{"schemaVersion":1,"path":"/research/assets","canonicalUrl":"https://grizzlybulls.com/research/assets","publishedAt":"2026-09-21","licenseUrl":"https://grizzlybulls.com/legal/data-license","downloads":{"json":"https://grizzlybulls.com/research-data/grizzly-bulls-research-figures.json","csv":"https://grizzlybulls.com/research-data/grizzly-bulls-research-figures.csv"},"figures":[{"figureId":"sp500-top-ten-concentration-history-figure","title":"S&P 500 top-10 concentration at seven decade endpoints","description":"Reconstructed decade endpoints from June 1965 through June 2025.","alt":"Line chart of S&P 500 top-10 concentration falling from 38.24% in June 1965 to a low of 17.67% in June 1995, then rising to 38.15% in June 2025.","canonicalUrl":"https://grizzlybulls.com/research/figures/sp500-top-ten-concentration-history-figure","dataAsOf":"2025-06-30","units":"Percent of S&P 500","sourceLabel":"S&P Dow Jones Indices, In the Shadows of Giants","sourceUrls":["https://www.spglobal.com/spdji/en/documents/research/research-in-the-shadows-of-giants.pdf","https://www.spglobal.com/spdji/en/methodology/article/sp-us-indices-methodology/"],"study":{"slug":"historical-sp500-concentration","path":"/research/historical-sp500-concentration","canonicalUrl":"https://grizzlybulls.com/research/historical-sp500-concentration","title":"S&P 500 Concentration History: How the Top 10 Changed From 1965 to 2025","publishedAt":"2026-09-20","updatedAt":null,"version":"1.0"},"assets":{"svgPath":"/research/figures/sp500-top-ten-concentration-history-figure.svg","pngPath":"/research/figures/sp500-top-ten-concentration-history-figure.png","svgUrl":"https://grizzlybulls.com/research/figures/sp500-top-ten-concentration-history-figure.svg","pngUrl":"https://grizzlybulls.com/research/figures/sp500-top-ten-concentration-history-figure.png"},"citation":"Lee Bailey. “S&P 500 top-10 concentration at seven decade endpoints.” Figure from S&P 500 Concentration History: How the Top 10 Changed From 1965 to 2025. Grizzly Bulls, September 21, 2026. Data snapshot June 30, 2025. https://grizzlybulls.com/research/figures/sp500-top-ten-concentration-history-figure","embedHtml":"
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Source: Grizzly Bulls Research
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"},{"figureId":"sp500-top10-earnings-vs-market-cap-2024-2026","title":"Top-10 share of S&P 500 market cap and trailing earnings","description":"March 31, 2024 compared with March 31, 2026.","alt":"Line chart comparing S&P 500 top-10 market-cap share and trailing-earnings share in March 2024 and March 2026.","canonicalUrl":"https://grizzlybulls.com/research/figures/sp500-top10-earnings-vs-market-cap-2024-2026","dataAsOf":"2026-03-31","units":"Percent of S&P 500","sourceLabel":"J.P. Morgan Asset Management Guide to the Markets; FactSet and Standard & Poor's cited by the source","sourceUrls":["https://img1.wsimg.com/blobby/go/132cbe13-cc82-44df-8127-b12f8a7d6c1c/JP%20Morgan%20-%20Q2%202024%20Guide%20to%20the%20Markets.pdf","https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-the-markets/mi-guide-to-the-markets-us.pdf"],"study":{"slug":"sp500-earnings-concentration","path":"/research/sp500-earnings-concentration","canonicalUrl":"https://grizzlybulls.com/research/sp500-earnings-concentration","title":"S&P 500 Earnings Concentration: Are the Top 10 Backed by Profits?","publishedAt":"2026-09-20","updatedAt":null,"version":"1.0"},"assets":{"svgPath":"/research/figures/sp500-top10-earnings-vs-market-cap-2024-2026.svg","pngPath":"/research/figures/sp500-top10-earnings-vs-market-cap-2024-2026.png","svgUrl":"https://grizzlybulls.com/research/figures/sp500-top10-earnings-vs-market-cap-2024-2026.svg","pngUrl":"https://grizzlybulls.com/research/figures/sp500-top10-earnings-vs-market-cap-2024-2026.png"},"citation":"Lee Bailey. “Top-10 share of S&P 500 market cap and trailing earnings.” Figure from S&P 500 Earnings Concentration: Are the Top 10 Backed by Profits?. Grizzly Bulls, September 21, 2026. Data snapshot March 31, 2026. https://grizzlybulls.com/research/figures/sp500-top10-earnings-vs-market-cap-2024-2026","embedHtml":"
