Gold
Gold is losing market weight. Lost weight for 3 consecutive months.
Most of this industry's losses came from a few companies.
Where did the weight change come from?
12-month contribution in universe percentage points · contributions add to the industry change
The three largest same-direction contributors explain 100% of gross losses. Opposing contributions can make an individual company’s change larger than the industry’s net change.
How has it moved through history?
Share of matched S&P 500 members
Feb 2019 – Jan 2024 · market weight (%)
Relative performance
Industry return versus ACWI · no future data shown
Is participation broad or concentrated?
Actual constituent counts at this date, not the legacy synthetic breadth proxy
This is size concentration, not contribution to the 12-month change. The attribution above measures the latter.
Evidence can disagree
Independent dimensions · no combined score or bullish/bearish verdict
Other evidence and availability
Valuation data: unavailable; shown as zero placeholder.
Attention data: unavailable; shown as zero placeholder.
Actual fund flows: unavailable. No ETF, mutual-fund or institutional flow feed is connected.
Volume / turnover: unavailable in this dataset.
Follow the contribution to individual companies
Sorted by absolute 12-month weight contribution, not investment merit
| Company | Sub-industry | Country | Universe weight | 12M contribution | 12M price return | Revisions |
|---|---|---|---|---|---|---|
| Newmont → NEM | Gold | United States | 0.082% | -0.062 pp | -32.2% | 0.0 |
Underlying monthly industry observations
| Month | Weight | 1M change | 3M change | 6M change | 12M change | Relative return · 12M |
|---|---|---|---|---|---|---|
| Jan 2024 | 0.082% | -0.017 pp | -0.020 pp | +0.007 pp | -0.062 pp | -40.5% |
| Dec 2023 | 0.098% | -0.001 pp | +0.000 pp | +0.020 pp | -0.037 pp | -25.4% |
| Nov 2023 | 0.100% | -0.002 pp | -0.000 pp | +0.020 pp | -0.028 pp | -19.9% |
| Oct 2023 | 0.101% | +0.003 pp | +0.027 pp | -0.026 pp | -0.018 pp | -16.6% |
| Sep 2023 | 0.098% | -0.002 pp | +0.020 pp | -0.035 pp | -0.033 pp | -24.2% |
| Aug 2023 | 0.100% | +0.025 pp | +0.020 pp | -0.022 pp | -0.018 pp | -12.9% |
| Jul 2023 | 0.074% | -0.004 pp | -0.053 pp | -0.069 pp | -0.049 pp | -12.0% |
| Jun 2023 | 0.078% | -0.001 pp | -0.054 pp | -0.057 pp | -0.106 pp | -35.8% |
| May 2023 | 0.080% | -0.048 pp | -0.042 pp | -0.048 pp | -0.114 pp | -37.7% |
| Apr 2023 | 0.127% | -0.006 pp | -0.017 pp | +0.008 pp | -0.082 pp | -33.9% |
| Mar 2023 | 0.133% | +0.011 pp | -0.002 pp | +0.002 pp | -0.079 pp | -30.7% |
| Feb 2023 | 0.122% | -0.022 pp | -0.006 pp | +0.004 pp | -0.060 pp | -25.2% |
| Jan 2023 | 0.144% | +0.009 pp | +0.025 pp | +0.020 pp | -0.020 pp | -2.0% |
| Dec 2022 | 0.135% | +0.007 pp | +0.004 pp | -0.049 pp | -0.023 pp | -2.9% |
| Nov 2022 | 0.128% | +0.009 pp | +0.010 pp | -0.066 pp | -0.020 pp | +1.0% |
| Oct 2022 | 0.119% | -0.012 pp | -0.004 pp | -0.090 pp | -0.025 pp | +1.6% |
| Sep 2022 | 0.131% | +0.014 pp | -0.053 pp | -0.081 pp | -0.021 pp | +1.3% |
| Aug 2022 | 0.117% | -0.006 pp | -0.076 pp | -0.065 pp | -0.037 pp | -12.1% |
| Jul 2022 | 0.123% | -0.061 pp | -0.086 pp | -0.041 pp | -0.049 pp | -16.8% |
| Jun 2022 | 0.184% | -0.010 pp | -0.028 pp | +0.026 pp | +0.005 pp | +15.3% |
| May 2022 | 0.194% | -0.015 pp | +0.012 pp | +0.046 pp | -0.017 pp | +2.5% |
| Apr 2022 | 0.209% | -0.003 pp | +0.045 pp | +0.065 pp | +0.028 pp | +28.3% |
| Mar 2022 | 0.212% | +0.030 pp | +0.053 pp | +0.060 pp | +0.118 pp | +27.8% |
| Feb 2022 | 0.182% | +0.018 pp | +0.034 pp | +0.027 pp | +0.095 pp | +17.3% |
| Jan 2022 | 0.164% | +0.006 pp | +0.020 pp | -0.008 pp | +0.049 pp | -6.3% |
| Dec 2021 | 0.158% | +0.010 pp | +0.006 pp | -0.021 pp | -0.036 pp | -9.5% |
| Nov 2021 | 0.148% | +0.004 pp | -0.007 pp | -0.063 pp | -0.053 pp | -19.3% |
