Industrial Gases
Industrial Gases is losing market weight. Gained 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
Jan 2018 – May 2022 · 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 |
|---|---|---|---|---|---|---|
| Air Products → APD | Industrial Gases | United States | 0.197% | -0.041 pp | -16.0% | 0.0 |
| Linde plc → LIN | Industrial Gases | United States | 0.588% | +0.028 pp | +9.6% | 0.0 |
Underlying monthly industry observations
| Month | Weight | 1M change | 3M change | 6M change | 12M change | Relative return · 12M |
|---|---|---|---|---|---|---|
| May 2022 | 0.785% | +0.025 pp | +0.087 pp | +0.019 pp | -0.013 pp | +9.4% |
| Apr 2022 | 0.760% | +0.028 pp | +0.001 pp | -0.008 pp | -0.013 pp | +8.7% |
| Mar 2022 | 0.732% | +0.034 pp | -0.052 pp | +0.001 pp | +0.324 pp | +1.4% |
| Feb 2022 | 0.698% | -0.061 pp | -0.068 pp | -0.045 pp | +0.329 pp | +5.3% |
| Jan 2022 | 0.759% | -0.025 pp | -0.009 pp | -0.006 pp | +0.310 pp | +9.4% |
| Dec 2021 | 0.785% | +0.019 pp | +0.054 pp | +0.029 pp | -0.020 pp | +7.3% |
| Nov 2021 | 0.766% | -0.002 pp | +0.023 pp | -0.032 pp | -0.069 pp | -0.3% |
| Oct 2021 | 0.768% | +0.037 pp | +0.003 pp | -0.005 pp | -0.069 pp | -1.7% |
| Sep 2021 | 0.731% | -0.012 pp | -0.025 pp | +0.323 pp | +0.730 pp | -11.6% |
| Aug 2021 | 0.743% | -0.022 pp | -0.055 pp | +0.373 pp | +0.742 pp | -9.2% |
| Jul 2021 | 0.765% | +0.009 pp | -0.008 pp | +0.315 pp | +0.764 pp | -10.4% |
| Jun 2021 | 0.756% | -0.042 pp | +0.348 pp | -0.048 pp | +0.755 pp | -4.6% |
| May 2021 | 0.798% | +0.025 pp | +0.429 pp | -0.037 pp | +0.797 pp | +0.9% |
| Apr 2021 | 0.773% | +0.365 pp | +0.323 pp | -0.064 pp | -0.055 pp | +1.3% |
| Mar 2021 | 0.408% | +0.039 pp | -0.396 pp | +0.407 pp | +0.407 pp | +2.1% |
| Feb 2021 | 0.369% | -0.080 pp | -0.465 pp | +0.368 pp | +0.369 pp | -2.8% |
| Jan 2021 | 0.450% | -0.355 pp | -0.387 pp | +0.449 pp | -0.348 pp | +2.0% |
| Dec 2020 | 0.804% | -0.030 pp | +0.803 pp | +0.803 pp | -0.011 pp | +6.2% |
| Nov 2020 | 0.835% | -0.002 pp | +0.834 pp | +0.834 pp | +0.014 pp | +8.5% |
| Oct 2020 | 0.837% | +0.836 pp | +0.836 pp | +0.009 pp | +0.033 pp | +13.0% |
| Sep 2020 | 0.001% | -0.000 pp | +0.000 pp | +0.000 pp | -0.815 pp | +16.6% |
| Aug 2020 | 0.001% | +0.000 pp | +0.000 pp | +0.000 pp | -0.825 pp | +14.5% |
| Jul 2020 | 0.001% | +0.000 pp | -0.827 pp | -0.797 pp | -0.819 pp | +20.8% |
