Sector Shifts

Equities continue to perform well with the S&P 500 recording positive returns in both December and YTD 1/20/21. The chart highlights S&P 500 sector and style returns along with small-caps, represented by the Russell 2000. The X-axis measures December relative returns and the Y-axis is YTD.

Sector returns have been mixed. Energy and Financials outperformed in both periods while Utilities, REITS, Industrials, Staples, and Communication Services underperformed in both. Note that Technology outperformed in December but underperformed YTD.

For reference, the S&P 500 returns were +3.71% and +2.55% in December and YTD, respectively. The standout was small-caps, extending their outperformance from the fall.