Sector momentum: hold the top S&P sector ETFs by 6-month gain, re-picked monthly ($1 from June 1999)

source: Yahoo Finance adjusted closes (dividends in), Select Sector SPDR ETFs XLB XLE XLF XLI XLK XLP XLU XLV XLY from 1998, XLRE from 2015, XLC from 2018 (each eligible once it has 6 months of history); Ranked on month-end 6-month total return, traded at the next day's close, 0.1% fee per unit traded. Crash rule: T-bills (^IRX) when SPY with dividends is below its level 12 months earlier at month-end. Month-end values to Sep 30 2026, last point Oct 12 2026 close. Before taxes. • drawn 2026-10-12 23:48 UTC