Measured before this page was built: ranking each sector against its own 28 years of relative strength puts six of eight between 0% and 10%, and four are still at 0% over one year — that is SPY’s secular outperformance, not rotation. Measuring against SPY is circular, because SPY is cap-weighted and substantially is its largest sector; exactly one of eight beat it. So the baseline here is the equal-weight average of the eight, which is what rotation between sectors actually means — and it is the only one of the three that showed a sector ahead over six months and behind over one.