State Street Consumer Discretionary Select Sector SPDR ETF(XLY)
AI Look-Through Summary
AI GeneratedThe State Street Consumer Discretionary Select Sector SPDR ETF maintains a highly concentrated exposure within the consumer discretionary landscape, with sector weights indicating that 96.6% of assets are allocated to this specific industry classification. This singular focus is reinforced by the top holdings structure, where Amazon and Tesla collectively command nearly half of the fund's total value at over 48%. Such a heavy reliance on these two mega-cap technology-adjacent retailers creates a distinct risk profile where the ETF's performance becomes disproportionately sensitive to the valuation movements and operational successes of just one or two constituents rather than being broadly diversified across the entire sector.
Beyond the dominance of Amazon and Tesla, the remaining top ten positions contribute significantly less to overall portfolio weight compared to the leaders, with Home Depot, TJX Companies, and McDonald's each holding under 4% individually. This distribution pattern suggests that while the fund captures exposure to diverse business models ranging from home improvement and apparel retailing to fast food and luxury travel services, it lacks deep diversification among mid-tier companies within its own sector. The negligible allocations to technology (0.9%) and industrials (0.1%) confirm that any peripheral exposure outside consumer discretionary is incidental rather than strategic, leaving the fund's beta tightly coupled with cyclical consumer spending trends.
With assets under management totaling $21.4 billion, this ETF represents a substantial vehicle for gaining targeted access to high-growth retail and service-oriented companies without direct stock selection. However, the extreme concentration in top holdings implies that volatility may be amplified during periods of market stress affecting large-cap growth stocks specifically. Investors examining these metrics must weigh the efficiency of capturing significant upside from dominant players against the potential downside risk inherent in lacking broader sector representation or exposure to defensive sub-segments within consumer discretionary.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-18 15:17:17.020927+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the name "Consumer Discretionary Select Sector" is executed with exceptional precision, as virtually every significant holding falls squarely within the Consumer Cyclical classification. The portfolio demonstrates a tight thematic focus without straying into unrelated sectors; even prominent constituents like Amazon and Tesla are categorized here based on their primary revenue drivers related to consumer goods and services rather than pure technology or industrials. There is no evidence of broad-market dilution, as the fund avoids large-cap names from non-targeted industries that often appear in sector-agnostic strategies. The composition reflects a deliberate selection process aimed at isolating specific discretionary spending patterns while maintaining strict adherence to the stated investment objective.
Concentration risk remains a defining characteristic of this structure, with the top ten holdings accounting for over seventy-two percent of total assets and two companies alone comprising nearly forty-eight percent of the portfolio. This heavy weighting in mega-cap leaders like Amazon and Tesla creates a performance profile that is heavily dependent on these specific equities rather than the broader dispersion typical of an index fund within this sector. While the sector breakdown confirms ninety-six point five percent allocation to Consumer Cyclical industries, ensuring high coherence with the theme, the lack of diversification across mid-tier or smaller-cap discretionary names means the fund behaves more like a concentrated equity vehicle than a true broad-sector benchmark. Investors seeking exposure specifically to large-cap discretionary leaders will find strong alignment here, whereas those desiring wider sector representation may observe limited differentiation from index counterparts due to this inherent concentration.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 13:45:01.008581+00
🏢 Sector Analysis
AI GeneratedThe State Street Consumer Discretionary Select Sector SPDR ETF exhibits an allocation profile that is almost entirely concentrated within the consumer cyclical sector, accounting for 96.6% of its assets across forty holdings. This extreme focus aligns directly with a pure-play investment thesis targeting companies whose revenues fluctuate significantly alongside discretionary income levels and economic cycles. The minimal exposure to technology at 0.9% and industrials at 0.1% confirms that the fund avoids broad market diversification, instead isolating specific consumer-facing dynamics from other macroeconomic drivers. Such a narrow definition of sector boundaries means the portfolio's performance will be highly correlated with broader discretionary spending trends rather than general technological innovation or industrial output growth.
Concentration risk is further amplified by the distribution among top holdings, where Amazon and Tesla collectively represent nearly half of the fund's total assets at 47.7%. The fact that the top ten positions account for over 72% of the portfolio indicates a significant reliance on the largest market participants within this specific niche. This structure implies that idiosyncratic events affecting these two giants or shifts in their competitive landscapes could disproportionately influence overall fund volatility compared to more broadly diversified sector peers. Additionally, the inclusion of diverse business models under the consumer cyclical umbrella—from retail and automotive to home improvement and dining—suggests an attempt to capture various facets of discretionary consumption while maintaining strict adherence to the designated sector classification standards.
