There are many valuation multiples which investors use to compare stocks with their peers in an industry.

This post displays the mostly commonly used valuation multiples, showing average multiples of the S&P 500 by both sector and industry for Fiscal Year 2021 and 2020, as well as the 19 or 20-year historical averages (2002 – 2021).

These are the valuation multiples covered below:

S&P 500: Average P/E Ratio by Sector (Fiscal Years 2020-2021)

S&P 500 Sector20212020
Communication Services23.220.6
Consumer Discretionary25.010.5
Consumer Staples27.032.8
Energy10.9-5.4
Financials16.816.8
Health Care33.022.7
Industrials27.027.1
Information Technology42.439.0
Materials34.524.6
Real Estate56.450.7
Utilities16.314.5
Total (S&P 500)29.024.3

Source: Company filings and estimates from Sather Research LLC.

This data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 250 or below -250 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The average P/E ratio for the energy sector in 2021 was 10.9, which is on the lower end of its historical average (on median terms), likely due to the great inflow of earnings for those businesses following a rebound from the pandemic in demand for oil and gas.

The average P/E ratio for tech stocks (information technology sector) of 42.4 in 2021 continues to outpace other sectors, with only the real estate sector seeing a higher average P/E in 2021 of 56.4. Tech stock P/E’s are being led by high P/E names like Autodesk, Fiserv, Microchip, Paycom Software, salesforce.com, and Tyler Technologies.

The average P/E ratio of 16.8 for the financial sector in 2021 was in-line with its results for 2020, showing a much lower P/E compared to the S&P average (29.0). The lower P/E average for financial stocks could be because investors perceive lower growth in the future, or the industry could simply be out of favor.

The tables below display the historical median P/E ratio for the S&P 500 by sector over the last 20 years, from Fiscal Years 2003-2021:

S&P 500 Sector2021202020192018201720162015201420132012
Communication Services16.114.219.415.712.018.916.620.217.615.7
Consumer Discretionary20.516.421.717.320.920.220.221.520.316.7
Consumer Staples26.424.422.919.521.623.626.623.619.617.1
Energy13.5-3.316.914.012.0-17.1-1.612.413.512.2
Financials11.614.512.111.716.615.614.115.615.713.7
Health Care28.425.228.027.131.927.326.023.420.615.7
Industrials25.725.921.016.722.220.417.219.820.815.5
Information Technology34.332.428.823.426.822.122.422.522.317.9
Materials19.227.722.218.019.522.119.919.814.617.7
Real Estate39.735.539.233.441.130.232.836.233.034.4
Utilities20.520.222.619.119.419.617.518.515.715.1
Total (S&P 500)23.523.621.918.821.320.719.620.419.716.3
S&P 500 Sector2011201020092008200720062005200420032002
Communication Services12.916.015.27.920.122.719.520.622.822.3
Consumer Discretionary18.116.314.012.215.316.517.218.020.014.2
Consumer Staples16.314.514.515.519.019.818.820.718.919.4
Energy10.815.014.76.812.49.49.58.69.310.4
Financials11.614.114.511.513.315.015.914.915.416.4
Health Care15.314.313.112.119.220.421.223.017.216.4
Industrials13.418.518.411.216.117.118.421.122.318.6
Information Technology16.618.019.715.422.023.224.332.025.119.8
Materials14.216.215.912.616.018.516.020.121.718.8
Real Estate36.742.024.319.019.228.420.124.218.716.0
Utilities15.413.713.611.415.015.815.916.114.312.4
Total (S&P 500)15.515.915.612.516.918.218.019.918.916.7


Source: Company filings and estimates from Sather Research LLC.

Median P/E’s are arguably a better measure of the overall index because it takes the middle point of the group, which roughly shows where the P/E for each company is closer to statistically.  

