Mill Street Research @millstreetresearch.com · Jun 8 Index performance in the US? Driven almost entirely by Tech. US vs EAFE index relative performance (13% vs 5% since March 31)? Also driven almost entirely by Tech. Bloomberg portfolio analysis of SPY vs EFA ETFs shows US huge Tech overweight (36% vs 10%) drove all the outperformance since March.
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Notably, US Tech actually underperformed EAFE Tech since March 31: US (S&P 500) Tech was up 29% while EAFE Tech was up 44%. But the difference in Tech weighting and Tech's big outperformance vs other sectors gave the big boost to the US relative return. Effects from other sectors were small.