For the year ended October 31, SPY has gained 5.2% while the Energy Select Sector SPDR ETF (NYSEArca: XLE), which tracks S&P 500 energy sector companies, declined 20.1%.
If the energy sector was excluded from the growth calculations for Q4 2015, Butters calculates earnings growth rate for the quarter would be 1.6% and estimated revenue growth would be 1.2%. For the current year 2015 calculations sans energy names, S&P 500 estimated earnings growth for the year would be 6.9% and estimated revenue growth would be 1.9%.
Investors may have a chance to easily track the S&P 500 without energy sector exposure. ProShares recently came out with a suite of ex-sector S&P 500 ETFs that promise to track the S&P 500 without a specific sector. Specifically, the S&P 500 Ex-Energy ETF (NYSEArca: SPXE) will try to reflect the performance of the S&P 500 Ex-Energy Index, which provides exposure to S&P 500 companies with the exception of those included in the Energy Sector. [S&P Without the Pulp: New S&P 500 ‘Ex-Sector’ ETFs Introduced]
While SPXE holds a 0% exposure to the energy sector, the ProShares ETF includes slightly higher tilts toward the other sectors, compared to the broader S&P 500 index. SPXE jas a 21.9% tilt toward information technology, 17.8% in financials, 15.8% in health care, 14.1% in consumer discretionary, 10.8% in industrials, 10.7% in consumer staples, 3.4% in utilities, 3.0% in materials and 2.6% in telecom services.
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Max Chen contributed to this article.