Conviction59.0
SPY weight1.9%
+ Tilt-0.09 pp
= Target1.8%
Current weight (drives NAV)1.8%vs target +0.02 pp
11
Sectors Tracked
2026-05-14
Tracking Since
Day 28
of Daily Monitoring
2026-06-10
Current Date
Alpha vs SPY, since launch
+2.82%
Vega total return minus SPY total return. Positive means Vega is ahead of the index.
Vega NAV
100.44
SPY NAV
97.62
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.
Conviction54.3
SPY weight10.2%
+ Tilt-0.82 pp
= Target9.3%
Current weight (drives NAV)9.5%vs target +0.18 pp
Conviction79.2
SPY weight3.3%
+ Tilt+0.31 pp
= Target3.6%
Current weight (drives NAV)3.5%vs target -0.07 pp
Conviction60.5
SPY weight11.8%
+ Tilt-0.43 pp
= Target11.3%
Current weight (drives NAV)11.2%vs target -0.09 pp
Conviction65.8
SPY weight8.6%
+ Tilt+0.01 pp
= Target8.6%
Current weight (drives NAV)8.5%vs target -0.11 pp
Conviction77.0
SPY weight37.2%
+ Tilt+2.99 pp
= Target40.2%
Current weight (drives NAV)40.5%vs target +0.30 pp
Conviction53.8
SPY weight4.7%
+ Tilt-0.40 pp
= Target4.3%
Current weight (drives NAV)4.3%vs target -0.01 pp
Conviction59.1
SPY weight1.9%
+ Tilt-0.09 pp
= Target1.8%
Current weight (drives NAV)1.8%vs target -0.02 pp
Conviction62.9
SPY weight2.1%
+ Tilt-0.04 pp
= Target2.1%
Current weight (drives NAV)2.1%vs target +0.01 pp
Conviction61.4
SPY weight8.8%
+ Tilt-0.27 pp
= Target8.5%
Current weight (drives NAV)8.4%vs target -0.07 pp
Conviction51.4
SPY weight9.4%
+ Tilt-0.95 pp
= Target8.4%
Current weight (drives NAV)8.3%vs target -0.12 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 | 1.9% | -0.09 ppLess than SPY | 1.8% | 1.8% | UNDERWEIGHT | 59.0 | Expensive by EV/EBITDA |
| Communication ServicesXLC | 10.2% | -0.82 ppLess than SPY | 9.3% | 9.5% | UNDERWEIGHT | 54.3 | Expensive by PEG |
| EnergyXLE | 3.3% | +0.31 ppMore than SPY | 3.6% | 3.5% | OVERWEIGHT | 79.2 | Neutral by EV/EBITDA |
| FinancialsXLF | 11.8% | -0.43 ppLess than SPY | 11.3% | 11.2% | UNDERWEIGHT | 60.5 | Expensive by P/B |
| IndustrialsXLI | 8.6% | +0.01 ppMore than SPY | 8.6% | 8.5% | UNDERWEIGHT | 65.8 | Neutral by EV/EBITDA |
| Information TechnologyXLK | 37.2% | +2.99 ppMore than SPY | 40.2% | 40.5% | OVERWEIGHT | 77.0 | Cheap by PEG |
| Consumer StaplesXLP | 4.7% | -0.40 ppLess than SPY | 4.3% | 4.3% | UNDERWEIGHT | 53.8 | Neutral by P/E |
| Real EstateXLRE | 1.9% | -0.09 ppLess than SPY | 1.8% | 1.8% | UNDERWEIGHT | 59.1 | Neutral by Price/FFO |
| UtilitiesXLU | 2.1% | -0.04 ppLess than SPY | 2.1% | 2.1% | NEUTRAL | 62.9 | Cheap by P/E |
| Health CareXLV | 8.8% | -0.27 ppLess than SPY | 8.5% | 8.4% | UNDERWEIGHT | 61.4 | Cheap by P/E |
| Consumer DiscretionaryXLY | 9.4% | -0.95 ppLess than SPY | 8.4% | 8.3% | UNDERWEIGHT | 51.4 | 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 |
|---|---|---|---|---|---|
| 2026-06-10 | XLE | Oil Prices Fluctuate Amid U.S. Strikes on Iran - GuruFocus | news | +1.00 | 1 |
| 2026-06-10 | XLE | Trump says Iran will 'pay the price' and claims they have 'taken too long' to agree to a deal | news | +6.00 | 1 |
| 2026-06-10 | XLI | How Rising Electricity Demand Is Transforming Canadian Utilities? - Kalkine Media | news | +0.00 | 1 |
| 2026-06-10 | XLU | The regulatory resolution and expanded capital plans support rate-base growth and address AI-driven data center load growth. | news | +6.00 | 1 |
| 2026-06-10 | XLI | Increased demand for power generation and construction equipment for data centers directly supports CAT's heavy machinery and electrical equipment segments. | news | +2.00 | 1 |
