Mill Street Research @millstreetresearch.com · Jul 2 As others have noted as well, the level of dispersion in equities is very high, including at the sector level. The cross-sectional standard deviation of daily sector returns over the last month has been more than 1.1%, back at the tariff-shock peak of April 2025.
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These figures are based on our broad, all-cap equal-weighted US sector return data (not the cap-weighted S&P 500 sector data) and thus are less skewed by the mega-cap influence. This means the range in daily sector performance is much wider than usual: some sectors doing well while others do not.