Software
Application and infrastructure software, including cybersecurity. AI exposure is a theme, not a default.
Leadership as of 2026-10-27: Leading. Relative to SPY: 5 sessions +4.1pp, 21 sessions +14.4pp, 63 sessions +17.1pp. Participation 90%; 109 of 122 members eligible.
- 21-session excess +14.4pp ≥ +2.0
- 63-session excess +16.2pp (robust) ≥ +2.0
- 21-session excess without the strongest member +13.7pp > 0
- 90% of window members beat SPY over 21 sessions
Member companies
- Amplitude, Inc. (AMPL)
- Braze, Inc. (BRZE)
- Qualys, Inc. (QLYS)
- Tenable Holdings, Inc. (TENB)
- Appian Corporation (APPN)
- Okta, Inc. (OKTA)
- Rubrik, Inc. (RBRK)
- Netskope, Inc. (NTSK)
- Atlassian Corporation (TEAM)
- Zeta Global Holdings Corp. (ZETA)
- GitLab Inc. (GTLB)
- Paycom Software, Inc. (PAYC)
- Box, Inc. (BOX)
- CrowdStrike Holdings, Inc. (CRWD)
- DocuSign, Inc. (DOCU)
- Elastic N.V. (ESTC)
- Five9, Inc. (FIVN)
- PagerDuty, Inc. (PD)
- Rapid7, Inc. (RPD)
- SentinelOne, Inc. (S)
- OneSpan Inc. (OSPN)
- Radware Ltd. (RDWR)
- Sprout Social, Inc (SPT)
- Dynatrace, Inc. (DT)
- Freshworks Inc. (FRSH)
- Fortinet, Inc. (FTNT)
- Palo Alto Networks, Inc. (PANW)
- Veeva Systems Inc. (VEEV)
- Fastly, Inc. (FSLY)
- AvePoint, Inc. (AVPT)
- Intapp, Inc. (INTA)
- Zscaler, Inc. (ZS)
- Alarm.com Holdings, Inc. (ALRM)
- PTC Inc. (PTC)
- Asana, Inc. (ASAN)
- Manhattan Associates, Inc. (MANH)
- PubMatic, Inc. (PUBM)
- Teradata Corporation (TDC)
- Paylocity Holding Corporation (PCTY)
- Snowflake Inc. (SNOW)
- Twilio Inc. (TWLO)
- Workiva Inc. (WK)
- Mitek Systems, Inc. (MITK)
- ServiceNow, Inc. (NOW)
- Palantir Technologies Inc. (PLTR)
- Samsara Inc. (IOT)
- MongoDB, Inc. (MDB)
- Blackbaud, Inc. (BLKB)
- Cloudflare, Inc. (NET)
- Q2 Holdings, Inc. (QTWO)
- CCC Intelligent Solutions Holdi (CCC)
- The Descartes Systems Group Inc (DSGX)
- SAP SE (SAP)
- Workday, Inc. (WDAY)
- Automatic Data Processing, Inc. (ADP)
- C3.ai, Inc. (AI)
- Microsoft Corporation (MSFT)
- nCino, Inc. (NCNO)
- Salesforce, Inc. (CRM)
- DoubleVerify Holdings, Inc. (DV)
- NetScout Systems, Inc. (NTCT)
- Progress Software Corporation (PRGS)
- Roper Technologies, Inc. (ROP)
- Procore Technologies, Inc. (PCOR)
- NICE Ltd (NICE)
- BILL Holdings, Inc. (BILL)
- UiPath, Inc. (PATH)
- SPS Commerce, Inc. (SPSC)
- Sprinklr, Inc. (CXM)
- Bentley Systems, Incorporated (BSY)
- Check Point Software Technologi (CHKP)
- monday.com Ltd. (MNDY)
- Open Text Corporation (OTEX)
- Zoom Communications, Inc. (ZM)
- Wix.com Ltd. (WIX)
- Donnelley Financial Solutions, (DFIN)
- Vertex, Inc. (VERX)
- Guidewire Software, Inc. (GWRE)
- International Business Machines (IBM)
- A10 Networks, Inc. (ATEN)
- Broadridge Financial Solutions, (BR)
- N-able, Inc. (NABL)
- Lightspeed Commerce Inc. Subord (LSPD)
- AppFolio, Inc. (APPF)
- Paychex, Inc. (PAYX)
- SS&C Technologies Holdings, Inc (SSNC)
- BlackLine, Inc. (BL)
- Trimble Inc. (TRMB)
- Autodesk, Inc. (ADSK)
- HubSpot, Inc. (HUBS)
