Forget the Top 5, These Stocks Were the Biggest Movers in the S&P 500 in 2023
- Movements among top 50 intensify as concentration increases
- Top 50 moved up or down on average nine spots this year
The much-discussed concentration risk at the very top means investors are increasingly reliant on a shrinking number of companies for returns.
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As the gulf between America’s five largest companies and everyone else widens to exceedingly worrying levels, gyrations among the rest of the top 50 in the S&P 500 are at a 10-year high.
The 50 most valuable companies in the benchmark, which now make up about 56% of its total weight, moved up or down on average nine places this year, tied for the most since at least 2013 and almost double in 2019. And that volatility comes even as the median valuation gap between each company in the top 50 has more than doubled to $7 billion since 2013.