Regulatory impact on technology
REGULATIONS
Financials have been affected in multiples considering the regulations, Tech has way less regulations (# reg) and the multiples are much better. (Price to book versus changes in number of regulations)
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Industrials $Industrial Select Sector SPDR Fund(XLI)$ , Discretionary $Consumer Discretionary Select Sector SPDR Fund(XLY)$ , and Financials $Financial Select Sector SPDR Fund(XLF)$ , are the most regulated sectors. Tech $Technology Select Sector SPDR Fund(XLK)$ and Real State $Real Estate Select Sector SPDR Fund(XLRE)$ are the least regulated ones.
Hence their performance.
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