Here's an update on the XLF component model and, surprisingl,y a top 6 sort actually is underperforming the XLF basket of all 11 ETFs.
One conclusion to be drawn from these metrics is that the whole ETF is in an accumulation mode, although apparently on a rotating basis.
Based on XLFs recent slot as #4 or #5 we can see that there is a risk adjusted advantage to using a somewhat wider net (top 6) than our typical focus on top 2 models. Part of this strategy may be traced to the fact that these are stocks, not ETFs, which inherently possess considerably higher volatility than the underlying XLF.
Click once on chart to clarify.