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Source: Grizzly Bulls Research
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"},{"figureId":"sp500-forward-pe-top10-remaining-2024-2026","title":"Forward P/E by S&P 500 cohort","description":"March 31, 2024 compared with June 30, 2026.","alt":"Line chart comparing forward P/E for the S&P 500 top 10, remaining companies, and full index in March 2024 and June 2026.","canonicalUrl":"https://grizzlybulls.com/research/figures/sp500-forward-pe-top10-remaining-2024-2026","dataAsOf":"2026-06-30","units":"Next-12-month forward P/E","sourceLabel":"J.P. Morgan Asset Management Guide to the Markets; FactSet and Standard & Poor's cited by the source","sourceUrls":["https://img1.wsimg.com/blobby/go/132cbe13-cc82-44df-8127-b12f8a7d6c1c/JP%20Morgan%20-%20Q2%202024%20Guide%20to%20the%20Markets.pdf","https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-the-markets/mi-guide-to-the-markets-us.pdf"],"study":{"slug":"sp500-valuation-concentration","path":"/research/sp500-valuation-concentration","canonicalUrl":"https://grizzlybulls.com/research/sp500-valuation-concentration","title":"S&P 500 Valuation Concentration: What Does the Index Cost Without the Top 10?","publishedAt":"2026-09-20","updatedAt":null,"version":"1.0"},"assets":{"svgPath":"/research/figures/sp500-forward-pe-top10-remaining-2024-2026.svg","pngPath":"/research/figures/sp500-forward-pe-top10-remaining-2024-2026.png","svgUrl":"https://grizzlybulls.com/research/figures/sp500-forward-pe-top10-remaining-2024-2026.svg","pngUrl":"https://grizzlybulls.com/research/figures/sp500-forward-pe-top10-remaining-2024-2026.png"},"citation":"Lee Bailey. “Forward P/E by S&P 500 cohort.” Figure from S&P 500 Valuation Concentration: What Does the Index Cost Without the Top 10?. Grizzly Bulls, September 21, 2026. Data snapshot June 30, 2026. https://grizzlybulls.com/research/figures/sp500-forward-pe-top10-remaining-2024-2026","embedHtml":"
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Source: Grizzly Bulls Research
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"},{"figureId":"sp500-starting-concentration-next-decade-return","title":"Starting top-10 concentration vs. subsequent 10-year S&P 500 price return","description":"Six non-overlapping decade starts from June 1965 through June 2015.","alt":"Scatter plot comparing starting S&P 500 top-10 concentration with the following 10-year annualized S&P 500 price return across six decade starts.","canonicalUrl":"https://grizzlybulls.com/research/figures/sp500-starting-concentration-next-decade-return","dataAsOf":"2025-06-30","units":"X: top-10 index weight; Y: annualized S&P 500 price return","sourceLabel":"S&P Dow Jones Indices, In the Shadows of Giants","sourceUrls":["https://www.spglobal.com/spdji/en/documents/research/research-in-the-shadows-of-giants.pdf"],"study":{"slug":"sp500-concentration-forward-returns","path":"/research/sp500-concentration-forward-returns","canonicalUrl":"https://grizzlybulls.com/research/sp500-concentration-forward-returns","title":"S&P 500 Concentration and Forward Returns: Does a Top-Heavy Market Predict the Next Decade?","publishedAt":"2026-09-20","updatedAt":null,"version":"1.0"},"assets":{"svgPath":"/research/figures/sp500-starting-concentration-next-decade-return.svg","pngPath":"/research/figures/sp500-starting-concentration-next-decade-return.png","svgUrl":"https://grizzlybulls.com/research/figures/sp500-starting-concentration-next-decade-return.svg","pngUrl":"https://grizzlybulls.com/research/figures/sp500-starting-concentration-next-decade-return.png"},"citation":"Lee Bailey. “Starting top-10 concentration vs. subsequent 10-year S&P 500 price return.” Figure from S&P 500 Concentration and Forward Returns: Does a Top-Heavy Market Predict the Next Decade?. Grizzly Bulls, September 21, 2026. Data snapshot June 30, 2025. https://grizzlybulls.com/research/figures/sp500-starting-concentration-next-decade-return","embedHtml":"
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Source: Grizzly Bulls Research
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"}]}