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Why is (retail ETF) XRT up 100% from the pre-covid Feb 2020 highs


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The $XRT is up 105%+ since the Feb2020 highs, while the Nasdaq 100 is only up +38% (where retail was closed, and technology was massively adopted).

How did the retail ETF crush the QQQ?

Even Guess Jeans is +28% from pre-Covid levels.  Cheesecake factory +46% from pre-covid highs.

Pull up charts of Abercrombie, Gap, and the broader retail ETF, XRT, and you kind of scratch your head. 

What is going on? Can retail companies really be worth 2x more than they were worth in Feb 2020? 

This is wacky if you ask me. Some of the composition of the index (auto retailers -18% of index and eRetailers - 18% of index) had a tailwind, but the rest? 

This is almost like JP Morgan reaching pre-GFC high before names that werent as much affected by GFC in 2010 period.

Edited by Simba
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3 hours ago, Simba said:

The $XRT is up 105%+ since the Feb2020 highs, while the Nasdaq 100 is only up +38% (where retail was closed, and technology was massively adopted).

How did the retail ETF crush the QQQ?

Even Guess Jeans is +28% from pre-Covid levels.  Cheesecake factory +46% from pre-covid highs.

Pull up charts of Abercrombie, Gap, and the broader retail ETF, XRT, and you kind of scratch your head. 

What is going on? Can retail companies really be worth 2x more than they were worth in Feb 2020? 

This is wacky if you ask me. Some of the composition of the index (auto retailers -18% of index and eRetailers - 18% of index) had a tailwind, but the rest? 

This is almost like JP Morgan reaching pre-GFC high before names that werent as much affected by GFC in 2010 period.

Could be due to GameStop? It's about 6-7% of the ETF.

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