The chart to the right shows the average percentage that stocks in the S&P 1500 are trading from their respective 52-week highs by market cap. Stocks in the S&P 500 (large cap) are currently down an average of 16.1% from their 52-week highs. This may sound like a lot, but when you consider the fact that this reading was at -26.9% on February 8th, it is a big improvement. For the S&P 1500 as a whole, we have seen a similar improvement as stocks are down an average of 20.6% from their respective 52-week highs compared to -31.1% on 2/8. Small caps are currently down an average of 25.1%, which is the worst of the three market cap ranges.
The chart below shows the average distance from 52-week highs for stocks in the S&P 1500 grouped by sector. Stocks in the Energy sector are still the furthest from their 52-week highs, down an average of 44.2%. That too though is a big improvement from early February when stocks in the sector were down an average of 59%! Besides Energy, there is no other sector where the average stock is down more than 25% from its 52-week high. In early February, there were only two sectors where the average distance from a 52-week high was within 25%. The overall takeaway here is that while individual stocks are still well below their 52-week highs, there has been a big improvement in just the last six weeks.