PHILLIPS 66 and APA CORP moved almost identically (−2.76% vs −2.40%), yet PSX moved the XLE 7.2× 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 −1.61 pt move · cell size = points contributed · color = direction, intensity = return
XOM−0.4 pts(−3.0%)
CVX−0.2 pts(−2.0%)
KMI−0.1 pts(−5.9%)
WMB−0.1 pts(−5.4%)
OKE−0.1 pts(−5.5%)
MPC−0.1 pts(−2.8%)
TRGP−0.1 pts(−3.6%)
PSX−0.1 pts(−2.8%)
VLO−0.1 pts(−2.8%)
BKR−0.1 pts(−4.1%)
FANG−0.1 pts(−4.8%)
COP+0.0 pts(+1.6%)
DVN−0.0 pts(−1.9%)
OXY−0.0 pts(−2.3%)
EOG−0.0 pts
HAL
TPL
SLB
EXE
Concentration curve
cumulative share of the −1.61 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−6%−4%−2%0%
From −5.87% (KMI) to +1.96% (TPL). Equal-weight, the XLE would be −2.29% vs the actual −2.53%; the gap is what cap weighting did.
By sector
point contribution · sums to −1.61 pts
-21
−1.6
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
Energy · Select Sector
What moved the market
1W · AUG 25, 2026
−2.53%
−1.6 pts · closed 62.07
4 of 21 rose · 17 fell
COP+1.6%
+0.0
EQT+1.6%
+0.0
TPL+2.0%
+0.0
SLB+0.2%
+0.0
OKE−5.5%
−0.1
WMB−5.4%
−0.1
KMI−5.9%
−0.1
CVX−2.0%
−0.2
XOM−3.0%
−0.4
Broad selloff · XOM led at −0.41 ptsWMTMT.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/xle?p=1w
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.