S&P 500 risk report: September 2026
Every company in the S&P 500, graded A+ to F by the same risk model the Clavix app runs on a portfolio, then weighted the way the index weights them. This edition is dated and will not change. The daily risk report has today’s grades.
What this month shows
- Weighted by size, the S&P 500 scores 68.7 out of 100, the B- band. Its average member scores 73.6, a B. The index is riskier than its typical company because 6 of its 10 largest companies grade C+ or below, and those 10 are 37.8% of the index.
- 33% of the index by weight sits in companies graded C+ or below, against 18% of its companies by count.
- 33 companies grade D+ or below, 9.7% of the index, and 11 of them grade F.
- The highest-risk member this month is Sandisk (SNDK), graded F at 13 out of 100.
How the index grades, by weight and by count
Each row is one grade. The last two columns are the answer to two different questions: how many companies earn that grade, and how much of an index fund’s money sits in them.
| Grade | Companies | Share of companies | Share of index weight | |
|---|---|---|---|---|
| A+ | 1 | 0.2% | 0.0% | |
| A | 14 | 2.8% | 1.9% | |
| A- | 129 | 25.8% | 13.7% | |
| B+ | 146 | 29.2% | 28.1% | |
| B | 77 | 15.4% | 6.9% | |
| B- | 42 | 8.4% | 16.1% | |
| C+ | 32 | 6.4% | 8.7% | |
| C | 19 | 3.8% | 13.1% | |
| C- | 7 | 1.4% | 1.9% | |
| D+ | 6 | 1.2% | 1.0% | |
| D | 9 | 1.8% | 2.0% | |
| D- | 7 | 1.4% | 3.5% | |
| F | 11 | 2.2% | 3.2% |
The 10 largest companies
Together 37.8% of the index. What these ten grade decides most of what an S&P 500 fund holder is exposed to.
| Ticker | Company | Sector | Index weight | Grade | Score |
|---|---|---|---|---|---|
| NVDA | Nvidia | Information Technology | 7.93% | C | 59 |
| AAPL | Apple Inc. | Information Technology | 7.07% | B+ | 78 |
| MSFT | Microsoft | Information Technology | 5.74% | B- | 66 |
| AMZN | Amazon | Consumer Discretionary | 3.93% | C+ | 64 |
| GOOGL | Alphabet Inc. | Communication Services | 3.06% | B- | 66 |
| AVGO | Broadcom | Information Technology | 2.63% | C | 54 |
| GOOG | Alphabet Inc. | Communication Services | 2.44% | B- | 67 |
| META | Meta Platforms | Communication Services | 1.91% | C+ | 64 |
| MU | Micron Technology | Information Technology | 1.58% | F | 26 |
| TSLA | Tesla, Inc. | Consumer Discretionary | 1.48% | C- | 53 |
The 25 highest-risk S&P 500 companies
Lowest composite scores first. A low grade flags elevated risk as Clavix measures it; it is not a prediction that a price will fall.
| # | Ticker | Company | Sector | Index weight | Grade | Score |
|---|---|---|---|---|---|---|
| 1 | SNDK | Sandisk | Information Technology | 0.33% | F | 13 |
| 2 | MRNA | Moderna | Health Care | 0.07% | F | 15 |
| 3 | SMCI | Supermicro | Information Technology | 0.03% | F | 22 |
| 4 | MRVL | Marvell Technology Inc | Information Technology | 0.29% | F | 25 |
| 5 | MU | Micron Technology | Information Technology | 1.58% | F | 26 |
| 6 | COHR | Coherent Corp. | Information Technology | 0.08% | F | 27 |
| 7 | DELL | Dell Technologies | Information Technology | 0.20% | F | 32 |
| 8 | WDC | Western Digital | Information Technology | 0.24% | F | 32 |
| 9 | GLW | Corning Inc. | Information Technology | 0.18% | F | 34 |
| 10 | TER | Teradyne | Information Technology | 0.08% | F | 37 |
| 11 | PLTR | Palantir Technologies | Information Technology | 0.64% | D- | 37 |
| 12 | HOOD | Robinhood Markets | Financials | 0.12% | D- | 37 |
| 13 | AMD | Advanced Micro Devices | Information Technology | 1.14% | D- | 39 |
| 14 | APH | Amphenol | Information Technology | 0.29% | D- | 39 |
| 15 | LITE | Lumentum | Information Technology | 0.10% | D | 40 |
| 16 | INTC | Intel | Information Technology | 0.66% | D- | 41 |
| 17 | LRCX | Lam Research | Information Technology | 0.57% | D- | 41 |
| 18 | COIN | Coinbase | Financials | 0.06% | D | 41 |
| 19 | RDDT | Reddit Inc | Communication Services | 0.03% | D- | 41 |
| 20 | FLEX | Flex Ltd | Industrials | 0.06% | D | 42 |
| 21 | VRT | Vertiv | Industrials | 0.15% | D | 42 |
| 22 | ORCL | Oracle Corporation | Information Technology | 0.39% | D | 42 |
| 23 | AMAT | Applied Materials | Information Technology | 0.55% | D | 43 |
| 24 | STX | Seagate Technology | Information Technology | 0.28% | D | 44 |
| 25 | KLAC | KLA Corporation | Information Technology | 0.35% | D | 45 |
The 25 lowest-risk S&P 500 companies
| # | Ticker | Company | Sector | Index weight | Grade | Score |
|---|---|---|---|---|---|---|
| 1 | AES | AES Corporation | Utilities | 0.02% | A+ | 92 |
| 2 | BRK.B | Berkshire Hathaway | Financials | 1.39% | A | 88 |
