This chart is favored by Julian Brigden. Larry McDonald also highlighted this and similar ratios over the last year. Like the EM/SPY and EFA/SPY ratios, it moved bigly at the beginning of 2025.
Finally, here's the Technology/Energy ratio from the late 1990s. Big Oil used to be a big part of the S&P 500, but its share has dwindled from 29 percent in 1980 to 3 percent today. Doesn't that seem kinda small?
