Brokerage Stocks
Top 10 of 35 IAI holdings, updated
As of 12 October 2026, brokerage stocks are trailing the S&P 500, over the past month and over the longer run. IAI trails the S&P 500 by 8.1 points over one month and ranks #94 of 115 groups Zensei tracks. 19 of the 35 brokerage stocks Zensei prices in IAI beat the fund this month.
Where brokerage stocks stand now
As of 12 October 2026, Broker-Dealers (IAI) ranks #94 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 8.1 points behind over the past month and 1.1 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, IAI's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. IAI's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via iShares U.S. Broker-Dealers & Securities Exchanges ETF, whose 35 tracked holdings are led by The Goldman Sachs Group Inc, Morgan Stanley and Charles Schwab Corp. Weighted by portfolio, the fund's holdings trade at roughly 18.7× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
As of , these are the largest brokerage stocks in IAI by fund weight, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Top brokerage stocks by fund weight
Ranked by largest share of IAI
- 1The Goldman Sachs Group IncGS17.9%
- 2Morgan StanleyMS15.6%
- 3Charles Schwab CorpSCHW9.3%
- 4CME Group IncCME4.8%
- 5Intercontinental Exchange IncICE4.8%
Best brokerage stocks this month
Ranked by one-month return, among the holdings Zensei prices
- 1Factset Research Systems IncFDS+11.2%
- 2Tradeweb Markets IncTW+9.1%
- 3Perella Weinberg PartnersPWP+8.9%
- 4Morningstar IncMORN+7.2%
- 5Cboe Global Markets IncCBOE+6.0%
Brokerage Stocks vs the S&P 500
Over the week to 12 October 2026, IAI rose 0.5% while the S&P 500 rose 0.4%. The table compares IAI and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means IAI won that window.
Prices as of · computed from daily adjusted closes · how we measure
Broker-Dealers on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are brokerage stocks expensive?
The price-to-earnings ratio of IAI as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out. Compare with every sector and theme: P/E ratio by sector.
IAI holdings: the brokerage stocks inside
This list covers all 35 brokerage stocks in IAI, heaviest first; the 10 largest show their returns where Zensei has a price. As of 12 October 2026, 19 of the 35 brokerage stocks Zensei prices in IAI beat the fund over the past month. 8 of them beat the S&P 500. The strongest is Factset Research Systems Inc (FDS); the weakest is Miami International Holdings Inc (MIAX). Inside the fund, the holdings split between winners and losers.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | GSThe Goldman Sachs Group Inc | 17.9% | −13.1% | −14.0% | −7.1 pts | Weak | Broken |
| 2 | MSMorgan Stanley | 15.6% | −11.4% | −13.6% | −5.4 pts | Weak | Broken |
| 3 | SCHWCharles Schwab Corp | 9.3% | −9.5% | −4.9% | −3.5 pts | Weak | Broken |
| 4 | CMECME Group Inc | 4.8% | +0.6% | +13.6% | |||
| 5 | ICEIntercontinental Exchange Inc | 4.8% | +0.4% | +14.7% | |||
| 6 | HOODRobinhood Markets | 4.7% | −3.0% | −0.6% | |||
| 7 | MCOMoodys Corp | 4.6% | −0.9% | −4.9% | |||
| 8 | SPGIS&P Global Inc | 4.6% | +0.3% | −5.7% | |||
| 9 | COINCoinbase | 4.0% | +2.9% | +14.6% | |||
| 10 | IBKRInteractive Brokers Group Inc | 3.9% | −3.8% | −6.0% |
