs target +0.02 pp
Conviction52.9
SPY weight8.4%
+ Tilt-0.51 pp
= Target7.8%
Current weight (drives NAV)8.0%vs target +0.13 pp
Conviction46.3
SPY weight9.7%
+ Tilt-1.06 pp
= Target8.7%
Current weight (drives NAV)8.7%vs target +0.05 pp
SPY mix and Vega tilt
Where Vega is above or below SPY
SPY sector weight, Vega's tilt, Vega target weight, and Vega's current weight.
SPY sector weight + Tilt = Vega target weight. Target weight is where Vega wants to be today after applying its sector tilt. Current Vega weight is where the portfolio actually sits today; it can lag the target because Vega only rebalances when the gap is wide enough (rebalance band: 5 pp). Vega NAV is compounded using the current weight, so headline alpha vs SPY reflects executed positioning, not the model's intended target.
| Sector | SPY sector weight | Tilt vs SPY | Vega target weight | Current Vega weight | Vega view | Conviction | Valuation |
|---|---|---|---|---|---|---|---|
| MaterialsXLB | 1.8% | -0.07 ppLess than SPY | 1.8% | 1.8% | UNDERWEIGHT | 55.8 | - |
| Communication ServicesXLC | 10.6% | -0.71 ppLess than SPY | 9.9% | 9.9% | UNDERWEIGHT | 52.0 | - |
| EnergyXLE | 3.4% | +0.09 ppMore than SPY | 3.4% | 3.4% | OVERWEIGHT | 64.7 | - |
| FinancialsXLF | 11.5% | -0.28 ppLess than SPY | 11.2% | 11.4% | UNDERWEIGHT | 57.9 | - |
| IndustrialsXLI | 8.3% | +0.06 ppMore than SPY | 8.4% | 8.4% | OVERWEIGHT | 62.2 | - |
| Information TechnologyXLK | 37.3% | +3.05 ppMore than SPY | 40.3% | 39.9% | OVERWEIGHT | 72.3 | - |
| Consumer StaplesXLP | 4.8% | -0.26 ppLess than SPY | 4.5% | 4.6% | UNDERWEIGHT | 53.7 | - |
| Real EstateXLRE | 1.9% | -0.11 ppLess than SPY | 1.8% | 1.8% | UNDERWEIGHT | 53.2 | - |
| UtilitiesXLU | 2.2% | -0.03 ppLess than SPY | 2.1% | 2.2% | NEUTRAL | 59.6 | - |
| Health CareXLV | 8.4% | -0.51 ppLess than SPY | 7.8% | 8.0% | UNDERWEIGHT | 52.9 | - |
| Consumer DiscretionaryXLY | 9.7% | -1.06 ppLess than SPY | 8.7% | 8.7% | UNDERWEIGHT | 46.3 | - |
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 |
|---|---|---|---|---|---|
| 2026-05-24 | XLK | Strong iPhone hardware cycles and revenue growth are key drivers for Apple's weight in the XLK sector. | news | +6.00 | 1 |
| 2026-05-24 | XLK | Legal disputes over control of major chipmakers can disrupt supply chains and impact global semiconductor billings. | news | -2.40 | 1 |
| 2026-05-24 | XLK | AMD's massive capital commitment to advanced packaging and 2nm nodes directly impacts semiconductor supply and AI infrastructure. | news | +12.00 | 1 |
| 2026-05-24 | XLK | Microsoft's cloud and AI revenue growth are primary signals for enterprise software demand and hyperscaler capex. | news | +14.00 | 1 |
| 2026-05-24 | XLI | Increased European defense appropriations expand the addressable market for major defense primes like RTX and LMT. | news | +2.00 | 1 |
| 2026-05-24 | XLI | New defense propulsion contract for GE Aerospace provides multi-year visibility and aligns with the defense budget factor. | news | +2.00 | 1 |
| 2026-05-24 | XLF | The development of bank-led stablecoins impacts payment network dominance and regulatory frameworks for digital assets. | news | +0.00 | 1 |
| 2026-05-24 | XLF | Strong capital markets and wealth management activity are offsetting slowing loan growth and elevated credit losses. | news | +0.00 | 1 |
| 2026-05-24 | XLF | Major investment banking mandates for top-tier IPOs drive capital markets revenue for JPM, GS, and BAC. | news | +4.00 | 1 |
| 2026-05-24 | XLE | War-related supply disruptions and surging export demand drive higher crude spot prices, benefiting integrated majors like XOM and CVX. | news | +4.00 | 1 |
| 2026-05-24 | XLE | Securing long-term supply from ConocoPhillips is a critical milestone for the Alaska LNG project, supporting long-term natural gas monetization. | news | +7.00 | 1 |
| 2026-05-24 | XLC | Expansion of ad inventory and targeted sponsorship capabilities drives the monetization of the streaming segment. | news | +4.00 | 1 |
| 2026-05-24 | XLC | Strong ad momentum and double-digit growth in impressions directly support the revenue engine for XLC's largest constituent. | news | +4.00 | 1 |
| 2026-05-24 | XLB | Surging copper prices directly improve margins for FCX and reflect robust demand from China and infrastructure projects. | news | +3.00 | 1 |
| 2026-05-24 | XLY | Strong earnings and raised guidance from a top off-price retailer indicate resilient consumer spend and retail sales health. | news | +2.00 | 1 |
| 2026-05-24 | XLY | Tesla's earnings beat and demand rebound directly impact the sector's second-largest constituent and the broader EV market outlook. | news | +2.00 | 1 |
| 2026-05-24 | XLV | Most-favored-nation pricing policies directly threaten the high-margin US pricing model for branded pharma. | news | -2.40 | 1 |
| 2026-05-24 | XLV | Large-scale M&A activity indicates strong capital availability and valuation support for the pharmaceutical sector. | news | +1.00 | 1 |