| 2026-06-10 | XLB | Oil prices jump after Trump says Iran will 'pay the price' for failing at peace deal | news | +0.00 | 1 |
| 2026-06-10 | XLV | The blacklisting of a major CDMO like WuXi AppTec disrupts the biotech outsourcing supply chain and R&D capacity. | news | -7.20 | 1 |
| 2026-06-10 | XLY | The rollout of unsupervised robotaxis is a structural shift in Tesla's business model, impacting the auto segment's long-term EPS. | news | +1.00 | 1 |
| 2026-06-10 | XLE | Oil prices jump after Trump says Iran will 'pay the price' for failing at peace deal | news | +3.00 | 1 |
| 2026-06-10 | XLC | Antitrust scrutiny from the DOJ, California AG, and UK CMA creates significant regulatory tail risk for major media consolidation and streaming strategy. | news | -3.60 | 1 |
| 2026-06-10 | XLB | Falling copper prices directly compress margins for major sector constituents like Freeport-McMoRan (FCX). | news | -2.40 | 1 |
| 2026-06-10 | XLV | New product approval in the devices segment drives future procedure volume and market share for a top constituent. | news | +2.00 | 1 |
| 2026-06-10 | XLRE | Utilities Regain Attention As AI Data Centers Fuel Grid Expansion - Kalkine Media | news | +1.00 | 1 |
| 2026-06-10 | XLK | The launch of specialized inference chips by startups like D-Matrix impacts the competitive landscape for NVDA and reflects hyperscaler demand for diverse AI hardware. | news | +2.00 | 1 |
| 2026-06-10 | XLY | Persistent vehicle supply shortages and high pricing directly impact the auto-segment EPS and consumer wallet spend. | news | -1.20 | 1 |
| 2026-06-10 | XLRE | Successful large-scale debt issuance at a competitive coupon demonstrates strong refinancing flexibility and credit access for a top retail REIT. | news | +6.00 | 1 |
| 2026-06-10 | XLB | Silver prices today, Wednesday, June 10, 2026: Down significantly following airstrikes, ahead of CPI report | news | -1.20 | 1 |
| 2026-06-10 | XLF | Deployment of AI in capital markets operations aims to increase market share and operational efficiency for a top XLF constituent. | news | +1.00 | 1 |
| 2026-06-10 | XLK | Hey, Siri: Apple just announced a long-awaited AI update | news | +1.00 | 1 |
| 2026-06-10 | XLU | NextEra Dominion Deal Reshapes Clean Energy Utility Outlook For Investors - simplywall.st | news | +1.00 | 1 |
| 2026-06-10 | XLK | Regulatory setbacks for Apple's AI integration in the EU can dampen consumer hardware demand and ecosystem lock-in. | news | -1.20 | 1 |
| 2026-06-10 | XLF | CCAR stress tests determine the capital return capacity and dividend/buyback policies for major XLF constituents. | news | +1.00 | 1 |
| 2026-06-10 | XLB | Gold prices today, Wednesday, June 10: Prices falling after U.S., Iran strikes and ahead of CPI report | news | -4.80 | 1 |
| 2026-06-10 | XLB | Stock market today: Dow, S&P 500, Nasdaq futures sink as techs falter ahead of CPI inflation data | news | +0.00 | 1 |
| 2026-06-10 | XLK | Apple shares slide after big Siri AI reveal | news | +0.00 | 1 |
| 2026-06-10 | XLE | Rising crude spot prices directly improve free cash flow for pure-play E&P companies like EOG. | news | +2.00 | 1 |
| 2026-06-10 | XLRE | Entergy CEO pushes back on fears that AI data centers will drive up electricity bills | news | +1.00 | 1 |