All 35 IAI holdings by weight: The Goldman Sachs Group Inc (GS) 17.9%, Morgan Stanley (MS) 15.6%, Charles Schwab Corp (SCHW) 9.3%, CME Group Inc (CME) 4.8%, Intercontinental Exchange Inc (ICE) 4.8%, Robinhood Markets (HOOD) 4.7%, Moodys Corp (MCO) 4.6%, S&P Global Inc (SPGI) 4.6%, Coinbase (COIN) 4.0%, Interactive Brokers Group Inc (IBKR) 3.9%, Nasdaq Inc (NDAQ) 3.9%, Msci Inc (MSCI) 3.9%, Cboe Global Markets Inc (CBOE) 2.8%, Raymond James Financial Inc (RJF) 2.6%, LPL Financial Holdings Inc (LPLA) 2.5%, Tradeweb Markets Inc (TW) 1.2%, Stifel Financial Corp (SF) 1.0%, Evercore Inc (EVR) 1.0%, Factset Research Systems Inc (FDS) 0.9%, Stonex Group Inc (SNEX) 0.7%, Houlihan Lokey Inc (HLI) 0.7%, Jefferies Financial Group Inc (JEF) 0.7%, Marketaxess Holdings Inc (MKTX) 0.5%, Virtu Financial Inc (VIRT) 0.5%, Piper Sandler COS (PIPR) 0.4%, BGC Group Inc (BGC) 0.4%, Moelis & Co (MC) 0.4%, Morningstar Inc (MORN) 0.4%, PJT Partners Inc (PJT) 0.4%, Lazard Inc (LAZ) 0.4%, Miami International Holdings Inc (MIAX) 0.3%, Donnelley Financial Solutions Inc (DFIN) 0.1%, Perella Weinberg Partners (PWP) 0.1%, Oppenheimer Holdings Inc (OPY) 0.1%, Bitgo Holdings Inc (BTGO) 0.1%.
Brokerage Stocks: common questions
Brokerage stocks list: which stocks are in IAI?
As of 12 October 2026, IAI holds 35 brokerage stocks, and this page lists all 35. The three largest by fund weight are The Goldman Sachs Group Inc (GS, 17.9%), Morgan Stanley (MS, 15.6%) and Charles Schwab Corp (SCHW, 9.3%). Each one shows its fund weight; the 10 largest also show their one-month and three-month returns where Zensei has a price.
What are the best brokerage stocks this month?
As of 12 October 2026, ranked by one-month return, the three strongest brokerage stocks in IAI are Factset Research Systems Inc (FDS, +11.2%), Tradeweb Markets Inc (TW, +9.1%) and Perella Weinberg Partners (PWP, +8.9%). This ranks past return only; it does not forecast the next month.
What are the top 3 brokerage stocks?
As of 12 October 2026, the three largest brokerage stocks in IAI by fund weight are The Goldman Sachs Group Inc (GS, 17.9%), Morgan Stanley (MS, 15.6%) and Charles Schwab Corp (SCHW, 9.3%). Fund weight shows size inside the fund, not a recommendation.
Which brokerage stocks are beating the sector?
As of 12 October 2026, 19 of the 35 brokerage stocks Zensei prices in IAI beat the fund over the past month. The strongest over the past month is Factset Research Systems Inc (FDS). The table above shows the largest holdings with their weights and returns.
Which ETF holds brokerage stocks?
Several ETFs hold brokerage stocks. Zensei tracks the group through IAI, the iShares U.S. Broker-Dealers & Securities Exchanges ETF. As of 12 October 2026, its published holdings list 35 brokerage stocks, and the 10 largest make up 74.2% of the fund.
Are brokerage stocks outperforming the S&P 500?
No. As of 12 October 2026, IAI trails the S&P 500 by 8.1 points over the past month.
What is IAI?
IAI is iShares U.S. Broker-Dealers & Securities Exchanges ETF. Zensei uses it to measure brokerage stocks against the S&P 500 (SPY).
What stocks does IAI own?
As of 12 October 2026, the largest of the 35 positions Zensei tracks in IAI are The Goldman Sachs Group Inc, Morgan Stanley, Charles Schwab Corp, CME Group Inc, Intercontinental Exchange Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is broker-dealers in right now?
As of 12 October 2026, broker-dealers is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·Losing ground → trailing the market
- ·First tracked: losing ground
Related sectors
Track broker-dealers against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.
Compare all sectors: Sector heat map · Sector P/E ratios