S&P 500 BETA AND DRAWDOWN CHECK BETA DISTRIBUTION As of September 29, 2026, only 91 out of 503 S&P 500 constituents have a negative beta — roughly 18%, not 50%. •Negative beta (< 0): 91 stocks, 18.1% of the index •Low positive beta (0 to 1): 271 stocks, 53.9% of the index •High beta (≥ 1): 141 stocks, 28.0% of the index •Total: 503 stocks, 100% The average beta across the index is 0.71 and the median is 0.56, both solidly positive. The most negative beta in the index is CF Industries (CF UN) at -0.96, while the highest is Bloom Energy (BE UN) at 4.16. The prevalence of negative-beta names is concentrated in defensive sectors — utilities, consumer staples, and insurance — where stocks tend to move inversely or independently of the broader market. That said, the overwhelming majority of the index still carries a positive beta. TECHNICAL DRAWDOWN The S&P 500 is broadly in a significant technical drawdown as of September 30, 2026. Here's the breakdown across common drawdown thresholds versus each stock's 52-week high: •More than 10% below 52-week high: 396 stocks, 78.7% of the index •More than 20% below 52-week high (bear market territory): 203 stocks, 40.4% of the index •More than 30% below 52-week high: 109 stocks, 21.7% of the index •Average drawdown: -20.2% from 52-week high •Median drawdown: -17.3% from 52-week high •Most drawn down: Charter Communications (CHTR) at -61.1%, AppLovin (APP) at -58.6%, and Boston Scientific (BSX) at -58.5% •Least drawn down: Revvity (RVTY) at just -0.2% The picture is notably weak — over 4 in 10 S&P 500 names are technically in bear market territory (down 20%+), and nearly 8 in 10 are more than 10% off their highs. This is a broad-based pullback rather than isolated sector weakness.