31 members · detractors first · 3Y · residual 8766.0bp exceeds 60bp gate
The XLU fell 27.10% (−15.38 pts) over three years, but 30 of 31 members went the other way. PCG and EIX dragged the tape lower, accounting for 5% of the decline.
SEMPRA and AES CORP moved almost identically (+33.82% vs +29.49%), yet SRE moved the XLU 29.2× 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 −15.38 pt move · cell size = points contributed · color = direction, intensity = return
CEG+5.8 pts(+185.8%)
VST+3.1 pts(+426.4%)
NEE+2.8 pts(+65.9%)
AEP+2.2 pts(+85.2%)
SO+2.0 pts(+47.7%)
DUK+1.7 pts(+50.7%)
ETR+1.7 pts(+148.9%)
NRG+1.6 pts
XEL+1.2 pts(+42.9%)
D+1.1 pts(+67.4%)
SRE+0.8 pts(+33.8%)
WEC+0.7 pts(+44.6%)
PEG+0.7 pts
PCG
ATO+0.6 pts(+62.6%)
NI+0.5 pts
PPL+0.5 pts
AEE
CNP
EVRG+0.4 pts
DTE+0.4 pts
FE
ED+0.4 pts
LNT+0.4 pts
EXC
CMS
PNW
Concentration curve
cumulative share of the −15.38 pt move · sorted by contribution
When they drove it
cumulative points through the period
Breadth
member returns, this period
−100%0%+100%+200%+300%+400%
From −12.03% (PCG) to +426.40% (VST). Equal-weight, the XLU would be +71.71% vs the actual −27.10%; the gap is what cap weighting did.
By sector
point contribution · sums to −15.38 pts
-31
+30.4
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
Utilities · Select Sector
What moved the market
3Y · OCT 9, 2026
−27.10%
−15.4 pts · closed 41.40
30 of 31 rose · 1 fell
CEG+185.8%
+5.8
VST+426.4%
+3.1
NEE+65.9%
+2.8
AEP+85.2%
+2.2
SO+47.7%
+2.0
EIX+2.5%
−0.1
PCG−12.0%
−0.7
PCG sank a split tape · 30 of 31 went the other wayWMTMT.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/xlu?p=3y
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.