Reading it. The average 30-day correlation of five major sector ETFs (health care, financials, consumer discretionary, industrials, technology) with the S&P 500. Lockstep (above the long-run average + 1σ): sectors move as one, typically a macro-driven or stressed market. Dispersed (below the average − 2σ): sectors move independently, a market driven by what's specific to each sector. Otherwise Normal.

Reading it. When the equal-weight index trails the S&P 500, the average stock is lagging and a few large names are carrying the index (narrow). When it keeps up or leads, participation is broad. Each axis of the map is a z-score against its own history (correlation since 1999, breadth since 2004); the quadrant is set on closing prices, and the dot moves live. The trail shows the last 3 months.

Click a sector in the legend to hide or show it. Dashed white line: long-run average of the five-sector correlation minus 1σ (about 0.72), the level below which sectors are clearly decoupling.

Reference points: the dot-com era (Feb 1999 – Oct 2002) and the regime since Jan 2024 are shown as z-scores in the summary above, so today's reading can be compared against both.