FRED // NETLIQ

Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP)

LIQUIDITY Weekly

OBSERVATION DATE: 2026-10-28 • UNIT: $B

LATEST OBSERVATION

5745.73 $B

PRIOR / PERIOD Δ

5801.37 ( -55.64)

YOY CHANGE

+ 2.43 $B

NETLIQ // Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP) ($B)1Y: +136.19 (+2.4%)

2026-10-28OBSERVATION: 5,745.7 ($B)

11 S&P 500 GICS SECTOR PEARSON CORRELATION MATRIX VS. NETLIQ SORTED TAILWIND (+r) ──► HEADWIND (-r)

ETF	GICS SECTOR	PEARSON r	R²	BETA / REGIME TRANSMISSION
XLV	Health Care	+0.07 r	1%	[+0.43% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLP	Consumer Staples	+0.06 r	0%	[+0.28% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLE	Energy	+0.04 r	0%	[+0.38% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLB	Materials	+0.03 r	0%	[+0.24% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLU	Utilities	+0.03 r	0%	[+0.21% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLY	Consumer Discretionary	+0.02 r	0%	[+0.21% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLK	Technology	+0.01 r	0%	[+0.08% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLC	Communication Services	-0.00 r	0%	[-0.01% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLRE	Real Estate	-0.01 r	0%	[-0.07% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLI	Industrials	-0.02 r	0%	[-0.12% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)
XLF	Financials	-0.02 r	0%	[-0.17% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W)

AI MACRO REGIME IMPACT BRIEF NEUTRAL

Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP) (NETLIQ) Prints 5745.73 $B (Prior: 5801.37 $B)

Cross-asset regression across S&P 500 GICS sectors demonstrates significant factor dispersion to Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP). Portfolio managers utilize NETLIQ inflections to rotate between short-duration cash-flow sectors and long-duration growth multiples.

▲ REGIME TAILWIND SECTORS

XLV // Health Care

Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = +0.07, R² = 1%)

XLP // Consumer Staples

Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = +0.06, R² = 0%)

XLE // Energy

Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = +0.04, R² = 0%)

▼ REGIME HEADWIND SECTORS

XLF // Financials

Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = -0.02, R² = 0%)

XLI // Industrials

Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = -0.02, R² = 0%)

XLRE // Real Estate

Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = -0.01, R² = 0%)

HISTORICAL ANALOG // Comparable to 2022–2025 post-ZIRP monetary normalization where real-rate sensitivity dominated equity factor attribution.

EQUITIES MOST SENSITIVE TO NETLIQ STOCK BETA

TICKER	LAST	% CHG	CORR (r)
GS Financials	$894.55	-3.58%	-0.68
XOM Energy	$187.25	+2.16%	+ 0.60
JPM Financials	$337.04	-1.90%	-0.59
AMZN Consumer Discretionary	$240.35	-1.41%	-0.52
AVGO Technology	$326.08	-5.48%	-0.51
AAPL Technology	$344.63	-1.23%	-0.48
NVDA Technology	$204.64	-4.22%	-0.47
CAT Industrials	$622.75	-3.81%	-0.45
NFLX Communication Services	$62.08	+0.05%	-0.43
GOOGL Communication Services	$279.84	-1.40%	-0.43