- Jack Henry & Associates, Inc. (JKHY)
- Pegasystems Inc. (PEGA)
- PAR Technology Corporation (PAR)
- Toast, Inc. (TOST)
- Cerence Inc. (CRNC)
- ZoomInfo Technologies Inc. (GTM)
- Verisk Analytics, Inc. (VRSK)
- Adobe Inc. (ADBE)
- Akamai Technologies, Inc. (AKAM)
- NCR Voyix Corporation (VYX)
- Intuit Inc. (INTU)
- Oracle Corporation (ORCL)
- Alkami Technology, Inc. (ALKT)
- MNTN, Inc. (MNTN)
- Fidelity National Information S (FIS)
- Innodata Inc. (INOD)
- The Trade Desk, Inc. (TTD)
- Gorilla Technology Group Inc. (GRRR)
- SoundHound AI, Inc. (SOUN)
- PowerFleet, Inc. (AIOT)
- Alight, Inc. (ALIT)
- Allot Ltd. (ALLT)
- Arqit Quantum Inc. (ARQQ)
- Asure Software Inc (ASUR)
- BigBear.ai, Inc. (BBAI)
- Commerce.com, Inc. - Series 1 (CMRC)
- Docebo Inc. (DCBO)
- i3 Verticals, Inc. (IIIV)
- CS Disco, Inc. (LAW)
- Perion Network Ltd (PERI)
- Telos Corporation (TLS)
- VTEX (VTEX)
Themes in this family
- Collaboration Software: Leading — 21-session vs SPY +25.4pp, participation 100%
- Customer Engagement & Marketing: Leading — 21-session vs SPY +23.1pp, participation 92%
- Finance, Tax & Accounting Software: Leading — 21-session vs SPY +22.7pp, participation 100%
- Vertical Industry Software: Leading — 21-session vs SPY +18.1pp, participation 100%
- Data Infrastructure Software: Leading — 21-session vs SPY +16.7pp, participation 100%
- DevOps, Observability & IT Operations: Leading — 21-session vs SPY +16.1pp, participation 100%
- Cybersecurity: Leading — 21-session vs SPY +13.7pp, participation 85%
- Banking & Financial Software: Improving — 21-session vs SPY +11.5pp, participation 100%
- HR & Payroll Software: Improving — 21-session vs SPY +8.8pp, participation 83%
- Engineering Design Software: Tracked (too few stocks for a leadership state) — 21-session vs SPY +26.8pp, participation 100%
- Workflow Automation & Low-Code: Tracked (too few stocks for a leadership state) — 21-session vs SPY +20.0pp, participation 100%
- IoT & Connected Operations: Tracked (too few stocks for a leadership state) — 21-session vs SPY +14.5pp, participation 100%
- Restaurant & Retail Commerce Tech: Tracked (too few stocks for a leadership state) — 21-session vs SPY +12.9pp, participation 100%
- Supply-Chain Software: Tracked (too few stocks for a leadership state) — 21-session vs SPY +12.6pp, participation 100%
- Enterprise Platforms (Mega-Cap): Tracked (too few stocks for a leadership state) — 21-session vs SPY +6.8pp, participation 75%
- Edge Cloud / CDN: Tracked (too few stocks for a leadership state) — 21-session vs SPY −2.6pp, participation 33%
- Advertising Technology: Tracked (too few stocks for a leadership state) — 21-session vs SPY −3.2pp, participation 50%
- Enterprise AI Platforms: Tracked (too few stocks for a leadership state) — 21-session vs SPY −3.4pp, participation 67%
- AI Data Services: Exposure tag
- Creative Software: Exposure tag
- E-Commerce Platforms: No price data
- Voice AI: Exposure tag
- Website Builders: Exposure tag