| Jun 2020 | 0.001% | -0.000 pp | +0.000 pp | -0.814 pp | -0.855 pp | +5.8% |
| May 2020 | 0.001% | -0.827 pp | +0.000 pp | -0.820 pp | -0.831 pp | +9.9% |
| Apr 2020 | 0.828% | +0.827 pp | +0.029 pp | +0.024 pp | +0.028 pp | +12.9% |
| Mar 2020 | 0.001% | +0.000 pp | -0.815 pp | -0.815 pp | -0.791 pp | +15.0% |
| Feb 2020 | 0.001% | -0.798 pp | -0.820 pp | -0.826 pp | -0.783 pp | +11.0% |
| Jan 2020 | 0.798% | -0.017 pp | -0.006 pp | -0.022 pp | +0.383 pp | +15.3% |
| Dec 2019 | 0.815% | -0.005 pp | -0.001 pp | -0.041 pp | +0.382 pp | +12.3% |
| Nov 2019 | 0.820% | +0.017 pp | -0.006 pp | -0.011 pp | +0.412 pp | +21.1% |
| Oct 2019 | 0.804% | -0.012 pp | -0.016 pp | +0.004 pp | +0.689 pp | +19.9% |
| Sep 2019 | 0.816% | -0.010 pp | -0.040 pp | +0.024 pp | +0.699 pp | +22.4% |
| Aug 2019 | 0.826% | +0.006 pp | -0.006 pp | +0.042 pp | +0.708 pp | +24.2% |
| Jul 2019 | 0.820% | -0.036 pp | +0.020 pp | +0.405 pp | +0.610 pp | +23.2% |
| Jun 2019 | 0.856% | +0.024 pp | +0.065 pp | +0.423 pp | +0.649 pp | +30.0% |
| May 2019 | 0.832% | +0.032 pp | +0.048 pp | +0.423 pp | +0.617 pp | +21.5% |
| Apr 2019 | 0.800% | +0.008 pp | +0.384 pp | +0.685 pp | +0.581 pp | +12.9% |
| Mar 2019 | 0.792% | +0.008 pp | +0.359 pp | +0.675 pp | +0.578 pp | +14.0% |
| Feb 2019 | 0.784% | +0.369 pp | +0.375 pp | +0.666 pp | +0.573 pp | +13.4% |
| Jan 2019 | 0.415% | -0.018 pp | +0.301 pp | +0.205 pp | +0.205 pp | +8.1% |
| Dec 2018 | 0.433% | +0.025 pp | +0.316 pp | +0.226 pp | +0.223 pp | +12.4% |
| Nov 2018 | 0.409% | +0.294 pp | +0.291 pp | +0.194 pp | +0.198 pp | +5.3% |
| Oct 2018 | 0.115% | -0.002 pp | -0.095 pp | -0.104 pp | -0.096 pp | +2.6% |
| Sep 2018 | 0.117% | -0.001 pp | -0.090 pp | -0.097 pp | -0.094 pp | +2.8% |
| Aug 2018 | 0.118% | -0.092 pp | -0.097 pp | -0.093 pp | -0.093 pp | +2.3% |
| Jul 2018 | 0.210% | +0.003 pp | -0.009 pp | -0.000 pp | -0.000 pp | +1.7% |
| Jun 2018 | 0.207% | -0.008 pp | -0.007 pp | -0.003 pp | -0.003 pp | -0.6% |
| May 2018 | 0.215% | -0.004 pp | +0.004 pp | +0.004 pp | +0.004 pp | +1.7% |
| Apr 2018 | 0.219% | +0.005 pp | +0.008 pp | +0.008 pp | +0.008 pp | +2.7% |
| Mar 2018 | 0.214% | +0.003 pp | +0.003 pp | +0.003 pp | +0.003 pp | +1.1% |
| Feb 2018 | 0.211% | +0.001 pp | +0.001 pp | +0.001 pp | +0.001 pp | -0.0% |
| Jan 2018 | 0.210% | +0.000 pp | +0.000 pp | +0.000 pp | +0.000 pp | +0.0% |
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.