CAC 40 vs S&P 500
The CAC 40 is the French large-cap equity benchmark of 40 most liquid stocks listed on Euronext Paris. Top weights include TotalEnergies (TTE) at approximately 9.52 percent (energy), Schneider Electric at 7.57 percent (industrial automation, electrification), Sanofi (healthcare, pharmaceutical), LVMH (luxury), Hermes (luxury), L'Oreal (consumer staples), Airbus (aerospace), and Stellantis (automotive).
Also known as: CAC 40 (CAC, French equities) · S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500)
Why This Comparison Matters
The CAC 40 is the French large-cap equity benchmark of 40 most liquid stocks listed on Euronext Paris. Top weights include TotalEnergies (TTE) at approximately 9.52 percent (energy), Schneider Electric at 7.57 percent (industrial automation, electrification), Sanofi (healthcare, pharmaceutical), LVMH (luxury), Hermes (luxury), L'Oreal (consumer staples), Airbus (aerospace), and Stellantis (automotive). SPY (SPDR S&P 500 ETF) tracks the cap-weighted S&P 500 with current price $708. The pair captures luxury + industrial + energy French composition vs US tech-led broad-market. CAC 40 outperforms during luxury spending cycles and EU industrial recovery. CAC 40 underperforms during US tech-led narratives and luxury demand contraction.
The April 2026 Configuration
CAC 40 closes April 24, 2026 at 8,249 (intraday range April 9 was 8,183.36 to 8,254.56). SPY closes at $708. CAC 40 is down approximately 6-7 percent year-to-date, placing it among underperformers within developed markets in 2026.
The luxury sector experienced significant volatility in April 2026: April 8 rally LVMH +6.9 percent and Hermes +7.3 percent on improved geopolitical backdrop following ceasefire announcements; mid-April decline LVMH -1.9 percent on Q1 fashion/leather goods miss; April 16 LVMH -7.5 percent on full Q1 sales -3 percent vs +2 percent expected. LVMH management warned that Iran conflict had reduced group sales by at least 1 percentage point in the quarter.
The combined April 2026 reading: CAC 40 facing renewed selling pressure with luxury heavyweights weighing on sentiment after disappointing Q1 earnings reports. The 6-7 percent YTD decline contrasts with broader European outperformance (STOXX 600 +17.5 percent YTD in EUR). CAC 40 underperformance reflects luxury sector weakness specific to French composition.
CAC 40 Composition: Luxury Plus Energy Plus Healthcare
CAC 40 sector composition (April 2026): Energy approximately 10 percent (TotalEnergies dominant); Industrial Goods/Services approximately 18 percent (Schneider Electric, Airbus, Vinci, Saint-Gobain); Luxury/Consumer Discretionary approximately 22 percent (LVMH, Hermes, Kering, EssilorLuxottica); Healthcare approximately 13 percent (Sanofi, Pernod Ricard, EssilorLuxottica); Banks/Insurance approximately 13 percent (BNP Paribas, AXA, Credit Agricole, SocGen); Consumer Staples approximately 8 percent (L'Oreal, Pernod Ricard); Technology approximately 5 percent (Capgemini, Dassault Systemes); Other approximately 11 percent.
Top weights detail: TotalEnergies (TTE) 9.52 percent (Energy Minerals); Schneider Electric (SU) 7.57 percent (Producer Manufacturing); Sanofi (SAN) approximately 6 percent (Health Technology); LVMH approximately 8 percent (Consumer Discretionary luxury); Hermes approximately 5 percent (luxury); L'Oreal approximately 5 percent (consumer staples); Airbus approximately 4 percent (aerospace); Air Liquide approximately 3 percent (industrial gases).
The practical implication: CAC 40 is a unique blend of luxury (Tier-1 global luxury exposure), energy (TotalEnergies leverage to oil), industrial automation (Schneider Electric electrification leader), and healthcare (Sanofi vaccine and pharma exposure). The composition makes CAC 40 sensitive to global luxury demand (China consumer rebound), oil prices (Russia-Ukraine, Middle East), industrial capex cycles (electrification, AI infrastructure), and healthcare innovation cycles.
Conditional Forward Response (Tail Events)
How S&P 500 ETF (SPY) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in CAC 40. Computed from 1,271 aligned daily observations ending .
Following these triggers, S&P 500 ETF (SPY) rises 0.18% on average over the next 5 sessions, versus an unconditional baseline of +0.23%. 128 qualifying events; S&P 500 ETF (SPY) closed positive in 53% of them.
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Frequently Asked Questions
What are CAC 40 and SPY?+
CAC 40 is the French large-cap equity benchmark of 40 most liquid stocks listed on Euronext Paris. Currently 8,249 (April 24 2026, range April 9 was 8,183-8,254). Top weights: TotalEnergies (TTE) 9.52% (energy), Schneider Electric (SU) 7.57% (industrial automation), Sanofi (SAN) ~6% (health), LVMH ~8% (luxury), Hermes ~5% (luxury), L'Oreal ~5% (consumer staples), Airbus ~4% (aerospace). Luxury sector ~22% of CAC 40. SPY (SPDR S&P 500 ETF) tracks cap-weighted S&P 500 at $708. CAC 40 -6-7% YTD 2026 (underperformer within DM); STOXX 600 broader benchmark +17.5% YTD in EUR.
How does CAC 40 composition differ from SPY?+
CAC 40 sector composition: Energy ~10% (TotalEnergies); Industrial Goods/Services ~18% (Schneider Electric, Airbus, Vinci, Saint-Gobain); Luxury/Consumer Discretionary ~22% (LVMH, Hermes, Kering, EssilorLuxottica); Healthcare ~13% (Sanofi, Pernod Ricard); Banks/Insurance ~13% (BNP Paribas, AXA, Credit Agricole, SocGen); Consumer Staples ~8% (L'Oreal); Technology ~5% (Capgemini, Dassault Systemes). SPY: Tech + Communication Services ~35% (mega-cap tech), Healthcare 13%, Financials 13%. CAC 40 zero direct AI/mega-cap tech exposure. SPY minimal luxury exposure. Different macro tilts: CAC luxury consumer + energy; SPY tech-growth.
How does the luxury cycle drive CAC 40?+
Luxury ~22% of CAC 40 makes it most luxury-exposed major DM index. Cycle drives dispersion vs other European indices. 2010-2018 luxury supercycle: China consumer wealth drove LVMH revenue +8-12% annually, LVMH stock 8x. 2020-2021 COVID rebound + revenge spending: LVMH revenue +36% in 2021. 2022-2023 China zero-COVID drag: LVMH stock fell EUR 850 (April 2023 peak) to EUR 600 by end 2024. 2024-2025 modest recovery: LVMH +4% in 2024; Hermes +12% (ultra-luxury). 2026 luxury weakness: LVMH Q1 2026 -3% revenue; Iran conflict reduced group sales 1+pp; LVMH stock -25% from 2023 highs. CAC 40 -6-7% YTD primarily reflects luxury weakness.
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