XLF · WMTMT

Jul 13Aug 4Aug 26Sep 17Oct 9

Breadth

58 / 76

stocks fell with the index

Concentration

63%

of the decline from GS, MS, BAC

Biggest driver

GS −0.35

GOLDMAN SACHS GROUP INC, −14.40%

Biggest offset

BRK-B +0.30

BERKSHIRE HATHAWAY INC CL B, +3.74%

What drove it

76 members · detractors first · 3M · residual 16.6bp within 60bp gate

The XLF fell 2.39% (−1.34 pts) over the past three months, and 63% of that decline came from just three stocks: GS, MS, BAC.

Read the latest market-close note: Goldman and Microsoft Push the Dow to a Large Gain While Telecoms Sink Communication Services

+1.3 pts from 18 gainers−2.6 pts from 58 losers

net −1.3 pts · losers outweigh gainers 2.0 to 1

Stock

Points

Return

XLFsum of all 76 stocks

−1.3

−2.39%

GSGOLDMAN SACHS GROUP INC

−0.4

−14.40%

MSMORGAN STANLEY

−0.3

−13.59%

BACBANK OF AMERICA CORP

−0.2

−8.72%

AXPAMERICAN EXPRESS CO

−0.2

−13.05%

AONAON PLC CLASS A

−0.1

−25.39%

CCITIGROUP INC

−0.1

−7.41%

PNCPNC FINANCIAL SERVICES GROUP

−0.1

−12.62%

PGRPROGRESSIVE CORP

−0.1

−7.27%

USBUS BANCORP

−0.1

−8.46%

SPGIS+P GLOBAL INC

−0.1

−6.86%

WFCWELLS FARGO + CO

−0.1

−4.14%

SCHWSCHWAB (CHARLES) CORP

−0.1

−5.27%

TFCTRUIST FINANCIAL CORP

−0.0

−10.34%

ALLALLSTATE CORP

−0.0

−10.55%

FITBFIFTH THIRD BANCORP

−0.0

−11.44%

46 othersclick to expand the full index

−0.8

FDSFACTSET RESEARCH SYSTEMS INC

+0.0

+9.10%

NDAQNASDAQ INC

+0.0

+4.98%

GPNGLOBAL PAYMENTS INC

+0.0

+6.97%

CBOECBOE GLOBAL MARKETS INC

+0.0

+10.06%

CPAYCORPAY INC

+0.0

+9.89%

METMETLIFE INC

+0.0

+6.32%

COINCOINBASE GLOBAL INC CLASS A

+0.0

+13.99%

TRVTRAVELERS COS INC/THE

+0.0

+7.98%

BLKBLACKROCK INC

+0.0

+4.88%

PYPLPAYPAL HOLDINGS INC

+0.0

+16.54%

ICEINTERCONTINENTAL EXCHANGE IN

+0.1

+13.42%

CMECME GROUP INC

+0.1

+14.47%

MAMASTERCARD INC A

+0.3

+9.58%

VVISA INC CLASS A SHARES

+0.3

+7.94%

BRK-BBERKSHIRE HATHAWAY INC CL B

+0.3

+3.74%

Cap weighting, illustrated

VISA INC CLASS A SHARES and FACTSET RESEARCH SYSTEMS INC moved almost identically (+7.94% vs +9.10%), yet V moved the XLF 29.8× 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 −1.34 pt move · cell size = points contributed · color = direction, intensity = return

GS−0.4 pts(−14.4%)

BRK-B+0.3 pts(+3.7%)

V+0.3 pts(+7.9%)

MA+0.3 pts(+9.6%)

MS−0.3 pts(−13.6%)

BAC−0.2 pts(−8.7%)

AXP−0.2 pts(−13.1%)

AON−0.1 pts

C−0.1 pts(−7.4%)

CME+0.1 pts

PNC−0.1 pts

ICE+0.1 pts(+13.4%)

PGR−0.1 pts(−7.3%)

USB−0.1 pts

SPGI−0.1 pts

WFC−0.1 pts

TFC−0.0 pts

ALL

FITB

JPM

AJG

PYPL

BLK

TRV

MSCI

KKR

HOOD

AFL

MTB

HIG

COIN

KEY

IBKR

CFG

CPAY

FISV

CBOE

NTRS

AIG

Concentration curve

cumulative share of the −1.34 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−30%−20%−10%0%+10%

From −25.39% (AON) to +16.54% (PYPL). Equal-weight, the XLF would be −3.28% vs the actual −2.39%; the gap is what cap weighting did.

By sector

point contribution · sums to −1.34 pts

-76

−1.3

The year, session by session

every trading day of 2026 · hover for the move

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What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

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