S&P 500: Average P/E Ratio by Industry (Fiscal Years 2020-2021)

S&P 500 Industry20212020
Aerospace & Defense23.118.5
Air Freight & Logistics15.745.8
Airlines23.2-3.8
Auto Components47.919.0
Automobiles70.4-9.5
Banks12.315.5
Beverages27.623.9
Biotechnology17.2-2.1
Building Products29.128.3
Capital Markets24.124.6
Chemicals42.822.5
Commercial Services & Supplies38.039.9
Communications Equipment38.727.2
Construction & Engineering34.723.4
Construction Materials40.129.1
Consumer Finance8.021.7
Containers & Packaging19.824.2
Distributors24.328.8
Diversified Financial Services7.612.6
Diversified Telecommunication Services8.3-11.5
Electric Utilities21.924.0
Electrical Equipment31.630.4
Electronic Equipment, Instruments & Components31.120.7
Energy Equipment & Services-21.6-3.4
Entertainment44.412.4
Equity Real Estate Investment Trusts (REITs)58.254.1
Equity Real Estate Investment Trusts (REITs)56.741.8
Food & Staples Retailing36.255.8
Food Products21.827.8
Gas Utilities17.520.0
Health Care Equipment & Supplies47.127.9
Health Care Providers & Services16.913.7
Health Care Technology49.030.8
Hotels, Restaurants & Leisure21.8-10.0
Household Durables12.210.9
Household Products28.725.2
Independent Power and Renewable Electricity Producers-17.418.0
Industrial Conglomerates18.028.4
Insurance15.49.3
Interactive Media & Services10.659.3
Internet & Direct Marketing Retail51.134.9
IT Services38.141.5
Leisure Products32.857.7
Life Sciences Tools & Services49.845.7
Machinery27.529.9
Media19.113.8
Metals & Mining20.334.2
Multiline Retail19.118.7
Multi-Utilities13.9-3.8
Oil, Gas & Consumable Fuels16.6-5.8
Personal Products40.199.5
Pharmaceuticals22.419.7
Professional Services33.038.6
Real Estate Management & Development19.728.0
Road & Rail27.728.7
Semiconductors & Semiconductor Equipment48.646.9
Software56.857.1
Specialty Retail20.125.3
Technology Hardware, Storage & Peripherals16.6-3.6
Textiles, Apparel & Luxury Goods16.29.5
Tobacco25.516.5
Trading Companies & Distributors27.627.4
Water Utilities27.239.2
Wireless Telecommunication Services47.954.7
Total (S&P 500)29.024.3

Source: Company filings and estimates from Sather Research LLC.

Again, this data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 250 or below -250 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The link for a screenshot of the entire 20 year dataset from Fiscal Years 2002 – 2021: Average P/E Ratio of the S&P 500 by Industry.

S&P 500: Average P/S Ratio by Sector (Fiscal Years 2020-2021)

S&P 500 Sector20212020
Communication Services3.93.2
Consumer Discretionary3.42.2
Consumer Staples3.12.8
Energy1.71.9
Financials3.83.5
Health Care5.54.9
Industrials3.52.7
Information Technology7.26.1
Materials2.82.2
Real Estate11.49.6
Utilities3.23.1
Total (S&P 500)4.63.9

Source: Company filings and estimates from Sather Research LLC.

This data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high numbers that would greatly skew the average, with any values above 20 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The average P/S ratio for the energy sector in 2021 was 1.7, which was lower than its 2020 values and may represent the large selloff that occurred with those stocks during the steep drop in demand in the pandemic.

The average P/S ratio for tech stocks (information technology sector) of 7.2 in 2021 outpaces the other sectors just like with the Price to Earnings ratios, with only the real estate sector seeing a higher average P/S in 2021 of 11.4.

The average P/S ratio of 3.8 for the financial sector in 2021 is lower than the S&P average (4.6). This is consistent with the sector’s average P/E ratio and indicates less investor optimism across the board for these stocks.

