Cathie Wood’s ARKK triples the return rally of the S&P 500 over the past two weeks
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The S&P 500 and its benchmark SPDR S&P 500 Trust ETF (NYSEARCA:SPY) have rallied over the last two weeks but not like Cathie Woodâs ARK Innovation ETF (NYSEARCA:ARKK). Woodâs flagship fund has had one of its best two-week stretches in the fund's history as it is +33.7% since Mar. 15, more than triple the performance of SPY, which has rallied 9.3% over the same period.
Supporting ARKKâs recent surge is its top holding Tesla (TSLA), which has exploded by 41.5% since Mar.15. Additionally, the EV maker which represents 10.41% of ARKK has also traded positive in each of its past ten sessions, erasing nearly all of its 2022 losses.
While Woodâs ARKK has recouped some of its year-to-date losses, the fund still finds itself down 26.7% in 2022, which is an improvement from being down at one point 46.9%. ARKK still sits well below its 200-day moving average with plenty of work cut out ahead of itself.
ARKK is not the only ETF that has gained ground under the ARK Invest umbrella. Over the past two weeks ARK Next Generation Internet ETF (NYSEARCA:ARKW) is +34.6%, ARK Fintech Innovation ETF (ARKF) +33.6%, ARK Genomic Revolution ETF (ARKG) +26.1%, ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) +23.6%, and ARK Space Exploration & Innovation ETF (ARKX) +15.6%.
Moreover, market participants continue to pile into ARKK despite its large drawdown as ARKK has attracted nearly $1B in capital inflows in 2022.