25 members · detractors first · 3Y · residual 5880.6bp exceeds 60bp gate
The XLB fell 33.71% (−27.24 pts) over three years, but 20 of 25 members went the other way. DOW and LYB dragged the tape lower, accounting for 23% of the decline.
SMURFIT WESTROCK PLC and AMCOR PLC moved almost identically (+15.07% vs +16.22%), yet SW moved the XLB 9.2× as much. In a cap-weighted index, the bigger company's weight turns the same percentage move into far more points.
Attribution map
slicing the −27.24 pt move · cell size = points contributed · color = direction, intensity = return
NEM+5.3 pts(+277.8%)
DOW−3.4 pts(−33.6%)
LIN+2.3 pts(+34.9%)
FCX+2.3 pts(+113.4%)
SHW+2.1 pts(+32.9%)
CRH+2.0 pts(+80.6%)
LYB−2.0 pts(−21.7%)
STLD+1.9 pts(+128.9%)
CTVA+1.5 pts(+69.1%)
IP+1.3 pts(+33.9%)
PKG+1.2 pts
IFF+1.1 pts
ALB−1.0 pts(−24.0%)
ECL+1.0 pts(+66.6%)
NUE+0.9 pts(+53.5%)
MOS−0.9 pts(−32.8%)
MLM+0.7 pts(+25.5%)
VMC+0.7 pts
SW+0.7 pts
PPG
BALL
APD+0.3 pts
AVY
Concentration curve
cumulative share of the −27.24 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−50%+50%+150%+250%
From −33.62% (DOW) to +277.84% (NEM). Equal-weight, the XLB would be +48.82% vs the actual −33.71%; the gap is what cap weighting did.
By sector
point contribution · sums to −27.24 pts
-25
+17.9
The year, session by session
every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUG
Share this move
pick a view, download it as a 16:9 PNG
Materials · Select Sector
What moved the market
3Y · AUG 25, 2026
−33.71%
−27.2 pts · closed 53.59
20 of 25 rose · 5 fell
NEM+277.8%
+5.3
LIN+34.9%
+2.3
FCX+113.4%
+2.3
SHW+32.9%
+2.1
CRH+80.6%
+2.0
PPG−13.2%
−0.6
MOS−32.8%
−0.9
ALB−24.0%
−1.0
LYB−21.7%
−2.0
DOW−33.6%
−3.4
DOW sank a split tape · 20 of 25 went the other wayWMTMT.COM
view 1 of 6
Cycle through the views and download any of them as a 16:9 PNG sized for X. Pasting the page link on X unfurls a server-rendered card on its own.
www.wmtmt.com/xlb?p=3y
Share on X copies the image to your clipboard and opens the composer; paste to attach it.
What moved the market, in your inbox
The daily note publishes here after every close; the week's story lands in your inbox on Fridays, free. Read the daily notes.
Babylon Burns
WMTMT is built by the founders of Babylon Burns, a letter on markets, macro, and the systems behind them. The numbers live here; the arguments live there. Subscribing below joins the Babylon Burns letter.