S&P 500: Average P/S Ratio by Industry (Fiscal Years 2020-2021)

S&P 500 Industry20212020
Aerospace & Defense2.52.5
Air Freight & Logistics1.21.1
Airlines0.90.8
Auto Components1.81.3
Automobiles0.71.2
Banks4.23.7
Beverages5.95.0
Biotechnology4.86.6
Building Products2.82.2
Capital Markets6.15.5
Chemicals3.22.5
Commercial Services & Supplies6.54.7
Communications Equipment6.54.0
Construction & Engineering1.20.7
Construction Materials5.03.8
Consumer Finance2.31.9
Containers & Packaging1.51.4
Distributors2.21.5
Diversified Financial Services1.91.7
Diversified Telecommunication Services1.11.4
Electric Utilities3.33.1
Electrical Equipment4.72.8
Electronic Equipment, Instruments & Components4.53.2
Energy Equipment & Services1.41.1
Entertainment6.14.8
Equity Real Estate Investment Trusts (REITs)11.09.8
Equity Real Estate Investment Trusts (REITs)13.810.5
Food & Staples Retailing0.60.5
Food Products2.22.0
Gas Utilities3.44.7
Health Care Equipment & Supplies8.07.1
Health Care Providers & Services0.80.7
Health Care Technology4.74.0
Hotels, Restaurants & Leisure6.02.9
Household Durables1.71.5
Household Products3.73.5
Independent Power and Renewable Electricity Producers0.91.2
Industrial Conglomerates4.43.9
Insurance1.91.7
Interactive Media & Services8.46.7
Internet & Direct Marketing Retail6.74.1
IT Services5.87.1
Leisure Products2.23.1
Life Sciences Tools & Services8.76.1
Machinery3.42.6
Media1.51.4
Metals & Mining2.51.9
Multiline Retail1.21.0
Multi-Utilities2.93.0
Oil, Gas & Consumable Fuels1.82.1
Personal Products7.14.4
Pharmaceuticals5.55.1
Professional Services5.94.4
Real Estate Management & Development1.30.9
Road & Rail6.04.0
Semiconductors & Semiconductor Equipment8.05.4
Software11.89.5
Specialty Retail1.91.6
Technology Hardware, Storage & Peripherals2.31.6
Textiles, Apparel & Luxury Goods2.42.0
Tobacco4.44.6
Trading Companies & Distributors3.52.3
Water Utilities8.76.2
Wireless Telecommunication Services1.81.5
Total (S&P 500)4.63.9

Source: Company filings and estimates from Sather Research LLC.

Again, this data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high numbers that would greatly skew the average, with any values above 20 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The link for a screenshot of the entire 19-year dataset from Fiscal Years 2003 – 2021: Average P/S Ratio of the S&P 500 by Industry.

S&P 500: Average P/FCF Ratio by Sector (Fiscal Years 2020-2021)

S&P 500 Sector20212020
Communication Services20.218.2
Consumer Discretionary24.524.3
Consumer Staples23.419.9
Energy10.07.4
Financials30.323.8
Health Care30.930.7
Industrials37.018.8
Information Technology35.236.0
Materials21.624.1
Real Estate29.431.0
Utilities-14.2-11.4
Total (S&P 500)26.123.0

Source: Company filings and estimates from Sather Research LLC.

Again, this data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 250 or below -250 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The average P/FCF ratio for the energy sector in 2021 was 10.0, which was higher than its 2020 value of 7.4 and could be indicating higher reinvestment of cash flows into future growth.

The average P/FCF ratio for tech stocks (information technology sector) of 35.2 in 2021 outpaces the other sectors except for industrials, which saw a higher average P/FCF in 2021 of 37.0.

The average P/FCF ratio of -14.2 for the utilities sector is consistent with the trend of these businesses to be cash flow negative, and largely fund dividends by issuing shares and debt.

