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- ⚠️CHART OF THE WEEK: Over 50% of the S&P 500 returns came from the top 10 stocks since 2021
⚠️CHART OF THE WEEK: Over 50% of the S&P 500 returns came from the top 10 stocks since 2021
The US stock market is extremely concentrated
Global Markets Investor
July 26, 2025
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The top 10 stocks’ contribution to the S&P 500’s market value increase since the beginning of 2021 was a remarkable 54%, according to Apollo analysis.
In other words, 37.8 percentage points of the S&P 500’s 70% gain came from NVIDIA, Microsoft, Apple, Amazon, Alphabet, Meta, Broadcom, Tesla, Berkshire Hathaway, and JP Morgan combined.
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Looking at it from another angle, if one had invested $100,000 in the S&P 500 in January 2021, their return would be today $70,000, of which $37,800 would come from the top 10.
This reflects a huge concentration risk and poor diversification.
More about the concentration and other stock market stats in the below analysis.
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