UNITED RENTALS INC and UNITED AIRLINES HOLDINGS INC moved almost identically (+13.85% vs +14.01%), yet URI moved the XLI 38.5× 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 +25.26 pt move · cell size = points contributed · color = direction, intensity = return
CAT+5.1 pts(+87.5%)
GEV+2.2 pts(+52.9%)
FDX+1.9 pts(+120.5%)
RTX+1.7 pts
GE+1.7 pts(+31.6%)
DE+1.5 pts(+28.8%)
UNP+1.5 pts(+39.0%)
VRT+1.2 pts(+103.1%)
UBER−1.0 pts(−17.0%)
CSX+1.0 pts
PH+1.0 pts
HWM+0.9 pts
CMI+0.8 pts
JCI+0.8 pts
ETN
BA−0.7 pts(−8.3%)
PWR+0.7 pts(+59.0%)
HONA−0.6 pts
UPS+0.6 pts
FIX
LMT
EMR+0.6 pts
GWW
WAB
PCAR+0.5 pts
URI+0.5 pts
CPRT
NSC
AXON
ODFL+0.4 pts
DAL+0.4 pts
MMM
NOC
GD
EXPD
AME
VRSK
TT
BR
EFX
PNR
BLDR
LDOS
LHX
ROL
NDSN
IEX
FAST
WM
Concentration curve
cumulative share of the +25.26 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−75%−25%+25%+75%+125%
From −51.97% (BLDR) to +126.96% (FIX). Equal-weight, the XLI would be +15.69% vs the actual +16.49%; the gap is what cap weighting did.
By sector
point contribution · sums to +25.26 pts
-83
+25.7
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
Industrials · Select Sector
What moved the market
1Y · AUG 25, 2026
+16.49%
+25.3 pts · closed 178.40
51 of 83 rose · 32 fell
CAT+87.5%
+5.1
GEV+52.9%
+2.2
FDX+120.5%
+1.9
RTX+36.1%
+1.7
GE+31.6%
+1.7
AXON−20.0%
−0.4
CPRT−31.9%
−0.4
HONA−27.2%
−0.6
BA−8.3%
−0.7
UBER−17.0%
−1.0
Mixed tape · top 3 drove 36% of the gainWMTMT.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/xli?p=1y
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.