| 3 | L | Loews Corporation | Financials | 0.03% | A | 88 |
| 4 | FRT | Federal Realty Investment Trust | Real Estate | 0.01% | A | 87 |
| 5 | EVRG | Evergy | Utilities | 0.03% | A | 87 |
| 6 | PNW | Pinnacle West Capital | Utilities | 0.02% | A- | 87 |
| 7 | SNA | Snap-on | Industrials | 0.03% | A | 87 |
| 8 | REG | Regency Centers | Real Estate | 0.02% | A | 86 |
| 9 | GWW | W. W. Grainger | Industrials | 0.09% | A- | 86 |
| 10 | IEX | IDEX Corporation | Industrials | 0.03% | A- | 86 |
| 11 | ESS | Essex Property Trust | Real Estate | 0.03% | A- | 86 |
| 12 | FE | FirstEnergy | Utilities | 0.04% | A- | 86 |
| 13 | ATO | Atmos Energy | Utilities | 0.04% | A | 86 |
| 14 | ITW | Illinois Tool Works | Industrials | 0.11% | A- | 86 |
| 15 | RSG | Republic Services | Industrials | 0.07% | A- | 86 |
| 16 | SYY | Sysco | Consumer Staples | 0.06% | A- | 86 |
| 17 | PEG | Public Service Enterprise Group | Utilities | 0.05% | A- | 86 |
| 18 | WEC | WEC Energy Group | Utilities | 0.05% | A- | 86 |
| 19 | WRB | W. R. Berkley Corporation | Financials | 0.03% | A- | 86 |
| 20 | AFL | Aflac | Financials | 0.08% | A | 85 |
| 21 | ETR | Entergy | Utilities | 0.07% | A- | 85 |
| 22 | NI | NiSource | Utilities | 0.03% | A | 85 |
| 23 | AEP | American Electric Power | Utilities | 0.10% | A- | 85 |
| 24 | AIZ | Assurant | Financials | 0.02% | A | 85 |
| 25 | KIM | Kimco Realty | Real Estate | 0.02% | A- | 85 |
Risk by sector
Sectors ordered from highest risk to lowest, each score weighted by index weight within the sector.
| Sector | Companies | Index weight | Weighted grade | Score | Weight graded C+ or below |
|---|---|---|---|---|---|
| Information Technology | 73 | 37.8% | C | 58.7 | 60% |
| Consumer Discretionary | 47 | 9.2% | B- | 67.0 | 62% |
| Communication Services | 23 | 9.5% | B- | 68.1 | 21% |
| Industrials | 81 | 8.3% | B | 73.8 | 22% |
| Materials | 26 | 1.9% | B+ | 75.3 | 22% |
| Health Care | 59 | 9.3% | B+ | 77.4 | 1% |
| Energy | 21 | 3.4% | B+ | 77.7 | 0% |
| Consumer Staples | 34 | 4.5% | B+ | 79.6 | 2% |
| Financials | 76 | 12.4% | B+ | 79.7 | 2% |
| Utilities | 31 | 2.0% | A- | 81.4 | 12% |
| Real Estate | 29 | 1.7% | A- | 81.5 | 0% |
Where the risk comes from
The grade combines four dimensions, each scored 0 to 100 where higher means lower risk. Financial health is scored and shown next to the grade and carries no weight in it. How each is built is on the methodology page.
| Dimension | Index, weighted by size | Average company |
|---|---|---|
| Price stability | 58.3 | 59.5 |
| Macro resilience | 53.8 | 60.4 |
| News | 43.6 | 61.2 |
| Sector resilience | 60.2 | 60.1 |
| Financial health (shown, carries no weight in the grade) | 72.7 | 65.3 |
Download and cite
Every number on this page comes from one file: sp500-risk-2026-09.csv (500 companies, one row each, with index weight, grade, score and all five dimension scores). It is free to use under CC BY 4.0 with a link back.
Cite as: Clavix, “S&P 500 risk report, September 2026,” https://getclavix.com/risk-report/2026-09
How this edition was built
Index membership and weights are SPY’s published holdings as of August 28, 2026, the most recent the issuer had posted. 500 of 503 holdings carry a Clavix grade, covering 99.66% of the index. Not graded: HONA (0.08%), VMRK (0.07%), FDXF (0.02%). Grades and scores are Clavix’s as of September 26, 2026. A score of 80 or more is an A grade, 65 to 79 a B, 50 to 64 a C, 35 to 49 a D, and under 35 an F, with plus and minus steps inside each. Weighted scores are each company’s score times its index weight, summed and divided by the weight graded. Industries listed in place of a sector were rolled into the one sector that contains them.
For educational purposes only. This report describes risk characteristics; it is not investment advice, not a recommendation about any security and not a prediction of return. Clavix is not a broker-dealer or investment adviser.
Frequently asked questions
What is the riskiest S&P 500 stock in September 2026?
In Clavix's September 2026 edition, the highest-risk S&P 500 company is Sandisk (SNDK), with a risk grade of F and a score of 13 out of 100. Higher scores mean lower risk.
Is the S&P 500 riskier than its average company?
In September 2026, weighted by size, the S&P 500 scored 68.7 out of 100 on Clavix's risk model and its average member scored 73.6. The index was riskier than its typical company, because 6 of its 10 largest companies graded C+ or below.
How much of the S&P 500 is high risk?
In September 2026, 33% of the S&P 500 by index weight was in companies Clavix graded C+ or below, and 9.7% was in companies graded D+ or below.