Select a year and choose which of the top 7 companies by market capitalization to exclude from the S&P 500 return calculation. See how market concentration has evolved from 2022 to 2025.
The composition and returns of the largest companies at year-end for each period.
The seven largest technology companies—Apple, Microsoft, Nvidia, Alphabet (Google), Amazon, Meta, and Tesla—collectively account for approximately 35% of the S&P 500's total market capitalization as of late 2024. This concentration level is unprecedented in modern market history.
| Year | S&P 500 Return | Mag 7 Return | S&P 493 Return | Concentration Effect |
|---|---|---|---|---|
| 2025 YTD | +17.5% | +45.2% | +12.5% | +5.0 pts from top 7 |
| 2024 | +23.3% | +65.8% | +12.1% | +11.2 pts from top 7 |
| 2023 | +24.2% | +75.7% | +11.8% | +12.4 pts from top 7 |
| 2022 | -18.1% | -40.2% | -11.4% | -6.7 pts from top 7 |
2022: The Magnificent Seven amplified the bear market, falling 40% while the remaining 493 stocks declined 11%. Tech concentration worked against investors.
2023-2024: A dramatic reversal. The top 7 stocks gained 76% and 66% respectively, contributing over half of the index's total returns. Without these companies, the S&P 500's gains would have been modest.
2025 YTD: Based on IVV ETF tracking, the S&P 500 is up 17.5% year-to-date as of December 5th, with the largest stocks up approximately 45% while the broader market rises more modestly, demonstrating continued market concentration around AI and technology leaders.
| Period | Opening Price | Current/Closing Price | Change (Points) | Change (%) |
|---|---|---|---|---|
| 2025 YTD | $585.00 | $687.50 | +$102.50 | +17.5% |
| 2024 | 4,770 | 5,881 | +1,111 | +23.3% |
| 2023 | 3,840 | 4,770 | +930 | +24.2% |
| 2022 | 4,766 | 3,840 | -926 | -19.4% |