X-ray of ADX relative to the S & P 500-II
The ist Q of 2023 statement for ADX is out. Of the 94 non-controlled securities listed 16 are smaller in size than than the relevant holding in the S&P 500 index. Alphabet is most underweight as there is only 2.81% of the port in GOOGL while the combined size of GOOG & GOOGL in the index is 3.95% That leaves ADX 1.14% underweight which is the biggest gap.
There are three non controlled investments in the port which are not in the index. They are MANH, CPRI, & APC. I was surprised that Air Products & Chemicals was not in the S&P 500 index.
Thermo Fisher TMO is the biggest overweight security as ADX has it in 1.97% of the port while the index weights it at only 0.58%. ADX does have four SPDR Etfs in the port which are not in the index on their own of course. They are XLI, XLF, XLC & XLK.