Every narrative ranked by how loud it is, who holds it and what its ETFs returned.
The board ranks the 22 market stories StoryVector measures by how loud each one is this week, across five channels, with who holds each one and what its ETFs returned over 12 months. This week the loudest are hard asset flight, crypto conviction and onchain infrastructure; the quietest is the credit signal.
21The values tradeESG and anti-ESG42.64 weeksLargest holderESGU 12.4%top five 36.2%Last 12 months+14.0%161
22The credit signalSpreads and defaults36.84 weeksLargest holderXLF 6.0%top five 26.0%Last 12 months+1.9%451
Last 12 months: market price total return of the ETFs that carry the narrative, asset weighted, to October 22, 2026. The bar ranks the 22 narratives with a full year, lowest to highest; the white notch is this one and the thin tick is broad US ETFs (+15.8%). Attention and returns sit side by side, not as cause and effect. Measured and past, not a forecast.
ETFs we checked and found to hold no narrative sit in the Beta Book →
Attention against ownership
Further right is louder. Higher means more of the capital sits in the top five ETFs. Bigger bubbles have more ETFs.
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Bubble size is the number of ETFs carrying the narrative. Color is this week’s band. The lines split the board at its median level (54.0 this week) and at 70% concentration. Where a name does not fit beside its bubble, hover over or tap the bubble.
Loud and concentrated 7
Hard asset flight, Crypto conviction, Physical AI layer, The productivity handoff, The defense trade, The orbital economy, Pure narrative flow
Loud and spread 4
Onchain infrastructure, The AI compute core, The rate regime, Geopolitical supply
Quiet and concentrated 5
The trade-war tax, The power constraint, The quantum frontier, The refinancing cycle, The biology trade
Quiet and spread 6
Dollar displacement, The fear layer, The income overlay, The reshoring trade, The values trade, The credit signal
Compare narratives
Pick up to five and see their last four weeks side by side on the fixed scale.
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Pick up to five from the lists; a sixth replaces the oldest. The last four weeks on the fixed 25 to 60 scale, with each week’s HOT and QUIET zones shaded. Bands are the top and bottom 15% of that week, so the zones move. A level under 25 is drawn on the floor and marked “below 25”. A record of levels, not a forecast.
Hot
Warm
Quiet
Do the channels agree?
Each dot is one of the five channels, the white mark is the level.
Level
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Channel scores run 0 to 100. Click a channel to pick it out; click again to see all five. The white mark is the level, the dot beside each name is its band, and the number on the right is the gap between the highest and lowest channel. A channel that did not report this week has no dot (8 of 110 this week).
Common questions
What are the loudest market stories this week?
Hard asset flight at 60.6 (HOT); crypto conviction at 60.4 (HOT); onchain infrastructure at 59.0 (HOT). Levels run on a fixed scale of 25 to 60.
Which market stories are quietest this week?
The credit signal at 36.8 (QUIET); the values trade at 42.6 (QUIET); the reshoring trade at 43.2 (QUIET).
Which market story do the most ETFs carry?
The income overlay: 665 US ETFs carry it.
Which stories' ETFs returned the most over the past year?
Geopolitical supply +46.1%; the AI compute core +33.3%; the biology trade +28.8%, against +15.8% for broad US ETFs. Asset weighted, to October 22, 2026. Past performance only.
How is attention measured?
Each story is scored 0 to 100 on five channels every week: search, video, news, investor boards and reference pages. The five are averaged into one level on a fixed 25 to 60 scale. HOT is the top 15% of the week and QUIET the bottom 15%. A level says how loud a story is, not where it is going.
Levels are attention, not direction: no narrative is labeled rising or falling, and nothing here forecasts flows. Ownership is capital Share of Narrative, exposure-weighted, from the week’s holdings.