FTSE 100 vs S&P 500
The FTSE 100 is the UK large-cap equity benchmark of 100 most liquid stocks listed on London Stock Exchange. Top weights: AstraZeneca (8.90 percent, healthcare), HSBC Holdings (8.48 percent, financials), Shell (8.24 percent, energy), BP (3.85 percent, energy).
Also known as: FTSE 100 (FTSE, UK equities) · S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500)
Why This Comparison Matters
The FTSE 100 is the UK large-cap equity benchmark of 100 most liquid stocks listed on London Stock Exchange. Top weights: AstraZeneca (8.90 percent, healthcare), HSBC Holdings (8.48 percent, financials), Shell (8.24 percent, energy), BP (3.85 percent, energy). Energy + Materials approximately 22 percent of FTSE 100 vs S&P 500 6 percent. ~70 percent of FTSE 100 revenues are non-GBP. SPY (SPDR S&P 500 ETF) tracks cap-weighted S&P 500 with current price $708. The FTSE 100 sits 4.66 percent below all-time high 10,934.90 (set February 27, 2026). FTSE has gained 24 percent over past twelve months and is up nearly 5 percent YTD 2026. The FTSE 100 makes a natural hedge against tech-driven S&P drawdowns through energy, mining, banking, and consumer staples weighting.
The April 2026 Configuration
FTSE 100 closes April 24, 2026 at 10,425.07 (down 0.31 percent from Thursday). The index hit ATH 10,934.90 on February 27, 2026. FTSE has fallen for five straight trading sessions touching a more than two-week low. SPY closes at $708.
FTSE 100 is up nearly 5 percent YTD 2026 and 24 percent over past twelve months. The April 2026 weakness reflects: (1) US-Iran negotiation deadlock, (2) Strait of Hormuz remaining effectively closed, (3) sector-specific headwinds. Oil price elevation supports Shell + BP (combined ~12 percent of FTSE 100) but pressures industrials.
The combined April 2026 reading: FTSE 100 in clear outperformance phase versus S&P 500. The 5 percent YTD gain plus 24 percent 12-month gain contrasts with SPY YTD -2.5 percent and full S&P 500 in EUR-translated terms approximately flat YTD. The FTSE/SPY ratio has expanded approximately 8-10 percent YTD reflecting UK value-cycle catching up after years of underperformance.
FTSE 100 Composition: Value + Commodities + Dividends
FTSE 100 sector composition (April 2026): Energy approximately 12 percent (Shell 8.24 percent, BP 3.85 percent); Materials/Mining approximately 10 percent (Anglo American, Rio Tinto, Glencore, Antofagasta); Financials approximately 18 percent (HSBC 8.48 percent, Lloyds, Barclays, Standard Chartered, Prudential, Aviva); Healthcare approximately 11 percent (AstraZeneca 8.90 percent dominant); Consumer Staples approximately 14 percent (Unilever, Diageo, British American Tobacco, Reckitt Benckiser); Consumer Discretionary approximately 5 percent; Industrials approximately 8 percent (BAE Systems, Rolls-Royce, Compass Group); Telecom approximately 3 percent; Utilities approximately 3 percent; Tech approximately 1 percent (vs S&P 500 ~32 percent tech).
The practical implication: FTSE 100 is a value-and-dividend-yield index with heavy commodity exposure. Dividend yield approximately 3.5-4 percent (vs S&P 500 1.3 percent). Approximately 70 percent of FTSE 100 revenues derive from international operations, making the index highly sensitive to global commodity prices, currency movements, and geopolitical developments.
Key individual names: AstraZeneca (8.90 percent, oncology + pipeline drugs), HSBC (8.48 percent, Asia banking exposure), Shell (8.24 percent, oil + LNG), BP (3.85 percent, oil + transition), GSK (pharma), Unilever (FMCG), Diageo (spirits), Glencore (commodities trading), Rio Tinto (iron ore + copper).
Conditional Forward Response (Tail Events)
How S&P 500 ETF (SPY) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in FTSE 100. Computed from 1,245 aligned daily observations ending .
Following these triggers, S&P 500 ETF (SPY) rises 0.43% on average over the next 5 sessions, versus an unconditional baseline of +0.24%. 124 qualifying events; S&P 500 ETF (SPY) closed positive in 60% of them.
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Frequently Asked Questions
What are FTSE 100 and SPY?+
FTSE 100 is the UK large-cap equity benchmark of 100 most liquid stocks listed on London Stock Exchange. Currently 10,425 (April 24 2026, -4.66% from ATH 10,934.90 set February 27 2026). +5% YTD; +24% over past 12 months. Top weights: AstraZeneca 8.90% (healthcare), HSBC Holdings 8.48% (financials), Shell 8.24% (energy), BP 3.85% (energy). Energy + Materials ~22% (vs S&P 500 6%). ~70% of FTSE 100 revenues are non-GBP. Dividend yield ~3.5-4% (vs S&P 500 1.3%). SPY tracks cap-weighted S&P 500 at $708. FTSE 100 makes natural hedge against tech-driven SPY drawdowns.
How does FTSE composition differ from SPY?+
FTSE 100 sectors: Energy ~12% (Shell 8.24%, BP 3.85%); Materials/Mining ~10% (Anglo American, Rio Tinto, Glencore); Financials ~18% (HSBC 8.48%, Lloyds, Barclays); Healthcare ~11% (AstraZeneca 8.90%); Consumer Staples ~14% (Unilever, Diageo, BAT, Reckitt Benckiser); Industrials ~8% (BAE Systems, Rolls-Royce); Tech ~1%. SPY: Tech + Communication Services ~35% (mega-cap AAPL, MSFT, NVDA), Healthcare 13%, Financials 13%. FTSE value-and-dividend-yield index with heavy commodity exposure. ~70% FTSE 100 revenues international. SPY tech-growth heavy. Different macro tilts: FTSE value commodity; SPY tech-growth.
How do FTSE 100 and SPY diverge?+
FTSE 100 outperforms during specific macro regimes. Commodity price spikes: benefits Shell, BP, Rio Tinto, Glencore. Energy supply tightness (Iran war, Russia-Ukraine): outperforms substantially. Banking sector strength: HSBC + Lloyds + Barclays. Healthcare innovation: AstraZeneca pipeline. Inflation regimes: outperforms (commodity offsets inflation). Risk-off: outperforms (defensive value, dividend yield). SPY outperforms during US tech-led growth narratives, AI capex booms, dollar strength regimes (GBP weakness adds drag for USD), Treasury yield falls. Correlation 0.65-0.80 normal. Beta 0.75-1.00 (lower than DAX/Euro Stoxx).
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