Decrease Underperformance across most of the Magnificent Seven is giving ETFs built around smaller stocks a rare chance to beat the S&P 500 this year. Five of the seven megacaps are trailing the index in 2026. The S&P 500 is up 10.9% year to date through July 9. Apple, with a 16.5% gain, and Alphabet, up 14.8%, are ahead of it, but Nvidia, Microsoft, Amazon, Meta Platforms, and Tesla are all behind, and three of them are in the red for the year.