Conviction54.7
SPY weight1.8%
+ Tilt-0.10 pp
= Target1.7%
Current weight (drives NAV)1.7%vs target +0.00 pp
11
Sectors Tracked
2026-05-14
Tracking Since
Day 12
of Daily Monitoring
2026-05-25
Current Date
Alpha vs SPY, since launch
+1.28%
Vega total return minus SPY total return. Positive means Vega is ahead of the index.
Vega NAV
102.78
SPY NAV
101.51
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.
Conviction54.4
SPY weight10.6%
+ Tilt-0.63 pp
= Target10.0%
Current weight (drives NAV)10.0%vs target +0.00 pp
Conviction61.1
SPY weight3.4%
+ Tilt-0.04 pp
= Target3.3%
Current weight (drives NAV)3.3%vs target +0.00 pp
Conviction58.2
SPY weight11.5%
+ Tilt-0.37 pp
= Target11.2%
Current weight (drives NAV)11.2%vs target +0.00 pp
Conviction62.1
SPY weight8.3%
+ Tilt-0.03 pp
= Target8.3%
Current weight (drives NAV)8.3%vs target +0.00 pp
Conviction74.7
SPY weight37.3%
+ Tilt+3.29 pp
= Target40.6%
Current weight (drives NAV)40.6%vs target +0.00 pp
Conviction53.7
SPY weight4.8%
+ Tilt-0.31 pp
= Target4.5%
Current weight (drives NAV)4.5%vs target +0.00 pp
Conviction52.9
SPY weight1.9%
+ Tilt-0.13 pp
= Target1.7%
Current weight (drives NAV)1.7%vs target +0.00 pp
Conviction60.4
SPY weight2.2%
+ Tilt-0.03 pp
= Target2.1%
Current weight (drives NAV)2.1%vs target +0.00 pp
Conviction53.5
SPY weight8.4%
+ Tilt-0.55 pp
= Target7.8%
Current weight (drives NAV)7.8%vs target +0.00 pp
Conviction49.7
SPY weight9.7%
+ Tilt-0.91 pp
= Target8.8%
Current weight (drives NAV)8.8%vs target +0.00 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% | -0.10 ppLess than SPY | 1.7% | 1.7% | UNDERWEIGHT | 54.7 | - |
| Communication ServicesXLC | 10.6% | -0.63 ppLess than SPY | 10.0% | 10.0% | UNDERWEIGHT | 54.4 | - |
| EnergyXLE | 3.4% | -0.04 ppLess than SPY | 3.3% | 3.3% | NEUTRAL | 61.1 | - |
| FinancialsXLF | 11.5% | -0.37 ppLess than SPY | 11.2% | 11.2% | UNDERWEIGHT | 58.2 | - |
| IndustrialsXLI | 8.3% | -0.03 ppLess than SPY | 8.3% | 8.3% | NEUTRAL | 62.1 | - |
| Information TechnologyXLK | 37.3% | +3.29 ppMore than SPY | 40.6% | 40.6% | OVERWEIGHT | 74.7 | - |
| Consumer StaplesXLP | 4.8% | -0.31 ppLess than SPY | 4.5% | 4.5% | UNDERWEIGHT | 53.7 | - |
| Real EstateXLRE | 1.9% | -0.13 ppLess than SPY | 1.7% | 1.7% | UNDERWEIGHT | 52.9 | - |
| UtilitiesXLU | 2.2% | -0.03 ppLess than SPY | 2.1% | 2.1% | NEUTRAL | 60.4 | - |
| Health CareXLV | 8.4% | -0.55 ppLess than SPY | 7.8% | 7.8% | UNDERWEIGHT | 53.5 | - |
| Consumer DiscretionaryXLY | 9.7% | -0.91 ppLess than SPY | 8.8% | 8.8% | UNDERWEIGHT | 49.7 | - |
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 |
|---|---|---|---|---|---|
| 2026-05-25 | XLY | PSEi climbs back to 6,000 level as hopes of peace between US and Iran rise - Manila Bulletin | news | +1.00 | 1 |
| 2026-05-25 | XLY | Stocks rally, while oil and dollar ease on Middle East peace hopes | news | +1.00 | 1 |
| 2026-05-25 | XLU | The DOE reliability order highlights the critical shortage of dispatchable power and extends the life of existing generation assets. | news | +1.00 | 1 |
| 2026-05-25 | XLRE | Expansion of data sovereignty capabilities strengthens Equinix's competitive position in capturing AI-driven data center leasing demand. | news | +4.00 | 1 |
| 2026-05-25 | XLP | As the sector's largest constituent, Walmart's earnings beat indicates resilient consumer volume and effective pricing power in mass retail. | news | +0.00 | 1 |
| 2026-05-25 | XLK | Intel's fabrication expansion and new AI tools contribute to global semiconductor sales reaching the $1 trillion milestone. | news | +3.00 | 1 |
| 2026-05-25 | XLK | Workday's subscription growth and new AI platform serve as a proxy for enterprise software demand and services sector health. | news | +5.00 | 1 |
| 2026-05-25 | XLK | NVIDIA's expansion into CPUs for agentic AI directly impacts data-center revenue and semiconductor billings. | news | +9.00 | 1 |
| 2026-05-25 | XLI | Increased demand for specialized aerospace materials signals robust multi-year contract visibility for defense primes and engine OEMs. | news | +0.00 | 1 |
| 2026-05-25 | XLF | Pressure to lower lending standards amid a market slump threatens credit growth and increases potential for non-performing loans. | news | +0.00 | 1 |