The factor tilts inherent in this allocation suggest a heavy weighting toward large-cap growth characteristics driven by the dominance of high-valuation technology-enabled retailers and automakers within the consumer basket. While the fund aims for sector purity, the specific composition introduces substantial beta exposure relative to changes in interest rates and consumer confidence metrics. Investors examining these data points must weigh the potential for amplified returns during robust economic expansions against the heightened susceptibility to downturns that specifically impact discretionary spending power. The absence of hedging mechanisms or diversification into defensive sectors leaves the fund's trajectory tightly bound to the cyclical nature of its primary asset class.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 03:25:47.343764+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XLY's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XLY's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 49 | 100.0% |
| ONEOONEO | $25M | — | 49 | 100.0% |
| SPTMSPTM | $12B | — | 49 | 100.0% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 48 | 99.9% |
| VCRVCR | $6B | — | 48 | 99.9% |
100% of XLY's portfolio by weight is also held by SPY, which commands 30× more assets under management. When SPY receives inflows, it mechanically buys these shared stocks — dragging XLY's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXLY's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 98% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XLY collectively pay out 69% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 40% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryXLY is up 9.8% over the last 12 months. The underlying weighted earnings growth of its constituents is -7.3%. The remaining +17.2% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 96% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XLY's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XLY's analyzed weight, 69% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 31% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 97% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
CRITICALAMZN at 27.9% has captured XLY's portfolio. The top 3 holdings (53%) dominate the fund's variance — the remaining 47 stocks provide minimal diversification.XLY effectively behaves like a 8-stock portfolio, not a 50-stock one.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XLY has a Passive Crowding Score of 38/100. On average, 11.3% of the market capitalization of XLY's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 49 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | AMZN | AMAZON.COM INC Consumer Cyclical | 27.86% | 31.7x | 6/9 |
| 2 | TSLA | TESLA INC Consumer Cyclical | 19.59% | 399.8x | 5/9 |
| 3 | HD | HOME DEPOT INC Consumer Cyclical | 5.21% | 22.5x | 4/9 |
| 4 | TJX | TJX COMPANIES INC Consumer Cyclical | 4.00% | 30.1x | 7/9 |
| 5 | MCD | MCDONALD S CORP Consumer Cyclical | 3.77% | 23.0x | 6/9 |
| 6 | BKNG | BOOKING HOLDINGS INC Consumer Cyclical | 2.94% | 22.1x | 5/9 |
| 7 | LOW | LOWE S COS INC Consumer Cyclical | 2.79% | 18.1x | 5/9 |
| 8 | SBUX | STARBUCKS CORP Consumer Cyclical | 2.71% | 75.7x | 5/9 |
| 9 | MAR | MARRIOTT INTERNATIONAL CL A Consumer Cyclical | 1.86% | 39.4x | 7/9 |
| 10 | ORLY | O REILLY AUTOMOTIVE INC Consumer Cyclical | 1.78% | 28.3x | 7/9 |
| 11 | HLT | HILTON WORLDWIDE HOLDINGS IN Consumer Cyclical | 1.69% | 50.0x | 5/9 |
| 12 | ROST | ROSS STORES INC Consumer Cyclical | 1.61% | 32.4x | — |
| 13 | GM | GENERAL MOTORS CO Consumer Cyclical | 1.60% | 30.4x | 5/9 |
| 14 | RCL | ROYAL CARIBBEAN CRUISES LTD Consumer Cyclical | 1.50% | 17.4x | 7/9 |
| 15 | DASH | DOORDASH INC A Consumer Cyclical | 1.36% | 75.9x | 5/9 |
Historical Holdings Snapshots
Browse how XLY’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 80.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 27.86% | 23,559,258 | — |
| 2 | TSLA | 19.59% | 10,640,710 | — |
| 3 | HD | 5.21% | 3,766,490 | — |
