Risk appetite ratio today: XLK/XLP ratio 2.33 (Clear)
As of 12 October 2026, the tech vs staples ratio (XLK/XLP) reads 2.33. One year earlier, on 10 October 2025, it was 1.82. The Zensei Index rates the risk appetite ratio indicator Clear on 12 October 2026: no stress. The reading sits in its calm range.
Tech vs staples ratio chart (XLK/XLP)
A ratio below its long averages means defensive stocks lead, which signals caution.
XLK/XLP ratio and 200-day average, Oct 2020 to Oct 2026. Values updated daily. Data as of .
Tech vs staples ratio: last value of each month
| Month | Date | XLK/XLP ratio | 200-day average | 100-day average |
|---|---|---|---|---|
| October 2026 | 2.33 | 2.01 | 2.23 | |
| September 2026 | 2.43 | 1.98 | 2.20 | |
| August 2026 | 2.21 | 1.94 | 2.12 | |
| July 2026 | 2.07 | 1.91 | 2.02 | |
| June 2026 | 2.31 | 1.88 | 1.90 | |
| May 2026 | 2.33 | 1.82 | 1.81 | |
| April 2026 | 1.91 | 1.78 | 1.76 | |
| March 2026 | 1.64 | 1.75 | 1.77 | |
| February 2026 | 1.57 | 1.73 | 1.83 | |
| January 2026 | 1.75 | 1.70 | 1.86 | |
| December 2025 | 1.88 | 1.65 | 1.83 | |
| November 2025 | 1.84 | 1.60 | 1.78 |
What it measures
Compares high-risk equity sectors to defensive stocks.
Markets reveal risk preferences through sector leadership. This indicator compares high-risk equity sectors to defensive consumer staples.
Why it matters
Risk leadership suggests confidence, while sustained defensive outperformance reflects growing caution.
This indicator belongs to the structural conditions group: whether the environment is fundamentally supportive or constrained. It carries 20% of that group's weight.
How to read the status
The Index dashboard gives this indicator one of 4 statuses, from calm to stressed. A more stressed status adds more of the indicator's weight to its group score. A ratio below its long averages means defensive stocks lead, which signals caution.
- ClearToday
No stress. The reading sits in its calm range.
- Watch
Early warning. The reading moves toward stress.
- Stress
Confirmed stress. The reading is in its stress range.
- Danger
Full signal. The reading is at its most stressed level.
Risk appetite ratio: common questions
What is the tech vs staples ratio (XLK/XLP) today?
As of 12 October 2026, the tech vs staples ratio (XLK/XLP) reads 2.33. The Zensei Index rates the risk appetite ratio indicator Clear: no stress. The reading sits in its calm range.
What is the tech vs staples ratio today?
As of 12 October 2026, the XLK/XLP ratio is 2.33. Its 200-day average is 2.01, so the ratio is above its long-term average.
What does a rising tech vs staples ratio (XLK/XLP) mean?
A rising ratio means technology stocks beat consumer staples, which signals more appetite for risk. In the Index, a ratio above its 100-day and 200-day averages moves this indicator toward Clear. A ratio below them moves it toward Danger.
Where does the risk appetite ratio data come from?
Daily closes of XLK and XLP, the S&P 500 technology and consumer staples sector funds. Zensei computes the indicator from these series.
How often does the risk appetite ratio indicator update?
The source data updates once per US trading day. Zensei recomputes the indicator after each new value. This page shows the newest value and its date.
Analytics, not investment advice. The status describes current conditions; it does not predict prices.
More market risk indicators
See all ten indicators in one score
The Zensei Index combines this reading with nine others into one risk score from 0 (calm) to 100 (maximum risk), with a written summary when conditions change.