Conviction60.9
SPY weight1.8%
+ Tilt-0.06 pp
= Target1.8%
Current weight (drives NAV)1.8%vs target +0.03 pp
11
Sectors Tracked
2026-05-14
Tracking Since
Day 27
of Daily Monitoring
2026-06-09
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.
Conviction54.8
SPY weight10.1%
+ Tilt-0.78 pp
= Target9.3%
Current weight (drives NAV)9.5%vs target +0.18 pp
Conviction74.8
SPY weight3.3%
+ Tilt+0.22 pp
= Target3.5%
Current weight (drives NAV)3.5%vs target -0.02 pp
Conviction60.3
SPY weight11.6%
+ Tilt-0.43 pp
= Target11.2%
Current weight (drives NAV)11.2%vs target +0.05 pp
Conviction65.2
SPY weight8.5%
+ Tilt-0.02 pp
= Target8.5%
Current weight (drives NAV)8.5%vs target +0.04 pp
Conviction76.9
SPY weight37.8%
+ Tilt+3.05 pp
= Target40.8%
Current weight (drives NAV)40.5%vs target -0.36 pp
Conviction53.8
SPY weight4.7%
+ Tilt-0.39 pp
= Target4.3%
Current weight (drives NAV)4.3%vs target +0.04 pp
Conviction57.5
SPY weight1.8%
+ Tilt-0.11 pp
= Target1.7%
Current weight (drives NAV)1.8%vs target +0.05 pp
Conviction62.0
SPY weight2.1%
+ Tilt-0.05 pp
= Target2.1%
Current weight (drives NAV)2.1%vs target +0.05 pp
Conviction61.8
SPY weight8.7%
+ Tilt-0.23 pp
= Target8.4%
Current weight (drives NAV)8.4%vs target +0.02 pp
Conviction51.3
SPY weight9.4%
+ Tilt-0.95 pp
= Target8.4%
Current weight (drives NAV)8.3%vs target -0.08 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% | -0.06 ppLess than SPY | 1.8% | 1.8% | NEUTRAL | 60.9 | Cheap by EV/EBITDA |
| Communication ServicesXLC | 10.1% | -0.78 ppLess than SPY | 9.3% | 9.5% | UNDERWEIGHT | 54.8 | Expensive by PEG |
| EnergyXLE | 3.3% | +0.22 ppMore than SPY | 3.5% | 3.5% | OVERWEIGHT | 74.8 | Neutral by EV/EBITDA |
| FinancialsXLF | 11.6% | -0.43 ppLess than SPY | 11.2% | 11.2% | UNDERWEIGHT | 60.3 | Expensive by P/B |
| IndustrialsXLI | 8.5% | -0.02 ppLess than SPY | 8.5% | 8.5% | NEUTRAL | 65.2 | Cheap by EV/EBITDA |
| Information TechnologyXLK | 37.8% | +3.05 ppMore than SPY | 40.8% | 40.5% | OVERWEIGHT | 76.9 | Cheap by PEG |
| Consumer StaplesXLP | 4.7% | -0.39 ppLess than SPY | 4.3% | 4.3% | UNDERWEIGHT | 53.8 | Neutral by P/E |
| Real EstateXLRE | 1.8% | -0.11 ppLess than SPY | 1.7% | 1.8% | UNDERWEIGHT | 57.5 | Cheap by Price/FFO |
| UtilitiesXLU | 2.1% | -0.05 ppLess than SPY | 2.1% | 2.1% | NEUTRAL | 62.0 | Cheap by P/E |
| Health CareXLV | 8.7% | -0.23 ppLess than SPY | 8.4% | 8.4% | UNDERWEIGHT | 61.8 | Cheap by P/E |
| Consumer DiscretionaryXLY | 9.4% | -0.95 ppLess than SPY | 8.4% | 8.3% | UNDERWEIGHT | 51.3 | 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 |
|---|---|---|---|---|---|
| 2026-06-09 | 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 | XLE | Expansion of LNG-linked natural gas production supports long-term upstream revenue for the sector's largest constituent. | news | +2.00 | 1 |
| 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 | XLF | Strategic expansion in wealth management and M&A readiness signals long-term fee-based revenue growth for a major capital markets constituent. | news | +4.00 | 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 | XLI | Strategic supply deals for next-gen power electronics support GE's aerospace and electrical equipment manufacturing capabilities. | news | +2.00 | 1 |
| 2026-06-09 | XLK | Regulatory setbacks for Apple's AI integration in the EU can dampen consumer hardware demand and ecosystem lock-in. | news | -4.80 | 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 | Oil prices ease after Iran says military operations against Israel are over | news | -1.20 | 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 | XLV | A major $10.6B M&A deal signals strong biotech funding and strategic pipeline expansion in the oncology sub-segment. | news | +8.00 | 1 |
| 2026-06-09 | XLV | High-value IPO activity is a leading indicator of biotech R&D capacity and sector-wide funding health. | news | +4.00 | 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 | 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 | 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 | XLV | FDA decisions on AbbVie's pipeline are critical for mitigating revenue risks from upcoming patent cliffs. | news | +0.80 | 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 |
| 2026-06-09 | XLV | Lilly's dominance in the obesity category is a primary driver for the sector's largest constituent by weight. | news | +1.00 | 1 |
