Throughout the first half of 2015 and even before that, the Health Care sector was one of the market’s leading sectors. Like the Energy sector in 2014, though, the second half of the year rolled around and Health Care has quickly gone from leader to laggard. The chart below shows the relative strength of the S&P 500 Health Care sector versus the S&P 500 itself over the last twelve months and is included each week with every other sector chart in our Sector Snapshots report. (Our Sector Snapshots is available to Bespoke Premium and Bespoke Institutional members. See a sample here.) When the line is rising, Health Care is outperforming and when the line is falling, Health Care is lagging. Driven in large part by weakness in biotech stocks, the S&P 500 Health Care sector has gone from the market’s biggest outperformer to barely even generating any alpha. For an entire sector, you don’t see charts like this very often.