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March was a decent month for the utility group, with the Utility Select Sector SPDR ETF (XLU) up 2.8%. This was the second straight month of outperforming the S&P 500, this time by nearly 100bp, but XLU still lags by about 280bp YTD. XLU was the fourth best-performing sector for the month, but is only the sixth best-performing sector YTD.
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Source: FactSet and Garnet Research
Interest rates created a nice tailwind for utilities during March, as the yield on the 10-year Treasury fell by 29bp during the month.