
Key points
Staples vs S&P 500, cap-weighted (XLP/SPX) and equal-weighted (RSPS/RSP) | Both ratios hit all-time lows in 2026 after a steady decline since 2020
Image source: @DualityResearch

Staples vs S&P 500, cap-weighted (XLP/SPX) and equal-weighted (RSPS/RSP) | Both ratios hit all-time lows in 2026 after a steady decline since 2020
Image source: @DualityResearch