S&P 500: Average P/FCF Ratio by Industry (Fiscal Years 2020-2021)

S&P 500 Industry20212020
Aerospace & Defense20.514.2
Air Freight & Logistics72.99.3
Airlines61.2-11.3
Auto Components44.627.4
Automobiles78.085.3
Banks  
Beverages30.128.3
Biotechnology14.46.3
Building Products26.420.4
Capital Markets31.725.6
Chemicals22.924.4
Commercial Services & Supplies39.737.8
Communications Equipment26.018.2
Construction & Engineering46.914.3
Construction Materials37.026.5
Consumer Finance
Containers & Packaging17.726.4
Distributors39.218.6
Diversified Financial Services
Diversified Telecommunication Services0.97.8
Electric Utilities0.4-11.4
Electrical Equipment39.823.2
Electronic Equipment, Instruments & Components31.029.3
Energy Equipment & Services13.925.0
Entertainment47.841.0
Equity Real Estate Investment Trusts (REITs)29.834.8
Equity Real Estate Investment Trusts (REITs)30.022.0
Food & Staples Retailing23.116.8
Food Products20.316.3
Gas Utilities-3.8-13.4
Health Care Equipment & Supplies44.950.8
Health Care Providers & Services12.19.8
Health Care Technology18.420.8
Hotels, Restaurants & Leisure16.922.5
Household Durables29.612.4
Household Products25.221.2
Independent Power and Renewable Electricity Producers-14.412.0
Industrial Conglomerates29.429.1
Insurance25.918.0
Interactive Media & Services6.635.3
Internet & Direct Marketing Retail-13.724.9
IT Services24.726.9
Leisure Products20.515.1
Life Sciences Tools & Services51.837.4
Machinery38.119.1
Media12.811.0
Metals & Mining11.815.7
Multiline Retail39.713.6
Multi-Utilities-38.2-19.9
Oil, Gas & Consumable Fuels9.44.1
Personal Products38.441.1
Pharmaceuticals13.628.7
Professional Services29.326.7
Real Estate Management & Development16.813.5
Road & Rail38.926.9
Semiconductors & Semiconductor Equipment46.746.9
Software47.448.4
Specialty Retail24.711.5
Technology Hardware, Storage & Peripherals14.824.8
Textiles, Apparel & Luxury Goods21.244.3
Tobacco11.811.7
Trading Companies & Distributors38.119.9
Water Utilities25.821.1
Wireless Telecommunication Services88.8-69.9
Total (S&P 500)26.123.0

Source: Company filings and estimates from Sather Research LLC.

Again, this data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 250 or below -250 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The link for a screenshot of the entire 20 year dataset from Fiscal Years 2002 – 2021: Average P/FCF Ratio of the S&P 500 by Industry.

S&P 500: Average P/B Ratio by Sector (Fiscal Years 2020-2021)

S&P 500 Sector20212020
Communication Services3.93.8
Consumer Discretionary4.23.6
Consumer Staples5.26.1
Energy2.11.8
Financials2.52.5
Health Care6.04.7
Industrials5.35.0
Information Technology8.06.9
Materials3.73.6
Real Estate4.73.7
Utilities2.32.4
Total (S&P 500)4.74.3

Source: Company filings and estimates from Sather Research LLC.

This data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 20 or below -20 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The average P/B ratio for the energy sector in 2021 was 2.1, which was higher than its 2020 values and could represent the large asset write-downs some companies had to take because of the lack of demand from the pandemic.

The average P/B ratio for tech stocks (information technology sector) of 8.0 in 2021 is the highest out of all stocks, and is due in large part to the higher returns on capital and higher margins that many businesses in this industry are able to achieve.

The average P/B ratio of 2.5 for the financial sector in 2021 is lower than the S&P average (4.7) and is typical of these highly balance sheet dependent businesses.

