Palladium vs the S&P 500 (PALL): is it outperforming?
As of 12 October 2026, Palladium (PALL) is losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. PALL trails the S&P 500 by 14.8 points over one month and ranks #112 of 115 groups Zensei tracks.
Where palladium stands now
As of 12 October 2026, Palladium (PALL) ranks #112 of the 115 groups Zensei tracks by one-month return against the S&P 500, among the market's weakest pockets. It is losing its lead. It built a 1.9-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 14.8 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, PALL's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. PALL'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 thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
PALL vs SPY: head-to-head returns
Over the week to 12 October 2026, PALL fell 3.1% while the S&P 500 rose 0.4%. The table compares PALL and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means PALL won that window.
Prices as of · computed from daily adjusted closes · how we measure
Palladium 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.
Palladium vs the market — common questions
Is palladium outperforming the S&P 500?
No. As of 12 October 2026, PALL trails the S&P 500 by 14.8 points over the past month.
What is PALL?
PALL is Aberdeen Standard Physical Palladium Shares ETF. Zensei uses it to measure palladium against the S&P 500 (SPY).
What quadrant is palladium in right now?
As of 12 October 2026, palladium is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track palladium 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.
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