Financials Continue to Lose S&P Weight

With ongoing earnings and capital concerns, financials have failed to muster up any sustained rally, as they continue to hit lower lows this week. The S&P 500 Financials sector remains at 12-year lows, and is approaching its 1995 levels. Not surprisingly, it continues to be the worst performing sector in the S&P 500 this year. Furthermore, the sector’s underperformance hasn’t let up so far this month. While the S&P 500 is “only” down 13.6% in November, the financials sector is down 26.2% month-to-date.

The financial sector’s poor performance has pushed its weighting in the S&P 500 significantly lower this month. What was once the S&P’s largest sector, the financials now barely make it into the top half of the index’s 10 sectors (behind even the healthcare and consumer staples sectors!). Here’s how the S&P’s 10 sectors rank now:

S&P 500 Index Weighting
Technology 15.1%
Healthcare 14.9%
Energy 14.0%
Consumer Staples 14.0%
Financials 12.9%
Industrials 10.8%
Consumer Discretionary 7.6%
Utilities 4.2%
Telecom 3.6%
Materials 3.0%

Worst performing financials MTD include

  • General Growth Properties is down 89% MTD
  • Genworth Financial is down 77% MTD
  • Prologis is down 67% MTD
  • Developers Diversified Realy is down 61% MTD
  • American Capital is down 56% MTD

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