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 11 Sept 2026
US Defense is underperforming the S&P 500 and losing ground (the lagging zone of the rotation chart). It is down 17.4% over the past month and 10.4% year to date. 1 of 17 stocks are above their 50-day average, with only a minority participating. On 3-month relative strength, RTX.US, LDOS.US and GD.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
- KRMN.US+2.59%+0.15%
- TXT.US+2.27%+0.13%
- BWXT.US-1.55%-0.09%
Top 3 account for 49% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1RTX.US+7
- 2LDOS.US+12
- 3GD.US+2
- 4LMT.US+8
- 5AXON.US+4
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 | $146.71 | -0.24% | 5.9% | -0.01% |
AXON.US | Axon Enterprise Inc. | $479.34 | +0.10% | 5.9% | +0.01% |
BWXT.US | BWX Technologies Inc | $150.12 | -1.55% | 5.9% | -0.09% |
CW.US | Curtiss-Wright Corporation | $558.90 | -0.15% | 5.9% | -0.01% |
DRS.US | Leonardo DRS, Inc. Common Stock | $36.07 | -0.66% | 5.9% | -0.04% |
ESLT.US | Elbit Systems Ltd | $728.00 | +0.56% | 5.9% | +0.03% |
GD.US | General Dynamics Corporation | $355.90 | +0.47% | 5.9% | +0.03% |
HII.US | HII | $279.69 | -0.70% | 5.9% | -0.04% |
KRMN.US | KRMN | $35.28 | +2.59% | 5.9% | +0.15% |
KTOS.US | Kratos Defense & Security Solutions | $46.69 | -0.62% | 5.9% | -0.04% |
LDOS.US | LDOS | $128.86 | -0.53% | 5.9% | -0.03% |
LHX.US | L3Harris Technologies Inc | $245.54 | -1.14% | 5.9% | -0.07% |
LMT.US | Lockheed Martin Corporation | $524.19 | -1.12% | 5.9% | -0.07% |
MRCY.US | Mercury Systems Inc | $80.61 | +0.22% | 5.9% | +0.01% |
NOC.US | Northrop Grumman Corporation | $518.97 | +0.00% | 5.9% | +0.00% |
RTX.US | RTX Corporation | $197.68 | -0.22% | 5.9% | -0.01% |
TXT.US | Textron Inc | $81.00 | +2.27% | 5.9% | +0.13% |
AVAV.US
AeroVironment Inc
- Last
- $146.71
- 1D
- -0.24%
- Weight
- 5.9%
- Contribution
- -0.01%
AXON.US
Axon Enterprise Inc.
- Last
- $479.34
- 1D
- +0.10%
- Weight
- 5.9%
- Contribution
- +0.01%
BWXT.US
BWX Technologies Inc
- Last
- $150.12
- 1D
- -1.55%
- Weight
- 5.9%
- Contribution
- -0.09%
CW.US
Curtiss-Wright Corporation
- Last
- $558.90
- 1D
- -0.15%
- Weight
- 5.9%
- Contribution
- -0.01%
DRS.US
Leonardo DRS, Inc. Common Stock
- Last
- $36.07
- 1D
- -0.66%
- Weight
- 5.9%
- Contribution
- -0.04%
ESLT.US
Elbit Systems Ltd
- Last
- $728.00
- 1D
- +0.56%
- Weight
- 5.9%
- Contribution
- +0.03%
GD.US
General Dynamics Corporation
- Last
- $355.90
- 1D
- +0.47%
- Weight
- 5.9%
- Contribution
- +0.03%
HII.US
HII
- Last
- $279.69
- 1D
- -0.70%
- Weight
- 5.9%
- Contribution
- -0.04%
KRMN.US
KRMN
- Last
- $35.28
- 1D
- +2.59%
- Weight
- 5.9%
- Contribution
- +0.15%
KTOS.US
Kratos Defense & Security Solutions
- Last
- $46.69
- 1D
- -0.62%
- Weight
- 5.9%
- Contribution
- -0.04%
LDOS.US
LDOS
- Last
- $128.86
- 1D
- -0.53%
- Weight
- 5.9%
- Contribution
- -0.03%
LHX.US
L3Harris Technologies Inc
- Last
- $245.54
- 1D
- -1.14%
- Weight
- 5.9%
- Contribution
- -0.07%
LMT.US
Lockheed Martin Corporation
- Last
- $524.19
- 1D
- -1.12%
- Weight
- 5.9%
- Contribution
- -0.07%
MRCY.US
Mercury Systems Inc
- Last
- $80.61
- 1D
- +0.22%
- Weight
- 5.9%
- Contribution
- +0.01%
NOC.US
Northrop Grumman Corporation
- Last
- $518.97
- 1D
- +0.00%
- Weight
- 5.9%
- Contribution
- +0.00%
RTX.US
RTX Corporation
- Last
- $197.68
- 1D
- -0.22%
- Weight
- 5.9%
- Contribution
- -0.01%
TXT.US
Textron Inc
- Last
- $81.00
- 1D
- +2.27%
- Weight
- 5.9%
- Contribution
- +0.13%
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.