| 2026-05-25 | XLF | Rising yields expand lending margins (NIM) but create unrealized losses on bond portfolios, impacting asset quality and capital buffers. | news | +4.00 | 1 |
| 2026-05-25 | XLE | Increased taxes on buybacks would reduce capital returns to shareholders for major integrated oil companies like XOM and CVX. | news | -2.40 | 1 |
| 2026-05-25 | XLE | Dow Jones Futures Rise, Oil Prices Fall: Trump Says No 'Rush' For Iran Deal | news | +3.00 | 1 |
| 2026-05-25 | XLU | Direct evidence of data center load growth triggering rate increases to support utility infrastructure investment. | news | +2.00 | 1 |
| 2026-05-25 | XLE | Stocks Jump, Oil Slides as US-Iran Peace Deal Nears - Gotrade | news | -4.80 | 1 |
| 2026-05-25 | XLE | European stocks highest since March 2 as U.S.-Iran talks continue; euro zone bond yields drop on peace hopes | news | -4.80 | 1 |
| 2026-05-25 | XLE | Japan’s Nikkei 225 tops 65,000 for first time as oil falls on Hormuz reopening hopes | news | -6.00 | 1 |
| 2026-05-25 | XLE | Securing long-term supply from ConocoPhillips is a critical milestone for the Alaska LNG project, supporting long-term natural gas monetization. | news | +2.00 | 1 |
| 2026-05-25 | XLC | Expansion of ad inventory and targeted sponsorship capabilities drives the monetization of the streaming segment. | news | +4.00 | 1 |
| 2026-05-25 | XLC | Strong ad momentum and double-digit growth in impressions directly support the revenue engine for XLC's largest constituent. | news | +7.00 | 1 |
| 2026-05-25 | XLB | Dow Jones Futures Rise, Oil Prices Fall: Trump Says No 'Rush' For Iran Deal | news | -1.20 | 2 |
| 2026-05-25 | XLB | Stocks rally, while oil and dollar ease on Middle East peace hopes | news | -1.20 | 1 |
| 2026-05-25 | XLB | European stocks highest since March 2 as U.S.-Iran talks continue; euro zone bond yields drop on peace hopes | news | -1.20 | 1 |
| 2026-05-25 | XLB | Japan’s Nikkei 225 tops 65,000 for first time as oil falls on Hormuz reopening hopes | news | -2.40 | 1 |
| 2026-05-25 | XLB | Stocks Jump, Oil Slides as US-Iran Peace Deal Nears - Gotrade | news | -2.40 | 1 |
| 2026-05-25 | XLB | The $3B credit facility provides FCX with financial flexibility to manage copper market volatility and fund production projects. | news | +1.00 | 1 |
| 2026-05-25 | XLU | CEG's massive revenue beat and nuclear uprate plans validate the multi-year load-growth thesis driven by AI and data centers. | news | +8.00 | 1 |
| 2026-05-25 | XLRE | Rising inflation and potential rate hikes increase the 10-year yield, acting as a headwind to REIT cap rates and FFO multiples. | news | -2.40 | 1 |
| 2026-05-25 | XLU | Stocks rally, while oil and dollar ease on Middle East peace hopes | news | +0.00 | 1 |
| 2026-05-25 | XLU | Stocks Jump, Oil Slides as US-Iran Peace Deal Nears - Gotrade | news | +0.00 | 1 |
| 2026-05-25 | XLV | Successful clinical results for JNJ's robotic platform drive future medical device demand and procedure volume capabilities. | news | +4.00 | 1 |
| 2026-05-25 | XLV | Government funding for experimental treatments supports biotech R&D capacity and the development pipeline. | news | +4.00 | 1 |
| 2026-05-25 | XLY | Tesla's market leadership in a major economy directly impacts the auto-segment EPS and sales volume for the sector's second-largest constituent. | news | +5.00 | 1 |
| 2026-05-25 | XLY | New logistics capabilities in grocery delivery drive core retail sales and competitive positioning for the sector's largest constituent. | news | +6.00 | 1 |
| 2026-05-25 | XLY | Stocks Jump, Oil Slides as US-Iran Peace Deal Nears - Gotrade | news | +2.00 | 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 | XLY | Trade barriers and tariff-driven supply chain shifts increase structural costs for global automakers. | news | -2.40 | 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 | +4.00 | 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 | -4.80 | 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 | 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 |
| 2026-05-24 | 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 |