It is a natural tendency for market participants to favor larger, more mature, dividend paying names in times of crisis (on an index level, one just has to look at the chart of the IWM which is now 38% off its most recent yearly peak). This shows up in PRICE action, especially so in the consumer space. Below we have the ratio chart comparing the XLY to the XRT, and it is not difficult to see what investors prefer. The XRT, is a more diverse ETF that shows its top component, RAD representing less than 4% of the fund. It is made up of smaller type names for the most part, and now sits 40% off most recent 52 week highs, while the more top heavy XLY is 30% off its recent yearly peak. The XLY meanwhile, lists its top 3 components as AMZN HD and MCD, which make up nearly half the ETF. Perhaps it is a win win for the XLY, as it is dominated by larger, super tanker type names, AND it is highly concentrated in them. Remember below is a ratio chart contrasting relative action between the 2 instruments, but both on an absolute basis are feeling the pain.