| 2026-06-09 | XLE | US open: Stocks higher as Iran moves to halt strikes on Israel - Sharecast.com | news | -2.40 | 2 |
| 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 | 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 | +1.00 | 1 |
| 2026-06-08 | XLY | Massive inventory mobilization by BYD and Geely directly impacts global auto sales volumes and competitive dynamics for the auto segment. | news | -1.20 | 1 |
| 2026-06-08 | XLI | Engine reliability issues and maintenance backlogs negatively impact engine OEMs like GE Aerospace and disrupt the aircraft delivery cycle. | news | -3.60 | 1 |
| 2026-06-08 | XLB | Gold prices today, Monday, June 8: Lower to start the week following Israel, Iran missile strikes | news | -3.60 | 1 |
| 2026-06-08 | XLE | US open: Stocks higher as Iran moves to halt strikes on Israel - Sharecast.com | news | -4.80 | 1 |
| 2026-06-08 | XLRE | Headwinds in the logistics sector impact occupancy and NOI for top constituent Prologis (PLD). | news | +0.00 | 1 |
| 2026-06-08 | XLU | State PUC approval of rate settlements directly drives authorized revenue and EPS growth for regulated utilities like PPL. | news | +5.00 | 1 |
| 2026-06-08 | XLRE | Apple shares reverse lower after big Siri news. Why we're not bothered | news | +1.00 | 1 |
| 2026-06-08 | XLK | Apple gets groovy with macOS 27 Golden Gate; Siri app spans across operating systems - Seeking Alpha | news | +1.00 | 1 |
| 2026-06-08 | 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 | +2.00 | 1 |
| 2026-06-08 | XLRE | Apple gets groovy with macOS 27 Golden Gate; Siri app spans across operating systems - Seeking Alpha | news | +2.00 | 1 |
| 2026-06-08 | XLV | FDA decisions on AbbVie's pipeline are critical for mitigating revenue risks from upcoming patent cliffs. | news | +0.00 | 1 |
| 2026-06-08 | XLRE | Senior housing recovery is a primary driver of occupancy and NOI for healthcare REITs like VTR and WELL. | news | +1.00 | 1 |
| 2026-06-08 | XLB | Netanyahu says war with Iran, Hezbollah isn't over after Tehran says it's halting strikes | news | +3.00 | 1 |
| 2026-06-08 | XLC | Consolidation between major streaming players impacts content costs and subscription scale, though it faces significant regulatory scrutiny. | news | +0.00 | 1 |
| 2026-06-08 | XLE | Oil prices ease after Iran says military operations against Israel are over | news | -4.80 | 1 |
| 2026-06-08 | XLF | Citigroup (C) Announces Full Redemption of $3.15B in Notes Due 2027 - Yahoo Finance | news | +3.00 | 1 |
| 2026-06-08 | XLF | Citigroup's Path to 5-6% NII Rise in 2026: What's Driving the Upside? - TradingView | news | +3.00 | 1 |
| 2026-06-08 | XLB | Oil prices ease after Iran says military operations against Israel are over | news | -1.20 | 1 |
| 2026-06-08 | XLRE | Nvidia CEO's Comments Trigger Buying In AI Stocks; High Hopes For Apple AI - Benzinga | news | +1.00 | 1 |
| 2026-06-08 | XLRE | Apple’s ‘Jalen Brunson Moment’? Dan Ives Says WWDC Marks Defining AI Turning Point, Sees Up To $100 Per Share In Upside - TradingView | news | +1.00 | 1 |
| 2026-06-08 | XLB | Nucor's demand outlook is a primary indicator for US steel consumption and industrial manufacturing health. | news | +4.00 | 1 |
| 2026-06-08 | XLB | As the sector's second-largest constituent, Newmont's confirmed earnings and dividends directly reflect the health of gold mining margins. | news | +2.00 | 1 |
| 2026-06-08 | XLE | Netanyahu says war with Iran, Hezbollah isn't over after Tehran says it's halting strikes | news | +6.00 | 1 |
| 2026-06-08 | XLV | Lilly's dominance in the obesity category is a primary driver for the sector's largest constituent by weight. | news | +1.00 | 1 |
| 2026-06-08 | XLRE | Strong digital infrastructure demand directly supports the AI and cloud capex thesis for data center REITs like EQIX. | news | +1.00 | 1 |
| 2026-06-08 | XLB | US open: Stocks higher as Iran moves to halt strikes on Israel - Sharecast.com | news | -1.20 | 1 |
| 2026-06-08 | XLE | Expansion of LNG-linked natural gas production supports long-term upstream revenue for the sector's largest constituent. | news | +4.00 | 1 |
| 2026-06-07 | XLK | Is Micron the Next Nvidia? Why the 2026 "Memory Crunch" Makes MU Stock a Top AI Buy - TradingKey | news | +1.00 | 1 |