| 2026-05-24 | XLV | The loss of exclusivity for major drugs represents a multi-year revenue risk for large-cap pharma constituents. | news | -2.40 | 1 |
| 2026-05-24 | XLU | Direct evidence of data center load growth triggering rate increases to support utility infrastructure investment. | news | +5.00 | 1 |
| 2026-05-24 | XLU | The DOE reliability order highlights the critical shortage of dispatchable power and extends the life of existing generation assets. | news | +4.00 | 1 |
| 2026-05-24 | XLY | Trade barriers and tariff-driven supply chain shifts increase structural costs for global automakers. | news | -2.40 | 1 |
| 2026-05-24 | XLU | AEP's $6B capex increase and 63GW contracted load directly validate the AI and data-center load growth thesis. | news | +5.00 | 1 |
| 2026-05-24 | XLRE | A merger of two top residential REITs creates a dominant force in rental housing, impacting pricing power and operational efficiency in the multifamily segment. | news | +1.00 | 1 |
| 2026-05-24 | XLP | Walmart's 7.3% revenue growth and eCommerce strength reflect volume trends and consumer shift toward value-oriented mass retail. | news | +0.00 | 1 |
| 2026-05-23 | XLK | Nvidia Crushes Earnings, But AI Chip Supply Crunch Looms - Benzinga | news | +3.00 | 1 |
| 2026-05-23 | XLK | AMD's $10B investment in advanced packaging directly supports the AI infrastructure demand and semiconductor billing cycle. | news | +4.00 | 1 |
| 2026-05-23 | XLI | Large-scale electrical equipment orders for grid storage drive growth for GEV's power infrastructure segment. | news | +2.00 | 1 |
| 2026-05-23 | XLI | The deal shifts CAT's profile toward power infrastructure and data center support, diversifying beyond traditional heavy machinery. | news | +5.00 | 1 |
| 2026-05-23 | XLI | New defense propulsion contract for GE Aerospace provides multi-year visibility and aligns with the defense budget factor. | news | +10.00 | 1 |
| 2026-05-23 | XLF | HELOC and home equity loan rates today, May 22, 2026: Rates stay low as some homeowners delay renovations | news | +0.00 | 1 |
| 2026-05-23 | XLF | Mortgage and refinance interest rates today, May 22, 2026: Rates finally move lower | news | +0.00 | 1 |
| 2026-05-23 | XLF | Leading a potentially record-breaking IPO generates significant advisory fees for major capital markets constituents. | news | +2.00 | 1 |
| 2026-05-23 | XLF | A change in Fed leadership directly impacts the trajectory of interest rates and the regulatory environment for money-center banks. | news | +2.00 | 1 |
| 2026-05-23 | XLE | Declining refined product inventories support higher crack spreads and refiner margins for companies like PSX and VLO. | news | +12.00 | 1 |
| 2026-05-23 | XLE | War-related supply disruptions and surging export demand drive higher crude spot prices, benefiting integrated majors like XOM and CVX. | news | -4.80 | 1 |
| 2026-05-23 | XLE | Geopolitical tensions in the Strait of Hormuz are structurally bidding up crude prices, directly benefiting XOM and CVX margins. | news | +7.00 | 1 |
| 2026-05-23 | XLB | Surging copper prices directly improve margins for FCX and reflect robust demand from China and infrastructure projects. | news | +6.00 | 1 |
| 2026-05-23 | XLB | The acquisition expands CRH's exposure to US water infrastructure, directly benefiting from rising construction spending. | news | +2.00 | 1 |
| 2026-05-23 | XLF | Best high-yield savings interest rates today, May 22, 2026: Up to 4.10% APY return | news | -1.20 | 1 |
| 2026-05-23 | XLY | Trade barriers and tariff-driven supply chain shifts increase structural costs for global automakers. | news | -2.40 | 1 |
| 2026-05-23 | XLY | Strong performance at a top-5 XLY constituent (TJX) serves as a high-relevance indicator for resilient consumer spending. | news | +3.00 | 1 |
| 2026-05-23 | XLY | Tesla's earnings beat and demand rebound directly impact the sector's second-largest constituent and the broader EV market outlook. | news | +4.00 | 1 |
| 2026-05-23 | XLY | Strong earnings and raised guidance from a top-5 sector constituent indicate resilient consumer demand in the off-price retail segment. | news | +4.00 | 1 |
| 2026-05-23 | XLV | Most-favored-nation pricing policies directly threaten the high-margin US pricing model for branded pharma. | news | -7.20 | 1 |
| 2026-05-23 | XLV | Large-scale M&A activity indicates strong capital availability and valuation support for the pharmaceutical sector. | news | +1.00 | 1 |
| 2026-05-23 | XLV | Large-scale M&A activity in the rare disease space signals strong capital flows and valuation support for pharma assets. | news | +5.00 | 1 |
| 2026-05-23 | XLV | The first-ever FDA approval for HDV creates a new revenue stream for Gilead, a major biotech constituent. | news | +9.00 | 1 |
| 2026-05-23 | XLU | Nvidia Crushes Earnings, But AI Chip Supply Crunch Looms - Benzinga | news | +1.00 | 1 |
| 2026-05-23 | XLU | Strong earnings and regulatory wins in Texas validate the load-growth and rate-base expansion thesis for regulated utilities. | news | +7.00 | 1 |