Conviction50.2
SPY weight1.9%
Target weight2.0%
Tilt+0.08 pp
Performance
Vega compared with SPY
Vega NAV101.04
SPY NAV100.83
Alpha vs SPY+0.21%
First-day Vega NAV100.98
11 sectors
Current sector calls
Each card shows SPY weight, Vega target weight, tilt, conviction, and valuation.
Conviction49.1
SPY weight11.0%
Target weight10.6%
Tilt-0.46 pp
Conviction59.8
SPY weight3.2%
Target weight3.4%
Tilt+0.13 pp
Conviction53.8
SPY weight11.7%
Target weight11.6%
Tilt-0.07 pp
Conviction52.5
SPY weight8.6%
Target weight8.5%
Tilt-0.14 pp
Conviction59.5
SPY weight36.3%
Target weight37.7%
Tilt+1.41 pp
Conviction50.9
SPY weight4.8%
Target weight4.7%
Tilt-0.14 pp
Conviction51.0
SPY weight1.9%
Target weight2.0%
Tilt+0.11 pp
Conviction59.0
SPY weight2.2%
Target weight2.3%
Tilt+0.08 pp
Conviction50.7
SPY weight8.3%
Target weight8.1%
Tilt-0.24 pp
Conviction45.8
SPY weight10.0%
Target weight9.3%
Tilt-0.67 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% | OVERWEIGHT | 50.2 | Cheap by EV/EBITDA |
| Communication ServicesXLC | 11.0% | 10.6% | -0.46 ppLess than SPY | 11.0% | OVERWEIGHT | 49.1 | Cheap by PEG |
| EnergyXLE | 3.2% | 3.4% | +0.13 ppMore than SPY | 3.2% | UNDERWEIGHT | 59.8 | Expensive by EV/EBITDA |
| FinancialsXLF | 11.7% | 11.6% | -0.07 ppLess than SPY | 11.7% | UNDERWEIGHT | 53.8 | Expensive by P/B |
| IndustrialsXLI | 8.6% | 8.5% | -0.14 ppLess than SPY | 8.6% | OVERWEIGHT | 52.5 | Cheap by EV/EBITDA |
| Information TechnologyXLK | 36.3% | 37.7% | +1.41 ppMore than SPY | 36.3% | OVERWEIGHT | 59.5 | Cheap by PEG |
| Consumer StaplesXLP | 4.8% | 4.7% | -0.14 ppLess than SPY | 4.8% | NEUTRAL | 50.9 | Cheap by P/E |
| Real EstateXLRE | 1.9% | 2.0% | +0.11 ppMore than SPY | 1.9% | UNDERWEIGHT | 51.0 | Expensive by Price/FFO |
| UtilitiesXLU | 2.2% | 2.3% | +0.08 ppMore than SPY | 2.2% | NEUTRAL | 59.0 | Cheap by P/E |
| Health CareXLV | 8.3% | 8.1% | -0.24 ppLess than SPY | 8.3% | NEUTRAL | 50.7 | Expensive by P/E |
| Consumer DiscretionaryXLY | 10.0% | 9.3% | -0.67 ppLess than SPY | 10.0% | OVERWEIGHT | 45.8 | Cheap 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 |
|---|---|---|---|---|---|
| 2026-05-09 | XLV | Event summary was not preserved in the earlier data format. | news | +1.00 | 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 |
| 2026-05-09 | XLI | 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 | +2.00 | 1 |
| 2026-05-09 | XLE | Event summary was not preserved in the earlier data format. | news | +3.00 | 1 |
| 2026-05-09 | XLI | 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 | +6.00 | 1 |
| 2026-05-09 | XLB | Event summary was not preserved in the earlier data format. | news | -2.40 | 1 |
| 2026-05-09 | XLU | Event summary was not preserved in the earlier data format. | news | -1.20 | 1 |
| 2026-05-09 | XLF | 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 | XLY | Event summary was not preserved in the earlier data format. | news | -2.40 | 1 |
| 2026-05-09 | XLY | Event summary was not preserved in the earlier data format. | news | -1.20 | 1 |
| 2026-05-09 | XLK | Event summary was not preserved in the earlier data format. | news | +4.00 | 1 |
| 2026-05-09 | XLF | Event summary was not preserved in the earlier data format. | news | +2.00 | 1 |
| 2026-05-09 | XLF | Event summary was not preserved in the earlier data format. | news | +1.00 | 1 |
| 2026-05-09 | XLRE | 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 | +2.00 | 1 |
| 2026-05-09 | XLK | Event summary was not preserved in the earlier data format. | news | -2.40 | 1 |
| 2026-05-09 | XLU | Event summary was not preserved in the earlier data format. | news | +1.00 | 1 |
| 2026-05-09 | XLK | Event summary was not preserved in the earlier data format. | news | +2.00 | 1 |
| 2026-05-09 | XLY | Event summary was not preserved in the earlier data format. | news | +3.00 | 1 |
| 2026-05-09 | XLI | Event summary was not preserved in the earlier data format. | news | +2.00 | 1 |
| 2026-05-09 | XLRE | Event summary was not preserved in the earlier data format. | news | +0.00 | 1 |
| 2026-05-09 | XLU | Event summary was not preserved in the earlier data format. | news | +4.00 | 1 |
| 2026-05-09 | XLE | Event summary was not preserved in the earlier data format. | news | +3.00 | 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 | XLY | 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 | -2.40 | 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 |