S&P 500: Average P/B Ratio by Industry (Fiscal Years 2020-2021)

S&P 500 Industry20212020
Aerospace & Defense1.13.3
Air Freight & Logistics7.54.9
Airlines2.42.3
Auto Components3.43.9
Automobiles1.54.1
Banks1.61.4
Beverages8.48.5
Biotechnology7.94.0
Building Products7.45.7
Capital Markets4.13.9
Chemicals3.53.7
Commercial Services & Supplies10.08.3
Communications Equipment6.14.7
Construction & Engineering3.01.8
Construction Materials4.23.3
Consumer Finance2.82.3
Containers & Packaging4.74.3
Distributors4.33.2
Diversified Financial Services1.31.3
Diversified Telecommunication Services1.62.2
Electric Utilities2.22.2
Electrical Equipment7.54.5
Electronic Equipment, Instruments & Components6.14.6
Energy Equipment & Services2.41.8
Entertainment6.87.7
Equity Real Estate Investment Trusts (REITs)5.13.8
Equity Real Estate Investment Trusts (REITs)3.63.3
Food & Staples Retailing5.16.2
Food Products4.05.1
Gas Utilities1.52.4
Health Care Equipment & Supplies6.96.3
Health Care Providers & Services4.43.0
Health Care Technology7.45.3
Hotels, Restaurants & Leisure1.40.6
Household Durables2.92.5
Household Products7.46.2
Independent Power and Renewable Electricity Producers3.64.2
Industrial Conglomerates5.36.0
Insurance1.92.4
Interactive Media & Services6.94.3
Internet & Direct Marketing Retail10.011.0
IT Services7.45.9
Leisure Products4.64.8
Life Sciences Tools & Services6.75.2
Machinery3.44.9
Media2.22.2
Metals & Mining2.31.4
Multiline Retail6.54.6
Multi-Utilities2.22.3
Oil, Gas & Consumable Fuels2.11.8
Personal Products18.915.0
Pharmaceuticals2.64.4
Professional Services8.56.7
Real Estate Management & Development3.93.3
Road & Rail8.25.1
Semiconductors & Semiconductor Equipment9.37.5
Software10.39.2
Specialty Retail4.23.6
Technology Hardware, Storage & Peripherals1.57.1
Textiles, Apparel & Luxury Goods6.45.2
Tobacco-17.90.4
Trading Companies & Distributors9.56.7
Water Utilities4.73.6
Wireless Telecommunication Services2.12.3
Total (S&P 500)4.74.3

Source: Company filings and estimates from Sather Research LLC.

Again, this data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 20 or below -20 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The link for a screenshot of the entire 19-year dataset from Fiscal Years 2003 – 2021: Average P/B Ratio of the S&P 500 by Industry.

S&P 500: Average PEG Ratio by Sector (Fiscal Years 2020-2021)

S&P 500 Sector20212020
Communication Services1.11.4
Consumer Discretionary1.83.1
Consumer Staples3.02.8
Energy-0.9-0.7
Financials1.61.3
Health Care2.91.8
Industrials3.32.2
Information Technology2.82.1
Materials1.33.6
Real Estate2.13.1
Utilities2.32.2
Total (S&P 500)2.22.2

Source: Company filings and estimates from Sather Research LLC.

This data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 20 or below -20 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The average PEG ratio for the energy sector in 2021 was -0.9, with a negative value also of -0.7 in 2020. This indicates that the average growth for all stocks in the sector was negative over the last two years.

The average PEG ratio for tech stocks (information technology sector) of 2.8 in 2021 is surprisingly not the highest out of all the S&P 500 sectors, and trails Industrials, Consumer Staples, and Health Care. It shows that perhaps tech stocks aren’t as overvalued today as some investors make them out to be, as they do look expensive on traditional valuation multiples which aren’t considering growth such as P/E or P/B.

The average PEG ratio of 1.6 for the financial sector in 2021 is lower than the S&P average (2.2) and could indicate undervaluation today, especially as these stocks tend to look cheap on traditional valuation multiples as well.

