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Not sure if this will be useful to anyone, but I just had a look at all the SPDR etfs and main US indexes since Apr 1, 2009 and looked at the buy-and-hold return from then through today.
Nasdaq is very tech heavy, which accounts for its better performance than the S&P. Obviously, semis and tech etfs outperformed, too. Consumer discretionary and homebuilder etfs were above average, too. Materials, energy, etc were poor performers.
According to modern portfolio theory, you could probably short those to finance the long side of tech, though it just depends on how long we keep going.
Another thing is that by the nature of the sectors, some are growth (tech), others move on business cycles (utilities, etc).
