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Market statistics
US equity sector returns, every year since 1999
The gap between the best and worst sector in an average year is over forty percentage points, and the sector that produced it changes almost every time. Both facts are in the same table.
1999–2025 · data through 28 Aug 2026
1999–2025
- Average best-to-worst spread
- 41.8 pts
- median 36.8 · widest 2022
- Winner repeated
- 3 of 26
- 11.5% of the time
- Winner then finished bottom third
- 12 times
- top third 7 times
- Most frequent leader
- Technology
- led 8 years
Total return, best sector at the top of each column. Scrolls sideways; the colour of a sector never changes, so a row can be followed across the years. The final column is year to date.
| Rank | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tech+65.2% | Financials+25.9% | Cons Disc+12.8% | Health-0.8% | Tech+38.8% | Energy+34.1% | Energy+40.1% | Utilities+20.7% | Energy+36.8% | Staples-15.0% | Tech+51.5% | Industrials+27.8% | Utilities+19.6% | Financials+28.3% | Cons Disc+42.8% | Utilities+28.8% | Cons Disc+9.9% | Energy+28.0% | Tech+34.3% | Health+6.3% | Tech+49.9% | Tech+43.6% | Energy+53.2% | Energy+64.3% | Tech+56.0% | Comms+34.7% | Tech+24.6% | Energy+42.1% |
| 2 | Materials+23.1% | Staples+25.6% | Materials+2.3% | Materials-5.4% | Materials+37.6% | Utilities+23.5% | Utilities+16.3% | Financials+18.9% | Materials+22.3% | Health-23.3% | Materials+48.4% | Cons Disc+27.3% | Staples+14.1% | Cons Disc+23.5% | Health+41.4% | Health+25.1% | Staples+6.9% | Financials+22.4% | Materials+24.0% | Utilities+3.9% | Financials+31.9% | Cons Disc+29.6% | Real Estate+46.1% | Utilities+1.4% | Comms+52.8% | Financials+30.6% | Comms+23.1% | Tech+29.3% |
| 3 | Industrials+21.7% | Energy+24.3% | Health-0.8% | Financials-14.7% | Cons Disc+37.1% | Industrials+17.8% | Health+6.4% | Cons Disc+18.4% | Utilities+18.4% | Utilities-28.9% | Cons Disc+40.5% | Energy+21.8% | Health+12.4% | Health+17.4% | Industrials+40.6% | Tech+17.9% | Health+6.8% | Industrials+20.0% | Industrials+24.0% | Cons Disc+1.6% | Comms+31.0% | Comms+26.9% | Financials+34.8% | Staples-0.8% | Cons Disc+39.7% | Cons Disc+26.5% | Industrials+19.3% | Materials+18.2% |
| 4 | Cons Disc+19.5% | Utilities+21.5% | Financials-9.4% | Energy-14.7% | Industrials+31.8% | Materials+13.4% | Financials+6.1% | Materials+18.3% | Tech+15.4% | Cons Disc-33.0% | Industrials+22.0% | Materials+20.5% | Cons Disc+6.1% | Tech+15.3% | Financials+35.5% | Staples+15.7% | Tech+5.5% | Materials+16.7% | Cons Disc+22.8% | Tech-1.7% | Industrials+29.1% | Materials+20.5% | Tech+34.8% | Health-2.1% | Industrials+18.1% | Utilities+23.3% | Utilities+16.0% | Industrials+14.8% |
