It goes back further... The article was written in mid-2022. from https://get.ycharts.com/resources/blog/whats-the-sp-500-without-its-faangs/ https://get.ychar

It goes back further... The article was written in mid-2022. from https://get.ycharts.com/resources/blog/whats-the-sp-500-without-its-faangs/ https://get.ycharts.com/resources/blog/whats-the-sp-500-with...: Given the sheer size of “mega cap stocks”—being Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG & GOOGL), Meta Platforms (FB), Tesla (TSLA), NVIDIA (NVDA), and formerly Netflix (NFLX)—most portfolios carry noteworthy exposure to these companies. When stripping out the entire cohort of Mega Cap Stocks, the S&P 500’s annualized performance in the five-year period ending February 28, 2022 would have fallen to 6.98% from 15.17% annually—a reduction of more than half. The index’s standard deviation would have seen an improvement of 4 percentage points, but the lost returns seem to sting more than the reduced volatility. The pattern persists in each full calendar year since 2015. When each Mega Cap Stock is hypothetically excluded from the S&P 500’s total return, the index suffers. Notably, 2020’s 18.4% total return for the S&P 500 would have been a mere 3.3% had the eight Mega Cap Stocks been excluded, by our calculations. Only in 2022 (year-to-date, through February 28, 2022) would removing the Mega Cap Stocks have actually boosted the S&P’s growth.