| 2026-06-10 | XLK | WWDC 2026: How Apple's New Siri AI Could Change The iPhone Experience - Business Today | news | +1.00 | 1 |
| 2026-06-10 | XLU | Entergy CEO pushes back on fears that AI data centers will drive up electricity bills | news | +2.00 | 1 |
| 2026-06-10 | XLRE | Scotiabank reiterates Entergy stock rating on data center growth - Investing.com | news | +1.00 | 1 |
| 2026-06-10 | XLY | Increased automation in fulfillment centers improves margins and delivery speed for the sector's largest constituent. | news | +1.00 | 1 |
| 2026-06-10 | XLE | EIA reports of multi-decade low global oil stocks and supply disruptions are highly bullish for crude prices and E&P margins. | news | +13.00 | 1 |
| 2026-06-10 | XLB | Rising production costs against volatile copper prices threaten the profitability of a top-5 sector constituent. | news | -1.20 | 1 |
| 2026-06-10 | XLI | Utilities Regain Attention As AI Data Centers Fuel Grid Expansion - Kalkine Media | news | +0.00 | 1 |
| 2026-06-10 | XLB | Oil Prices Fluctuate Amid U.S. Strikes on Iran - GuruFocus | news | +0.00 | 1 |
| 2026-06-09 | XLF | Citigroup (C) Announces Full Redemption of $3.15B in Notes Due 2027 - Yahoo Finance | news | +1.00 | 1 |
| 2026-06-09 | XLV | A major $10.6B M&A deal signals strong biotech funding and strategic pipeline expansion in the oncology sub-segment. | news | +11.00 | 1 |
| 2026-06-09 | XLB | US open: Stocks higher as Iran moves to halt strikes on Israel - Sharecast.com | news | -2.40 | 2 |
| 2026-06-09 | XLY | Increased automation in fulfillment centers improves margins and delivery speed for the sector's largest constituent. | news | +2.00 | 1 |
| 2026-06-09 | XLY | The rollout of unsupervised robotaxis is a structural shift in Tesla's business model, impacting the auto segment's long-term EPS. | news | +6.25 | 1 |
| 2026-06-09 | XLV | FDA decisions on AbbVie's pipeline are critical for mitigating revenue risks from upcoming patent cliffs. | news | +0.80 | 1 |
| 2026-06-09 | XLK | Apple's major AI software integration and monetization strategy via Siri and iOS/macOS updates directly drive consumer hardware replacement cycles and services revenue. | news | +6.00 | 1 |
| 2026-06-09 | XLK | Apple partnering with Google and Nvidia for most advanced AI model | news | +2.00 | 1 |
| 2026-06-09 | XLRE | Headwinds in the logistics sector impact occupancy and NOI for top constituent Prologis (PLD). | news | -1.20 | 1 |
| 2026-06-09 | XLE | Netanyahu says war with Iran, Hezbollah isn't over after Tehran says it's halting strikes | news | +1.00 | 1 |
| 2026-06-09 | XLE | Geopolitical tension in the Middle East typically reduces supply expectations, driving up crude spot prices and E&P margins. | news | +1.40 | 1 |
| 2026-06-09 | XLI | Increased demand for power generation and construction equipment for data centers directly supports CAT's heavy machinery and electrical equipment segments. | news | +2.80 | 1 |
| 2026-06-09 | XLF | Deployment of AI in capital markets operations aims to increase market share and operational efficiency for a top XLF constituent. | news | +0.00 | 1 |
| 2026-06-09 | XLU | State PUC approval of rate settlements directly drives authorized revenue and EPS growth for regulated utilities like PPL. | news | +1.00 | 1 |
| 2026-06-09 | XLC | Consolidation between major streaming players impacts content costs and subscription scale, though it faces significant regulatory scrutiny. | news | -2.40 | 1 |