| 5 | Health+19.5% | Industrials+6.8% | Staples-9.9% | Cons Disc-18.7% | Financials+30.5% | Cons Disc+12.9% | Materials+4.1% | Energy+18.1% | Industrials+13.5% | Industrials-38.7% | Energy+21.8% | Staples+13.8% | Energy+2.9% | Industrials+15.0% | Staples+26.3% | Financials+15.2% | Financials-1.7% | Utilities+16.1% | Financials+22.0% | Real Estate-2.4% | Real Estate+28.7% | Health+13.3% | Cons Disc+27.9% | Industrials-5.6% | Materials+12.5% | Tech+21.6% | Financials+14.9% | Real Estate+12.0% |
| 6 | Energy+18.0% | Health-11.8% | Industrials-10.2% | Staples-20.1% | Utilities+26.7% | Financials+10.9% | Staples+2.9% | Staples+14.4% | Staples+12.8% | Energy-38.9% | Health+19.6% | Financials+11.9% | Tech+2.6% | Materials+14.7% | Energy+26.2% | Industrials+10.4% | Industrials-4.3% | Tech+14.9% | Health+21.8% | Staples-8.0% | Cons Disc+28.4% | Industrials+10.9% | Materials+27.4% | Financials-10.6% | Real Estate+12.4% | Industrials+17.3% | Health+14.5% | Health+11.5% |
| 7 | Financials+2.8% | Materials-16.2% | Utilities-12.9% | Industrials-24.6% | Energy+25.8% | Staples+7.7% | Industrials+2.7% | Industrials+13.6% | Health+7.2% | Tech-41.5% | Financials+17.7% | Tech+11.4% | Industrials-1.2% | Staples+10.7% | Tech+26.1% | Cons Disc+9.5% | Utilities-5.0% | Cons Disc+6.0% | Staples+13.0% | Financials-13.0% | Staples+27.4% | Staples+10.1% | Health+26.0% | Materials-12.3% | Financials+12.0% | Staples+12.2% | Materials+10.0% | Staples+11.4% |
| 8 | Utilities-4.4% | Cons Disc-16.9% | Energy-18.1% | Utilities-28.8% | Health+14.9% | Tech+5.6% | Tech-0.4% | Tech+12.2% | Cons Disc-13.7% | Materials-44.1% | Staples+14.3% | Utilities+5.2% | Materials-10.9% | Energy+5.1% | Materials+26.0% | Materials+7.2% | Materials-8.7% | Staples+5.0% | Utilities+12.0% | Industrials-13.3% | Utilities+26.0% | Utilities+0.5% | Industrials+21.1% | Real Estate-26.2% | Health+2.1% | Energy+5.6% | Energy+7.9% | Financials+7.0% |
| 9 | Staples-14.3% | Tech-41.9% | Tech-23.4% | Tech-38.2% | Staples+11.2% | Health+1.3% | Cons Disc-6.5% | Health+7.0% | Financials-19.2% | Financials-55.0% | Utilities+11.7% | Health+3.3% | Financials-17.2% | Utilities+1.1% | Utilities+13.0% | Energy-8.7% | Energy-21.5% | Real Estate+2.8% | Real Estate+10.7% | Materials-14.9% | Materials+24.2% | Financials-1.7% | Utilities+17.7% | Tech-27.7% | Energy-0.6% | Real Estate+5.1% | Cons Disc+7.4% | Utilities+1.4% |
| 10 | Health-2.8% | Energy-0.9% | Energy-18.2% | Health+20.4% | Real Estate-2.2% | Staples+17.2% | Cons Disc-36.3% | Staples-0.8% | Health+2.5% | Real Estate+2.6% | Cons Disc-1.5% | |||||||||||||||||
| 11 | Energy+11.7% | Energy-32.7% | Comms+16.0% | Comms-37.6% | Utilities-7.1% | Materials+0.1% | Staples+1.5% | Comms-3.5% |
- TechXLK
- FinancialsXLF
- HealthXLV
- Cons DiscXLY
- StaplesXLP
- EnergyXLE
- IndustrialsXLI
- MaterialsXLB
- UtilitiesXLU
- Real EstateXLRE
- CommsXLC
Each sector's own record, and — in the last column — every sector measured over the same 2019–2025 window, which is the only span all eleven existed for.