S&P 500: Average PEG Ratio by Industry (Fiscal Years 2020-2021)

S&P 500 Industry20212020
Aerospace & Defense2.62.1
Air Freight & Logistics1.22.6
Airlines-2.80.4
Auto Components 0.3
Automobiles-1.2-0.3
Banks1.21.1
Beverages6.33.3
Biotechnology1.81.5
Building Products3.01.3
Capital Markets2.20.7
Chemicals0.92.8
Commercial Services & Supplies3.13.1
Communications Equipment3.81.5
Construction & Engineering9.51.6
Construction Materials1.91.3
Consumer Finance0.70.6
Containers & Packaging2.25.9
Distributors2.02.3
Diversified Financial Services0.30.3
Diversified Telecommunication Services0.71.3
Electric Utilities3.42.7
Electrical Equipment7.92.0
Electronic Equipment, Instruments & Components1.5-1.7
Energy Equipment & Services-2.3
Entertainment-3.72.1
Equity Real Estate Investment Trusts (REITs)1.93.1
Equity Real Estate Investment Trusts (REITs)2.63.7
Food & Staples Retailing-2.62.9
Food Products2.81.8
Gas Utilities2.13.4
Health Care Equipment & Supplies4.42.1
Health Care Providers & Services0.61.8
Health Care Technology6.43.9
Hotels, Restaurants & Leisure4.92.6
Household Durables0.90.2
Household Products6.93.5
Independent Power and Renewable Electricity Producers0.2-2.8
Industrial Conglomerates3.42.1
Insurance1.62.2
Interactive Media & Services0.91.6
Internet & Direct Marketing Retail0.65.0
IT Services1.62.9
Leisure Products5.5
Life Sciences Tools & Services3.82.2
Machinery3.82.7
Media3.70.9
Metals & Mining1.13.4
Multiline Retail1.51.9
Multi-Utilities1.22.7
Oil, Gas & Consumable Fuels-0.7-0.7
Personal Products2.51.5
Pharmaceuticals3.60.6
Professional Services2.82.1
Real Estate Management & Development0.90.4
Road & Rail2.21.2
Semiconductors & Semiconductor Equipment1.81.7
Software7.03.8
Specialty Retail1.61.3
Technology Hardware, Storage & Peripherals-2.3-0.3
Textiles, Apparel & Luxury Goods-1.38.4
Tobacco-4.45.1
Trading Companies & Distributors2.51.8
Water Utilities1.8
Wireless Telecommunication Services1.3
Total (S&P 500)2.22.2

Source: Company filings and estimates from Sather Research LLC.

Again, this data was pulled from quickfs.net’s premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 20 or below -20 being deleted.

Due to the differing months for fiscal year period reporting schedules with all companies, each year’s figures may not fully represent the actual fiscal year displayed. All values represent current S&P 500 constituents and do not account for previous companies that have been dropped from the index.

The link for a screenshot of the entire 19-year dataset from Fiscal Years 2003 – 2021: Average PEG Ratio of the S&P 500 by Industry.

Supplemental information

Here’s a list of the tickers which were included for this post (current S&P 500 constituents, as of 4/7/2022):

