The 10 largest stocks by market capitalization in the S&P 500 index account for about 27% of the benchmark. Apple has more than a 7% weight, and Microsoft represents 6%.
Most of largest S&P 500 companies outperform this year
NVIDIA and Meta Platforms, with year-to-date returns of 85.6% and 76.9%, respectively, have easily bested the overall S&P 500's 8.2% return. Berkshire Hathaway Class B shares and Exxon Mobil have lagged the index.
Tesla's stock, which had the index's sixth-largest weighting at the end of March, has fallen out of the top 10. Nonetheless, despite Tesla's shares dropping by 20.4% since the end of March, they have returned 34% since the start of 2023.
Tesla's price-to-sales ratio was 6 vs. 2.3 for the S&P 500 index. The company's P/S was 20.9 at the end of 2020. Last year's revenue grew by more than 51% to $81.5 billion, and the 2023 consensus analyst estimate calls for a better than 23% increase to $100.2 billion.