| Sector | Fund | Since | Annualised | Volatility | Deepest fall | Beat the S&P | Correlation | 2019–2025 |
|---|---|---|---|---|---|---|---|---|
| Technology | XLK | 1999 | 9.58% | 26.0% | -82.0%2002 | 15 of 27 | 0.85 | 25.69% |
| Financials | XLF | 1999 | 6.04% | 28.2% | -82.7%2009 | 16 of 27 | 0.81 | 14.79% |
| Health Care | XLV | 1999 | 8.40% | 17.9% | -39.2%2009 | 13 of 27 | 0.75 | 10.55% |
| Consumer Discretionary | XLY | 1999 | 9.76% | 22.7% | -59.1%2009 | 17 of 27 | 0.87 | 14.46% |
| Consumer Staples | XLP | 1999 | 6.44% | 15.3% | -35.8%2003 | 9 of 27 | 0.61 | 9.13% |
| Energy | XLE | 1999 | 7.86% | 28.6% | -71.3%2020 | 11 of 27 | 0.58 | 11.50% |
| Industrials | XLI | 1999 | 8.98% | 21.1% | -62.3%2009 | 12 of 27 | 0.88 | 15.29% |
| Materials | XLB | 1999 | 7.77% | 23.6% | -59.8%2009 | 13 of 27 | 0.80 | 10.95% |
| Utilities | XLU | 1999 | 7.53% | 19.3% | -52.5%2002 | 11 of 27 | 0.45 | 10.48% |
| Real Estate | XLRE | 2016 | 6.20% | 20.2% | -38.8%2020 | 2 of 10 | 0.75 | 7.36% |
| Communication Services | XLC | 2019 | 17.26% | 22.1% | -46.7%2022 | 4 of 7 | 0.87 | 17.26% |
Year by year: who led, who trailed, how wide the gap was, and how many sectors beat the index itself. Newest first.
| Year | S&P 500 | Best sector | Worst sector | Spread | Beat the index |
|---|---|---|---|---|---|
| 2026YTD | +13.4% | Energy+42.1% | Communication Services-3.5% | 45.6 | 4 of 11 |
| 2025 | +17.7% | Technology+24.6% | Consumer Staples+1.5% | 23.1 | 3 of 11 |
| 2024 | +24.9% | Communication Services+34.7% | Materials+0.1% | 34.6 | 3 of 11 |
| 2023 | +26.2% | Technology+56.0% | Utilities-7.1% | 63.1 | 3 of 11 |
| 2022 | -18.2% | Energy+64.3% | Communication Services-37.6% | 102.0 | 7 of 11 |
| 2021 | +28.7% | Energy+53.2% | Communication Services+16.0% | 37.3 | 4 of 11 |
| 2020 | +18.3% | Technology+43.6% | Energy-32.7% | 76.3 | 4 of 11 |
| 2019 | +31.2% | Technology+49.9% | Energy+11.7% | 38.2 | 2 of 11 |
| 2018 | -4.6% | Health Care+6.3% | Energy-18.2% | 24.5 | 5 of 10 |
| 2017 | +21.7% | Technology+34.3% | Energy-0.9% | 35.2 | 6 of 10 |
| 2016 | +12.0% | Energy+28.0% | Health Care-2.8% | 30.8 | 6 of 10 |
| 2015 | +1.2% | Consumer Discretionary+9.9% | Energy-21.5% | 31.4 | 4 of 9 |
| 2014 | +13.5% | Utilities+28.8% | Energy-8.7% | 37.5 | 5 of 9 |
| 2013 | +32.3% | Consumer Discretionary+42.8% | Utilities+13.0% | 29.8 | 4 of 9 |
| 2012 | +16.0% | Financials+28.3% | Utilities+1.1% | 27.3 | 3 of 9 |
| 2011 | +1.9% | Utilities+19.6% | Financials-17.2% | 36.8 | 6 of 9 |
| 2010 | +15.1% | Industrials+27.8% | Health Care+3.3% | 24.6 | 4 of 9 |
| 2009 | +26.4% | Technology+51.5% | Utilities+11.7% | 39.8 | 3 of 9 |
| 2008 | -36.8% | Consumer Staples-15.0% | Financials-55.0% | 39.9 | 4 of 9 |
| 2007 | +5.2% | Energy+36.8% | Financials-19.2% | 56.0 | 7 of 9 |
| 2006 | +15.9% | Utilities+20.7% | Health Care+7.0% | 13.7 | 5 of 9 |
| 2005 | +4.8% | Energy+40.1% | Consumer Discretionary-6.5% | 46.6 | 4 of 9 |
| 2004 | +10.7% | Energy+34.1% | Health Care+1.3% | 32.9 | 6 of 9 |
| 2003 | +28.2% | Technology+38.8% | Consumer Staples+11.2% | 27.6 | 5 of 9 |
| 2002 | -21.6% | Health Care-0.8% | Technology-38.2% | 37.4 | 6 of 9 |
| 2001 | -11.8% | Consumer Discretionary+12.8% | Technology-23.4% | 36.1 | 6 of 9 |
| 2000 | -9.7% | Financials+25.9% | Technology-41.9% | 67.8 | 5 of 9 |
| 1999 | +20.4% | Technology+65.2% | Consumer Staples-14.3% | 79.5 | 3 of 9 |
Total returns: the closes are adjusted for distributions, so every figure here includes reinvested dividends and is net of the fund's own expenses. The eleven Select Sector SPDR funds, which together partition the S&P 500 under the GICS sector scheme. Full provenance, method and a citation line are in Sources and method below.
