Only two sectors are driving the S&P 500 bull market higher since 2022

[S&P Market Index Concept with Financial Graphs]
AlexSecret

The current bull market has delivered outsized gains for U.S. equities, but leadership within the benchmark index has been unusually concentrated. Since the rally began on Oct. 12, 2022, just two of the 11 sectors in the S&P 500 (SP500 [https://seekingalpha.com/symbol/SP500]) have managed to outperform the broader index’s 107% advance, underscoring the dominance of growth-oriented industries.

Information technology has led the surge by a wide margin, climbing 225.7% during the period, while communication services followed with a 212.3% gain. Both sectors have benefited from relentless investor demand tied to artificial intelligence, cloud computing, and digital advertising trends.

Meanwhile, more economically sensitive groups have posted comparatively modest gains. Industrials advanced 102.1%, narrowly trailing the broader benchmark, while consumer discretionary rose 76.6% and financials gained 70.8%. Defensive sectors lagged considerably, with health care rising just 18.8% and real estate up 28.8%.

Despite the uneven sector performance, the broader market has remained resilient in 2026. The S&P 500 is currently up 6.9% year-to-date and is hovering near the 7,350 level after briefly surpassing 7,500 earlier this month.

S&P 500 ETFS: (SPY [https://seekingalpha.com/symbol/SPY]), (VOO [https://seekingalpha.com/symbol/VOO]), (IVV [https://seekingalpha.com/symbol/IVV]), (RSP [https://seekingalpha.com/symbol/RSP]), (SSO [https://seekingalpha.com/symbol/SSO]), (UPRO [https://seekingalpha.com/symbol/UPRO]), (SH [https://seekingalpha.com/symbol/SH]), (SDS [https://seekingalpha.com/symbol/SDS]), (SPXU [https://seekingalpha.com/symbol/SPXU]), (FXAIX [https://seekingalpha.com/symbol/FXAIX]), (VFIAX [https://seekingalpha.com/symbol/VFIAX]), (VFFSX [https://seekingalpha.com/symbol/VFFSX]), and (SWPPX [https://seekingalpha.com/symbol/SWPPX]).

COMMUNICATION SERVICES ETFS: (XLC [https://seekingalpha.com/symbol/XLC]), (VOX [https://seekingalpha.com/symbol/VOX]), (IYZ [https://seekingalpha.com/symbol/IYZ]), (RSPC [https://seekingalpha.com/symbol/RSPC]), and (XTL [https://seekingalpha.com/symbol/XTL]).

CONSUMER DISCRETIONARY ETFS: (XLY [https://seekingalpha.com/symbol/XLY]), (VCR [https://seekingalpha.com/symbol/VCR]), (FXD [https://seekingalpha.com/symbol/FXD]), (FDIS [https://seekingalpha.com/symbol/FDIS]), (RSPD [https://seekingalpha.com/symbol/RSPD]), and (RXI [https://seekingalpha.com/symbol/RXI]).

CONSUMER STAPLES ETFS: (XLP [https://seekingalpha.com/symbol/XLP]), (VDC [https://seekingalpha.com/symbol/VDC]), (IYK [https://seekingalpha.com/symbol/IYK]), (FSTA [https://seekingalpha.com/symbol/FSTA]), (KXI [https://seekingalpha.com/symbol/KXI]), and (RSPS [https://seekingalpha.com/symbol/RSPS]).

ENERGY ETFS: (XLE [https://seekingalpha.com/symbol/XLE]), (VDE [https://seekingalpha.com/symbol/VDE]), (XOP [https://seekingalpha.com/symbol/XOP]), (OIH [https://seekingalpha.com/symbol/OIH]), (AMLP [https://seekingalpha.com/symbol/AMLP]), and (IXC [https://seekingalpha.com/symbol/IXC]).

FINANCIALS ETFS: (XLF [https://seekingalpha.com/symbol/XLF]), (VFH [https://seekingalpha.com/symbol/VFH]), (IYF [https://seekingalpha.com/symbol/IYF]), (FNCL [https://seekingalpha.com/symbol/FNCL]), (IYG [https://seekingalpha.com/symbol/IYG]), and (FXO [https://seekingalpha.com/symbol/FXO]).

HEALTH CARE ETFS: (XLV [https://seekingalpha.com/symbol/XLV]), (VHT [https://seekingalpha.com/symbol/VHT]), (IHI [https://seekingalpha.com/symbol/IHI]), (IXJ [https://seekingalpha.com/symbol/IXJ]), (IYH [https://seekingalpha.com/symbol/IYH]), (FHLC [https://seekingalpha.com/symbol/FHLC]), and (FXH [https://seekingalpha.com/symbol/FXH]).

INDUSTRIAL ETFS: (XLI [https://seekingalpha.com/symbol/XLI]), (VIS [https://seekingalpha.com/symbol/VIS]), (FXR [https://seekingalpha.com/symbol/FXR]), (IYJ [https://seekingalpha.com/symbol/IYJ]), (FIDU [https://seekingalpha.com/symbol/FIDU]), and (RSPN [https://seekingalpha.com/symbol/RSPN]).

MATERIALS ETFS: (XLB [https://seekingalpha.com/symbol/XLB]), (VAW [https://seekingalpha.com/symbol/VAW]), (IYM [https://seekingalpha.com/symbol/IYM]), (FXZ [https://seekingalpha.com/symbol/FXZ]), (MXI [https://seekingalpha.com/symbol/MXI]), and (RSPM [https://seekingalpha.com/symbol/RSPM]).

REAL ESTATE ETFS: (VNQ [https://seekingalpha.com/symbol/VNQ]), (XLRE [https://seekingalpha.com/symbol/XLRE]), (IYR [https://seekingalpha.com/symbol/IYR]), (USRT [https://seekingalpha.com/symbol/USRT]), and (HOMZ [https://seekingalpha.com/symbol/HOMZ]).

TECH ETFS: (VGT [https://seekingalpha.com/symbol/VGT]), (XLK [https://seekingalpha.com/symbol/XLK]), (IYW [https://seekingalpha.com/symbol/IYW]), (FTEC [https://seekingalpha.com/symbol/FTEC]), (IXN [https://seekingalpha.com/symbol/IXN]), and (RSPT [https://seekingalpha.com/symbol/RSPT]).

UTILITIES ETFS: (XLU [https://seekingalpha.com/symbol/XLU]), (VPU [https://seekingalpha.com/symbol/VPU]), (FUTY [https://seekingalpha.com/symbol/FUTY]), (IDU [https://seekingalpha.com/symbol/IDU]), (FXU [https://seekingalpha.com/symbol/FXU]), and (JXI [https://seekingalpha.com/symbol/JXI]).

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