Tech (XLK): the last 12 months

Tech (XLK) is up 20.7% over 1Y but 12.6% below its high; its 90-day change swung from +8.5% at the end of September to −4.7%. October's AI capex doubts drove the fall, and tech lagged defensives by 18.6 pp that month. Status quo for sectors: intact, defensives favoured over tech.

Status quo card: Tech (XLK), intact.

Month by month

Computed in code. Change: the calendar-month change (z against its own monthly history). 90-day: the trailing 90-day change at the month-end. Rank: its place among that month's biggest moves. Causes: the surviving monthly causes acting on it (a force's loading on this asset times the month's fitted strength, in standard deviations). ETF holdings use current weights (an approximation).

MonthChange90-dayRankCauses
November 2026 (month to date)−1.7% (z -0.8)−4.7%none of the surviving causes loads on it
October 2026−8.3% (z -1.7)+2.5%AI capex / profitability doubts (drove: Tech (XLK) lagged defensives (XLP, XLV, XLU) by 18.6 pp, score 16.4); Flight to defensives as yields fell and bonds rallied (drove: Tech (XLK) lagged defensives (XLP, XLV, XLU) by 18.6 pp, score 13.7)
September 2026+5.1% (z 0.4)+8.5%none of the surviving causes loads on it
August 2026+6.4% (z 0.6)−5.8%none of the surviving causes loads on it
July 2026−8.0% (z -1.6)+8.5%Chip selloff and rotation into old-economy sectors weighed on the Nasdaq 100 (evidence −8.0%, z -1.6)
June 2026−0.1% (z -0.4)+41.4%none of the surviving causes loads on it
May 2026+19.8% (z 3.0)+37.1%3AI hardware rally while defensives lagged as yields rose (drove: Tech (XLK) beat defensives (XLP, XLV, XLU) by 21.2 pp, score 9.0); AI hardware rally: memory and chip makers led tech (explains this move, score 12.7) Top holdings by contribution: MU +3.70 pp, AMD +2.23 pp, AAPL +2.17 pp. Sectors: Technology +17.99 pp (current weights, an approximation).
April 2026+20.0% (z 3.6)+11.0%2Tech roared back on AI earnings and the ceasefire (explains this move, score 12.6); AI optimism (drove: Tech (XLK) beat defensives (XLP, XLV, XLU) by 18.5 pp, score 15.3) Top holdings by contribution: AMD +3.63 pp, INTC +3.14 pp, MU +2.24 pp. Sectors: Technology +21.21 pp (current weights, an approximation).
March 2026−4.1% (z -1.2)−7.6%none of the surviving causes loads on it
February 2026−3.6% (z -1.1)−2.9%AI capex / profitability doubts (drove: Tech (XLK) lagged defensives (XLP, XLV, XLU) by 10.8 pp, score 12.4) Top holdings by contribution: NVDA -1.09 pp, MSFT -0.96 pp, AMD -0.75 pp. Sectors: Technology -3.42 pp (current weights, an approximation).
January 2026−0.1% (z -0.5)−4.2%none of the surviving causes loads on it
December 2025+0.8% (z -0.3)+0.8%none of the surviving causes loads on it
November 2025−4.8% (z -1.4)+9.2%AI capex / profitability doubts (drove: Tech (XLK) lagged defensives (XLP, XLV, XLU) by 9.8 pp, score 4.2); Real-yield shock (drove: Tech (XLK) lagged defensives (XLP, XLV, XLU) by 9.8 pp, score 3.9); AI-bubble fears hit software (Oracle, Palantir) (evidence −4.8%, z -1.4) Top holdings by contribution: NVDA -1.88 pp, AMD -0.74 pp, MSFT -0.54 pp. Sectors: Technology -2.83 pp (current weights, an approximation).

What drove each month · All assets

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