The chart that looks like a strategy and is not one
The average year in this grid has 42 percentage points between the best sector and the worst, and the widest — 2022 — was far larger than that. Picking correctly has mattered enormously. The rest of the page is about how hard picking correctly turns out to be.
Across 26 consecutive pairs of complete years, the leading sector led again 3 times. It landed in the top third of the following year 7 times and in the bottom third 12 times. A quilt chart is regularly presented as an argument for buying last year's winner; on this record, last year's winner was more likely to end up at the bottom than at the top.
Technology led 8 of the 27 complete years, which is the closest thing to persistence in the table and still leaves most years to somebody else. Look at energy in particular: it produced several of the best single years in the record and several of the worst, often within a few years of each other, which is what a cyclical sector is.
Two sectors start late because the sectors themselves do — real estate was separated from financials in 2015, communication services reconstituted in 2018 — so their rows begin where they begin rather than being back-filled from a predecessor nobody could have held. That is also why the comparable-window column is short: 2019–2025 is the only stretch all eleven existed for, and it is the only fair way to rank them against each other.
Questions people ask about this
- Does last year's best sector tend to repeat?
- Rarely. Across the complete years in this record the leading sector led again the following year only a handful of times, and it landed in the bottom third more often than in the top third. A quilt like this one is regularly presented as an argument for rotating into last year's winner; the numbers underneath it are an argument against.
- Why do real estate and communication services start later?
- Because the sectors do. Real estate was separated from financials in 2015 and communication services was reconstituted in 2018 out of telecoms plus parts of technology and consumer discretionary. Their rows begin where the sector begins. Back-filling them with their predecessors would show a history no investor could have held.
- Are these total returns or price returns?
- Total returns. They come from distribution-adjusted closes of the sector funds, so dividends are reinvested and the fund's expenses are already deducted. The index pages elsewhere in this section are price returns, so a sector figure here will read slightly higher than an index figure there for the same year — the difference is roughly the dividend yield.
Sources and method
- Data
- Financial Modeling Prep — Daily adjusted closing levels and quotes, retrieved through Plutux's own data service.
- State Street Global Advisors — Sponsor of the eleven Select Sector SPDR funds the sector returns are measured from.
- S&P Dow Jones Indices and MSCI — Joint owners of the GICS classification that defines which company belongs to which sector.
- How it was calculated
- One Select Sector SPDR fund per sector, measured from split- and distribution-adjusted closing prices, so figures are total returns net of each fund's expenses. A calendar year's return is the last close of that year against the last close of the previous year, so a fund's inception year never produces a row. Sectors created later start where they were created. The comparable-window column measures every sector over the same years, which is the only span all eleven existed for; the per-sector columns beside it use each fund's own full history.
- How often it changes
- Regenerated from the full daily history about once a year; the date it runs through is at the top of the page.
- Citing this page
Free to quote — please link rather than copy the table.
Plutux. "US equity sector returns, every year since 1999." Data through 28 Aug 2026. https://plutux.ai/ko/resources/tools/sector-returns-by-year
Historical figures for information only — not investment advice, and not a forecast.
Related tools
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- Asset class returns by yearEleven asset classes ranked year by year since 2008, with the correlation matrix that explains why the ranking moves.