| 4 | TJX | 4.00% | 5,763,368 | — |
| 5 | MCD | 3.77% | 3,014,067 | — |
| 6 | BKNG | 2.94% | 4,182,418 | — |
| 7 | LOW | 2.79% | 2,911,375 | — |
| 8 | SBUX | 2.71% | 5,913,044 | — |
| 9 | MAR | 1.86% | 1,141,503 | — |
| 10 | ORLY | 1.78% | 4,369,614 | — |
| 11 | HLT | 1.69% | 1,190,052 | — |
| 12 | ROST | 1.61% | 1,678,722 | — |
| 13 | GM | 1.60% | 4,691,722 | — |
| 14 | RCL | 1.50% | 1,305,798 | — |
| 15 | DASH | 1.36% | 1,940,231 | — |
2026-05-23
15 holdings · 80.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 27.86% | 23,559,258 | — |
| 2 | TSLA | 19.59% | 10,640,710 | — |
| 3 | HD | 5.21% | 3,766,490 | — |
| 4 | TJX | 4.00% | 5,763,368 | — |
| 5 | MCD | 3.77% | 3,014,067 | — |
| 6 | BKNG | 2.94% | 4,182,418 | — |
| 7 | LOW | 2.79% | 2,911,375 | — |
| 8 | SBUX | 2.71% | 5,913,044 | — |
| 9 | MAR | 1.86% | 1,141,503 | — |
| 10 | ORLY | 1.78% | 4,369,614 | — |
| 11 | HLT | 1.69% | 1,190,052 | — |
| 12 | ROST | 1.61% | 1,678,722 | — |
| 13 | GM | 1.60% | 4,691,722 | — |
| 14 | RCL | 1.50% | 1,305,798 | — |
| 15 | DASH | 1.36% | 1,940,231 | — |
2026-05-22
15 holdings · 80.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 27.68% | 23,519,828 | — |
| 2 | TSLA | 19.68% | 10,622,844 | — |
| 3 | HD | 5.19% | 3,760,169 | — |
| 4 | TJX | 4.07% | 5,753,734 | — |
| 5 | MCD | 3.74% | 3,009,011 | — |
| 6 | BKNG | 2.91% | 4,175,365 | — |
| 7 | LOW | 2.85% | 2,906,494 | — |
| 8 | SBUX | 2.79% | 5,903,172 | — |
| 9 | MAR | 1.87% | 1,139,581 | — |
| 10 | ORLY | 1.79% | 4,362,250 | — |
| 11 | HLT | 1.71% | 1,188,080 | — |
| 12 | ROST | 1.62% | 1,675,927 | — |
| 13 | GM | 1.58% | 4,683,855 | — |
| 14 | RCL | 1.47% | 1,303,597 | — |
| 15 | DASH | 1.38% | 1,936,975 | — |
2026-05-21
15 holdings · 80.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 27.78% | 23,532,160 | — |
| 2 | TSLA | 19.55% | 10,628,414 | — |
| 3 | HD | 5.18% | 3,762,141 | — |
| 4 | TJX | 3.95% | 5,756,750 | — |
| 5 | MCD | 3.85% | 3,010,589 | — |
| 6 | BKNG | 2.94% | 4,177,555 | — |
| 7 | LOW | 2.89% | 2,908,018 | — |
| 8 | SBUX | 2.86% | 5,906,268 | — |
| 9 | MAR | 1.86% | 1,140,179 | — |
| 10 | ORLY | 1.83% | 4,364,538 | — |
| 11 | HLT | 1.71% | 1,188,702 | — |
| 12 | ROST | 1.62% | 1,676,805 | — |
| 13 | GM | 1.55% | 4,686,311 | — |
| 14 | RCL | 1.47% | 1,304,281 | — |
| 15 | DASH | 1.36% | 1,937,991 | — |
2026-05-20
15 holdings · 80.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 28.05% | 23,458,168 | — |
| 2 | TSLA | 19.61% | 10,594,994 | — |
| 3 | HD | 5.08% | 3,750,309 | — |
| 4 | TJX | 3.89% | 5,738,654 | — |
| 5 | MCD | 3.83% | 3,001,121 | — |
| 6 | BKNG | 2.92% | 4,164,415 | — |
| 7 | LOW | 2.85% | 2,898,874 | — |
| 8 | SBUX | 2.83% | 5,887,692 | — |
| 9 | MAR | 1.84% | 1,136,591 | — |
| 10 | ORLY | 1.80% | 4,350,810 | — |
| 11 | HLT | 1.70% | 1,184,970 | — |
| 12 | ROST | 1.59% | 1,671,537 | — |
| 13 | GM | 1.54% | 4,671,575 | — |
| 14 | RCL | 1.48% | 1,300,177 | — |
| 15 | DASH | 1.42% | 1,931,895 | — |
2026-05-19
15 holdings · 80.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 27.93% | 23,939,038 | — |
| 2 | TSLA | 20.16% | 10,812,224 | — |
| 3 | HD | 5.03% | 3,827,217 | — |
| 4 | TJX | 3.81% | 5,856,278 | — |
| 5 | MCD | 3.74% | 3,062,663 | — |
| 6 | BKNG | 2.89% | 4,249,825 | — |
| 7 | LOW | 2.85% | 2,958,310 | — |
| 8 | SBUX | 2.83% | 6,008,358 | — |
| 9 | MAR | 1.81% | 1,159,913 | — |
| 10 | ORLY | 1.74% | 4,440,042 | — |
| 11 | HLT | 1.69% | 1,209,228 | — |
| 12 | ROST | 1.60% | 1,705,779 | — |
| 13 | GM | 1.58% | 4,767,359 | — |
| 14 | RCL | 1.53% | 1,326,853 | — |
| 15 | DASH | 1.39% | 1,971,519 | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove XLY Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe XLY ETF is trading below both its 50-day and 200-day moving averages, indicating a short-term downtrend relative to recent price action. The RSI at 34.7 suggests the near-term momentum may be weakening but still within neutral territory, not yet signaling oversold conditions.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How XLY’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.