This tracks how US Defense is performing against the S&P 500: the relative-strength read traders use to find themes gaining momentum and the strongest stocks within them. Look for three things: whether it is gaining or losing ground on the index, whether the move is broad or led by a few large names, and which stocks lead on relative strength.
Current read · as at 15 Oct 2026
US Defense is underperforming the S&P 500 and losing ground (the lagging zone of the rotation chart). It is down 9.1% over the past month and 17.5% year to date. No stocks are above their 50-day average. On 3-month relative strength, LDOS.US, LMT.US and ESLT.US lead the theme.
Relative strength is measured against S&P 500, centred at 100. Above 100 means it outpaced the benchmark.
Performance charts
Rebased to 100 vs S&P 500
End of day
US Defense vs S&P 500
Rising = outperforming
100 = matches benchmark. Above = outpacing it; below = lagging.
What's underneath the leaders
End of day
Latest-day drivers
- AVAV.US-5.14%-0.30%
- ESLT.US+5.05%+0.30%
- LMT.US+3.61%+0.21%
Top 3 account for 41% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1LDOS.US+14
- 2LMT.US+6
- 3ESLT.US+7
- 4HII.US+10
- 5RTX.US0
Rank 1 = strongest 3-month move. Delta is the rank change; positive means improving.
Breadth and Effective N measure how widely the basket is moving right now — a participation gauge, not a forecast.
Constituents
Weights and contribution to the basket move
AVAV.US | AeroVironment Inc | $120.60 | -5.14% | 5.9% | -0.30% |
AXON.US | Axon Enterprise Inc. | $408.42 | -1.19% | 5.9% | -0.07% |
BWXT.US | BWX Technologies Inc | $134.44 | -3.18% | 5.9% | -0.19% |
CW.US | Curtiss-Wright Corporation | $500.48 | -0.31% | 5.9% | -0.02% |
DRS.US | Leonardo DRS, Inc. Common Stock | $34.94 | -0.63% | 5.9% | -0.04% |
ESLT.US | Elbit Systems Ltd | $701.38 | +5.05% | 5.9% | +0.30% |
GD.US | General Dynamics Corporation | $334.66 | +0.67% | 5.9% | +0.04% |
HII.US | HII | $264.53 | +2.59% | 5.9% | +0.15% |
KRMN.US | KRMN | $30.14 | -0.03% | 5.9% | -0.00% |
KTOS.US | Kratos Defense & Security Solutions | $39.33 | -2.53% | 5.9% | -0.15% |
LDOS.US | LDOS | $120.59 | +0.74% | 5.9% | +0.04% |
LHX.US | L3Harris Technologies Inc | $237.50 | +1.18% | 5.9% | +0.07% |
LMT.US | Lockheed Martin Corporation | $522.23 | +3.61% | 5.9% | +0.21% |
MRCY.US | Mercury Systems Inc | $75.69 | -1.33% | 5.9% | -0.08% |
NOC.US | Northrop Grumman Corporation | $495.69 | +2.97% | 5.9% | +0.17% |
RTX.US | RTX Corporation | $186.47 | +1.89% | 5.9% | +0.11% |
TXT.US | Textron Inc | $73.80 | -0.86% | 5.9% | -0.05% |
AVAV.US
AeroVironment Inc
- Last
- $120.60
- 1D
- -5.14%
- Weight
- 5.9%
- Contribution
- -0.30%
AXON.US
Axon Enterprise Inc.
- Last
- $408.42
- 1D
- -1.19%
- Weight
- 5.9%
- Contribution
- -0.07%
BWXT.US
BWX Technologies Inc
- Last
- $134.44
- 1D
- -3.18%
- Weight
- 5.9%
- Contribution
- -0.19%
CW.US
Curtiss-Wright Corporation
- Last
- $500.48
- 1D
- -0.31%
- Weight
- 5.9%
- Contribution
- -0.02%
DRS.US
Leonardo DRS, Inc. Common Stock
- Last
- $34.94
- 1D
- -0.63%
- Weight
- 5.9%
- Contribution
- -0.04%
ESLT.US
Elbit Systems Ltd
- Last
- $701.38
- 1D
- +5.05%
- Weight
- 5.9%
- Contribution
- +0.30%
GD.US
General Dynamics Corporation
- Last
- $334.66
- 1D
- +0.67%
- Weight
- 5.9%
- Contribution
- +0.04%
HII.US
HII
- Last
- $264.53
- 1D
- +2.59%
- Weight
- 5.9%
- Contribution
- +0.15%
KRMN.US
KRMN
- Last
- $30.14
- 1D
- -0.03%
- Weight
- 5.9%
- Contribution
- -0.00%
KTOS.US
Kratos Defense & Security Solutions
- Last
- $39.33
- 1D
- -2.53%
- Weight
- 5.9%
- Contribution
- -0.15%
LDOS.US
LDOS
- Last
- $120.59
- 1D
- +0.74%
- Weight
- 5.9%
- Contribution
- +0.04%
LHX.US
L3Harris Technologies Inc
- Last
- $237.50
- 1D
- +1.18%
- Weight
- 5.9%
- Contribution
- +0.07%
LMT.US
Lockheed Martin Corporation
- Last
- $522.23
- 1D
- +3.61%
- Weight
- 5.9%
- Contribution
- +0.21%
MRCY.US
Mercury Systems Inc
- Last
- $75.69
- 1D
- -1.33%
- Weight
- 5.9%
- Contribution
- -0.08%
NOC.US
Northrop Grumman Corporation
- Last
- $495.69
- 1D
- +2.97%
- Weight
- 5.9%
- Contribution
- +0.17%
RTX.US
RTX Corporation
- Last
- $186.47
- 1D
- +1.89%
- Weight
- 5.9%
- Contribution
- +0.11%
TXT.US
Textron Inc
- Last
- $73.80
- 1D
- -0.86%
- Weight
- 5.9%
- Contribution
- -0.05%
Last price shown at full precision. Contribution is each holding's weight times its one-day move. A dash marks data pending after the latest end-of-day refresh.
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Equal weighted. Equal-weighted basket seeded from US-listed defense and aerospace contractors, screened nightly from end-of-day data. Active US common stocks only, with a market cap of at least USD 500 million and a 90-day average daily value traded of at least USD 2 million, top 20 by market cap. BWXT is also seeded in Uranium & Nuclear.