The S&P 493 outpaced the Magnificent 7 by 18% over 27 days, the widest gap since 2018
A sharp rotation away from megacap tech has quietly produced the biggest performance spread between the rest of the S&P 500 and the Magnificent 7 in roughly seven years.
Over the past 27 days, the 493 stocks in the S&P 500 outside the Magnificent 7 have outrun the megacap cohort by 18%, according to Ryan Detrick. That is, by his telling, the largest such spread since 2018, and it lands at a moment when the broadening story has been more talked about than demonstrated.
Over the last 27 days, the 493 are outperforming the Mag 7 by 18%. That's a gigantic spread. In fact, it's the most that we've seen since 2018. Ryan Detrick
What makes the move harder to dismiss as defensive repositioning: Detrick notes that equal-weight consumer staples relative to the S&P 500 just hit “the lowest level in a long time” as of late June 2026. Typically, a genuine flight to safety pulls staples higher. Their underperformance here suggests the rotation is into cyclicals and growth names outside the mega-7, not into shelter.
The backdrop Detrick supplies is a bull market that, by historical standards, still has room. The average length of the seven longest post-World War II bull markets was around seven years, with the shortest running about five. Whether the current spread holds or snaps back is an open question, but the 27-day gap is a concrete data point worth tracking.