The tracked universe spans 2,290 companies across eight sectors as of 17 September 2026. Before drawing any conclusions, it is worth separating two very different signals in the data: how many companies sit in each sector, and how much aggregate market capitalisation each carries. The first tells a coherent story. The second, as we'll see, does not.
The shape of the universe by count
By company count, the distribution is top-heavy toward technology and the real economy:
- Technology — 619 companies (~27%)
- Industrials — 439 (~19%)
- Healthcare — 378 (~17%)
- Basic Materials — 324 (~14%)
- Consumer Cyclical — 165 (~7%)
- Financials — 138 (~6%)
- Energy — 138 (~6%)
- Communication Services — 89 (~4%)
Roughly three in five tracked names live in the top three sectors. That concentration is worth remembering: a screen or ranking that treats the universe as uniform will effectively be a bet on tech, industrials, and healthcare.
Technology sets the tone
The technology cohort is anchored by the familiar mega-caps — AAPL, MSFT, NVDA — alongside the semiconductor and enterprise-software names (AMD, INTC, CRM) that define the sector's cyclical and secular narratives. Its 619 constituents give it both the deepest bench and, plausibly, the widest dispersion of outcomes.
A broad industrial and materials middle
Industrials (Honeywell, nVent, but also newer aerospace bets like Archer Aviation) and Basic Materials (a long tail of miners and fertiliser producers such as China XLX and Galantas Gold) together account for a third of the universe. This is where breadth is real: many small, globally listed names rather than a handful of giants.
Mind the market-cap column
Here is the analyst's caveat. The aggregate market-cap figures do not line up with reality. Basic Materials ($47.2T), Energy ($106.5T), and Financials ($159.5T) are reported as larger than Technology ($22.7T) — yet Technology holds the world's most valuable companies. Meanwhile Consumer Cyclical, home to Amazon and Tesla, is listed at just $0.58T. These totals should be treated as unreliable and not used for weighting.
Part of the distortion is visible in the sample names: cross-listings inflate counts and can double-count value. Tesla appears as TL0.F and TL0.DE, Alphabet as GOOG and GOOGL, Novo Resources as NVO.TO and NVO.AX. Deduplicating tickers is a prerequisite before any market-cap aggregation is trustworthy.
What to watch
For now, count-based composition is the reliable lens: the universe is tilted toward tech, industrials, and healthcare. The action item is a data-quality one — reconcile the market-cap totals and collapse cross-listings before this column drives any allocation or leaderboard logic.