If you were remotely tuned into the events of our economy, you may have noticed that the fourth quarter was not our heyday. But there were sectors in the S&P 500 with corresponding exchange traded funds (ETFs) that managed to demonstrate might.

The unofficial fourth quarter earnings came in – we’re about 80% there now – and the year-over-year earnings for the S&P 500 are down 36%, according to the Bespoke Investment Group. Analysts previously expected an increase of 30% from Q4 2007 to Q4 2008.

On a sector basis, three managed to see a year-over-year increase in earnings. They are:

• Utilities. The sector was up 6.1% in the fourth quarter. Utilities Select SPDR (XLU) is down 7.5% in the last month and down 4.9% in the last three months.

• Consumer Staples. The sector was up 9.6% in the 4th quarter. Consumer Staples SPDR (XLP) is down 6.9% in the last month and down 7.7% in the last three months.

• Health Care. The sector was up 9.9% in the fourth quarter. Health Care Select SPDR (XLV) is up 0.5% in the last month and up 4.2% in the last 3-months.

It is estimated that the year-over-year percent change for the S&P 500 will be -31.09% for Q1 ‘09, -25.4 for Q2 ‘09, and -11.7% for Q3 ‘09.

Tags: Consumer Staples, Health Care, S&P 500, Utilities, XLP, XLU, XLV