| Oct 2021 | 0.144% | -0.009 pp | -0.028 pp | -0.037 pp | -0.095 pp | -35.0% |
| Sep 2021 | 0.152% | -0.003 pp | -0.027 pp | +0.058 pp | +0.152 pp | -30.3% |
| Aug 2021 | 0.155% | -0.017 pp | -0.056 pp | +0.068 pp | +0.155 pp | -31.1% |
| Jul 2021 | 0.172% | -0.007 pp | -0.009 pp | +0.057 pp | +0.172 pp | -30.1% |
| Jun 2021 | 0.179% | -0.032 pp | +0.085 pp | -0.015 pp | +0.179 pp | -24.2% |
| May 2021 | 0.211% | +0.030 pp | +0.124 pp | +0.010 pp | +0.211 pp | -9.1% |
| Apr 2021 | 0.181% | +0.087 pp | +0.067 pp | -0.058 pp | -0.088 pp | -26.7% |
| Mar 2021 | 0.094% | +0.007 pp | -0.100 pp | +0.094 pp | +0.094 pp | -11.7% |
| Feb 2021 | 0.087% | -0.028 pp | -0.114 pp | +0.087 pp | +0.087 pp | -4.7% |
| Jan 2021 | 0.115% | -0.080 pp | -0.124 pp | +0.114 pp | -0.068 pp | +14.4% |
| Dec 2020 | 0.195% | -0.006 pp | +0.194 pp | +0.194 pp | +0.020 pp | +20.6% |
| Nov 2020 | 0.201% | -0.038 pp | +0.200 pp | +0.200 pp | +0.042 pp | +35.2% |
| Oct 2020 | 0.239% | +0.239 pp | +0.239 pp | -0.030 pp | +0.069 pp | +52.5% |
| Sep 2020 | 0.000% | -0.000 pp | -0.000 pp | +0.000 pp | -0.165 pp | +53.5% |
| Aug 2020 | 0.000% | -0.000 pp | +0.000 pp | +0.000 pp | -0.178 pp | +46.8% |
| Jul 2020 | 0.000% | +0.000 pp | -0.269 pp | -0.182 pp | -0.159 pp | +78.9% |
| Jun 2020 | 0.000% | +0.000 pp | +0.000 pp | -0.174 pp | -0.170 pp | +59.5% |
| May 2020 | 0.000% | -0.269 pp | +0.000 pp | -0.158 pp | -0.158 pp | +69.7% |
| Apr 2020 | 0.269% | +0.269 pp | +0.087 pp | +0.099 pp | +0.127 pp | +105.8% |
| Mar 2020 | 0.000% | +0.000 pp | -0.175 pp | -0.165 pp | -0.109 pp | +48.1% |
| Feb 2020 | 0.000% | -0.182 pp | -0.158 pp | -0.178 pp | -0.105 pp | +30.6% |
| Jan 2020 | 0.182% | +0.007 pp | +0.012 pp | +0.023 pp | +0.122 pp | +19.1% |
| Dec 2019 | 0.175% | +0.016 pp | +0.010 pp | +0.005 pp | +0.109 pp | +3.1% |
| Nov 2019 | 0.159% | -0.011 pp | -0.019 pp | +0.001 pp | +0.101 pp | +8.9% |
| Oct 2019 | 0.170% | +0.005 pp | +0.010 pp | +0.028 pp | +0.114 pp | +18.7% |
| Sep 2019 | 0.165% | -0.013 pp | -0.005 pp | +0.056 pp | +0.114 pp | +28.8% |
| Aug 2019 | 0.178% | +0.019 pp | +0.020 pp | +0.073 pp | +0.124 pp | +34.1% |
| Jul 2019 | 0.159% | -0.011 pp | +0.017 pp | +0.099 pp | +0.045 pp | +0.9% |
| Jun 2019 | 0.170% | +0.012 pp | +0.061 pp | +0.104 pp | +0.048 pp | +0.3% |
| May 2019 | 0.158% | +0.016 pp | +0.053 pp | +0.101 pp | +0.032 pp | -10.5% |
| Apr 2019 | 0.142% | +0.032 pp | +0.082 pp | +0.086 pp | +0.013 pp | -22.2% |
| Mar 2019 | 0.109% | +0.004 pp | +0.043 pp | +0.058 pp | -0.018 pp | -9.4% |
| Feb 2019 | 0.105% | +0.045 pp | +0.048 pp | +0.052 pp | -0.017 pp | -8.9% |
How are these descriptive states defined?
Gaining / losing: 12-month weight change above +0.005pp / below −0.005pp. Direction and speed are separate dimensions, not mutually exclusive recommendations.
Accelerating / slowing: compare the most recent 3M change with the preceding 3M change. Accelerating means a positive change speeds up by >0.02pp. Slowing means the magnitude of movement declines by >0.02pp. A falling industry can also slow.
Reversing: the last two 3M changes have opposite signs, outside a ±0.005pp tolerance. Persistence counts consecutive same-direction monthly changes.
Broad / concentrated: company attribution, not a market-cap concentration shortcut. Concentrated means the three largest same-direction contributors account for ≥70% of gross same-direction changes; otherwise broad requires ≥60% of constituents moving with the industry. Other cases are mixed.
Weights use matched S&P 500 members’ market-cap estimates, based on SEC-reported shares available by each month-end and monthly closing prices. Companies without a matched price or share record are omitted, so the denominator is the matched sample rather than every index member. These are not official float-adjusted S&P weights. Flow is not measured.