Indeed, companies in the SP 500’s energy sector, which sold off 23 percent last year, have bounced back by more than 12 percent so far in 2016, as of Friday morning. Similarly, utilities, which were off by more than 8 percent last year, comprise one of the best-performing sectors, gaining more than 20 percent year to date. Materials too, which were down more than 10 percent last year, are up more than 6 percent in the last few months.
That compares with the tech sector, which was up almost 5 percent in 2015 but remains down 1 percent since December.
That poor showing isn’t limited to technology stocks. The more volatile half of U.S. large-cap companies (as measured by Markit’s Signal 60 Month Beta factor) have lagged behind their less volatile peers since the beginning of the year, Colvin wrote.