MMM   AOS       ABT       ABBV    ABMD   ACN       ATVI      ADM     ADBE              ADP       AAP       AES        AF          A            AIG        APD       AKAM              ALK        ALB        ARE       ALGN    ALLE      LNT        ALL        GOOGL              GOOG   MO        AMZN   AMCR   AMD     AEE       AAL       AEP              AXP       AMT      AWK      AMP      ABC       AME      AMGN  APH              ADI        ANSS     ANTM   AON      APA       AAPL     AMAT   APTV              ANET     AIZ         T            ATO       ADSK     AZO       AVB       AVY              BKR       BLL        BAC       BBWI    BAX       BDX       WRB      BRK.B              BBY       BIO        TECH     BIIB       BLK        BK          BA         BKNG              BWA     BXP        BSX        BMY      AVGO   BR          BRO       BF.B              CHRW   CDNS    CZR        CPT        CPB       COF       CAH       KMX              CCL        CARR     CTLT      CAT       CBOE    CBRE     CDW     CE              CNC       CNP       CDAY    CERN     CF          CRL        SCHW   CHTR              CVX       CMG     CB          CHD      CI           CINF      CTAS     CSCO     C              CFG       CTXS      CLX        CME      CMS      KO         CTSH     CL              CMCSA CMA      CAG       COP       ED         STZ        CEG       COO              CPRT     GLW      CTVA     COST     CTRA     CCI        CSX        CMI              CVS       DHI        DHR      DRI        DVA      DE         DAL       XRAY              DVN      DXCM   FANG    DLR       DFS        DISCA   DISCK    DISH      DIS              DG         DLTR     D            DPZ       DOV      DOW     DTE       DUK              DRE       DD         DXC       EMN      ETN       EBAY     ECL        EIX              EW        EA          EMR      ENPH    ETR        EOG      EPAM    EFX              EQIX      EQR       ESS        EL          ETSY      RE          EVRG    ES              EXC        EXPE      EXPD     EXR        XOM     FFIV       FDS        FAST              FRT        FDX       FITB       FRC        FE          FIS         FISV       FLT              FMC      F            FTNT     FTV        FBHS     FOXA     FOX       BEN              FCX        AJG        GRMN   IT           GE         GNRC    GD         GIS              GPC       GILD      GL          GPN       GM        GS          GWW    HAL              HIG        HAS       HCA       PEAK     HSIC      HSY       HES       HPE              HLT        HOLX     HD         HON      HRL       HST       HWM    HPQ              HUM     HII         HBAN    IEX         IDXX      ITW       ILMN     INCY      IR              INTC      ICE         IBM       IP           IPG        IFF         INTU     ISRG      IVZ              IPGP      IQV        IRM       JBHT      JKHY      J             JNJ         JCI              JPM       JNPR      K            KEY        KEYS      KMB      KIM       KMI              KLAC     KHC       KR          LHX        LH          LRCX      LW         LVS              LDOS     LEN        LLY         LNC       LIN         LYV        LKQ       LMT       L              LOW      LUMN   LYB        MTB      MRO     MPC      MKTX    MAR              MMC    MLM     MAS      MA        MTCH   MKC      MCD     MCK              MDT      MRK      FB          MET      MTD      MGM    MCHP   MU              MSFT    MAA     MRNA   MHK      MOH     TAP       MDLZ    MPWR              MNST    MCO     MS         MOS      MSI       MSCI     NDAQ   NTAP              NFLX      NWL      NEM      NWSA   NWS      NEE       NLSN     NKE       NI              NDSN    NSC       NTRS     NOC      NLOK     NCLH     NRG      NUE              NVDA    NVR       NXPI      ORLY     OXY       ODFL     OMC     OKE              ORCL     OGN      OTIS      PCAR     PKG       PARA     PH         PAYX              PAYC     PYPL      PENN    PNR       PEP        PKI         PFE        PM              PSX        PNW     PXD       PNC       POOL    PPG       PPL        PFG       PG              PGR       PLD        PRU       PEG       PTC        PSA        PHM      PVH              QRVO   PWR      QCOM  DGX       RL          RJF         RTX        O              REG       REGN    RF          RSG       RMD     RHI        ROK       ROL              ROP       ROST     RCL        SPGI      CRM      SBAC     SLB        STX              SEE        SRE        NOW     SHW      SBNY     SPG       SWKS    SJM              SNA       SEDG     SO         LUV       SWK      SBUX     STT        STE              SYK        SIVB      SYF        SNPS     SYY        TMUS    TROW   TTWO              TPR        TGT       TEL        TDY       TFX        TER        TSLA      TXN              TXT        TMO     TJX         TSCO     TT          TDG       TRV       TRMB              TFC        TWTR    TYL        TSN       USB       UDR      ULTA     UAA      UA              UNP       UAL       UNH      UPS       URI        UHS       VLO       VTR              VRSN     VRSK     VZ          VRTX     VFC       VTRS     V            VNO              VMC      WAB     WMT    WBA     WM       WAT      WEC      WFC              WELL     WST      WDC     WRK      WY        WHR     WMB    WTW              WYNN   XEL        XYL        YUM      ZBRA     ZBH       ZION     ZTS