XLRE · WMTMT

Oct 4, 2023Jul 9, 2024Apr 9, 2025Jan 7, 2026Oct 9, 2026

Breadth

24 / 30

stocks rose with the index

Concentration

68%

of the gain from WELL, EQIX, SPG

Biggest driver

WELL +3.20

WELLTOWER INC, +191.65%

Biggest drag

CSGP −1.06

COSTAR GROUP INC, −61.18%

What drove it

30 members · drivers first · 3Y · residual 1172.2bp exceeds 60bp gate

The XLRE rose 25.38% (+8.43 pts) over three years, and 68% of that gain came from just three stocks: WELL, EQIX, SPG.

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

+13.3 pts from 24 gainers−2.1 pts from 6 losers

net +8.4 pts · gainers outweigh losers 6.3 to 1

Stock

Points

Return

XLREsum of all 30 stocks

+8.4

+25.38%

WELLWELLTOWER INC

+3.2

+191.65%

EQIXEQUINIX INC

+1.4

+51.95%

SPGSIMON PROPERTY GROUP INC

+1.1

+118.75%

VTRVENTAS INC

+1.1

+119.36%

IRMIRON MOUNTAIN INC

+1.0

+116.62%

AMTAMERICAN TOWER CORP

+0.8

+28.39%

CBRECBRE GROUP INC A

+0.6

+83.83%

DLRDIGITAL REALTY TRUST INC

+0.6

+65.32%

OREALTY INCOME CORP

+0.6

+27.30%

EXREXTRA SPACE STORAGE INC

+0.5

+30.36%

PSAPUBLIC STORAGE

+0.4

+25.03%

PLDPROLOGIS INC

+0.4

+30.37%

KIMKIMCO REALTY CORP

+0.3

+49.59%

ESSESSEX PROPERTY TRUST INC

+0.3

+43.21%

HSTHOST HOTELS + RESORTS INC

+0.3

+65.47%

REGREGENCY CENTERS CORP

+0.2

+40.02%

BXPBXP INC

+0.1

+24.52%

SBACSBA COMMUNICATIONS CORP

+0.1

+1.10%

FRTFEDERAL REALTY INVS TRUST

+0.1

+35.99%

CPTCAMDEN PROPERTY TRUST

+0.1

+15.65%

DOCHEALTHPEAK PROPERTIES INC

+0.1

+26.73%

CCICROWN CASTLE INC

+0.1

+3.22%

MAAMID AMERICA APARTMENT COMM

+0.1

+2.80%

UDRUDR INC

+0.0

+8.92%

INVHINVITATION HOMES INC

−0.0

−5.30%

VICIVICI PROPERTIES INC

−0.1

−5.41%

VMRKVIVMARK RESIDENTIAL

−0.2

−10.98%

WYWEYERHAEUSER CO

−0.3

−30.46%

AREALEXANDRIA REAL ESTATE EQUIT

−0.4

−46.12%

CSGPCOSTAR GROUP INC

−1.1

−61.18%

Cap weighting, illustrated

AMERICAN TOWER CORP and HEALTHPEAK PROPERTIES INC moved almost identically (+28.39% vs +26.73%), yet AMT moved the XLRE 8.8× 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 +8.43 pt move · cell size = points contributed · color = direction, intensity = return

WELL+3.2 pts(+191.7%)

EQIX+1.4 pts(+51.9%)

SPG+1.1 pts(+118.8%)

VTR+1.1 pts(+119.4%)

CSGP−1.1 pts(−61.2%)

IRM+1.0 pts(+116.6%)

AMT+0.8 pts(+28.4%)

CBRE+0.6 pts(+83.8%)

DLR+0.6 pts(+65.3%)

O+0.6 pts(+27.3%)

EXR+0.5 pts(+30.4%)

PSA+0.4 pts(+25.0%)

PLD+0.4 pts

ARE−0.4 pts

WY−0.3 pts

KIM+0.3 pts

ESS+0.3 pts

HST+0.3 pts

REG

VMRK

VICI

SBAC

FRT

CPT

MAA

Concentration curve

cumulative share of the +8.43 pt move · sorted by contribution

When they drove it

cumulative points through the period

Breadth

member returns, this period

−100%−50%0%+50%+100%+150%

From −61.18% (CSGP) to +191.65% (WELL). Equal-weight, the XLRE would be +33.68% vs the actual +25.38%; the gap is what cap weighting did.

By sector

point contribution · sums to +8.43 pts

-30

+11.2

The year, session by session

every trading day of 2026 · hover for the move

JANFEBMARAPRMAYJUNJULAUGSEPOCT

Share this move

pick a view, download it as a 16:9 PNG

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.

Real Estate · Select Sector

What drove it

Attribution map

Concentration curve

When they drove it

Breadth

By sector

The year, session by session

Share this move