30 members · drivers first · 2Y · residual 689.0bp exceeds 60bp gate
The XLRE rose 7.60% (+3.20 pts) over two years, but 13 of 30 members went the other way. WELL and SPG carried the tape higher, contributing more than the entire move.
REALTY INCOME CORP and FEDERAL REALTY INVS TRUST moved almost identically (+15.21% vs +13.60%), yet O moved the XLRE 6.8× 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 +3.20 pt move · cell size = points contributed · color = direction, intensity = return
WELL+2.5 pts(+113.3%)
SPG+0.9 pts(+51.1%)
EQIX+0.8 pts(+35.0%)
CSGP−0.7 pts(−56.2%)
AMT−0.7 pts(−13.1%)
VTR+0.7 pts(+68.1%)
DLR+0.7 pts(+36.6%)
CBRE+0.7 pts(+36.1%)
CCI−0.6 pts(−23.2%)
PLD+0.6 pts(+23.4%)
ARE−0.4 pts(−48.2%)
O+0.4 pts(+15.2%)
VICI−0.3 pts
HST+0.2 pts
SBAC
IRM+0.2 pts
BXP+0.2 pts
KIM
EXR−0.1 pts
REG
WY
ESS
INVH
MAA
Concentration curve
cumulative share of the +3.20 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−75%−25%+25%+75%
From −56.16% (CSGP) to +113.27% (WELL). Equal-weight, the XLRE would be +10.92% vs the actual +7.60%; the gap is what cap weighting did.
By sector
point contribution · sums to +3.20 pts
-30
+4.8
The year, session by session
every trading day of 2026 · hover for the move
JANFEBMARAPRMAYJUNJULAUG
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Real Estate · Select Sector
What moved the market
2Y · AUG 25, 2026
+7.60%
+3.2 pts · closed 45.36
17 of 30 rose · 13 fell
WELL+113.3%
+2.5
SPG+51.1%
+0.9
EQIX+35.0%
+0.8
VTR+68.1%
+0.7
DLR+36.6%
+0.7
VICI−7.6%
−0.3
ARE−48.2%
−0.4
CCI−23.2%
−0.6
AMT−13.1%
−0.7
CSGP−56.2%
−0.7
WELL carried a split tape · 13 of 30 went the other wayWMTMT.COM
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