The materials group has been an underperformer thus far in 2022 as so far it is just the seventh-best major S&P sector performer down 15%. The diverse space has been held down by the mining space with gold, especially a drag. Other metals such as aluminum have weighed, no pun intended. After a spirited run from a 5 handle in March of 2020 to a high of nearly 100 this past March AA has backed off and been cut in half. But areas that have shown mettle include steel and paper. Both of these subsectors are positive on a YTD basis. IP with a dividend yield of better than 4% has not been part of the party there as names like CLW MERC and SLVM have been robust (and M&A regarding RFP). Some packagers are acting well, notably GPK, but others like CCK SEE ATR BALL and BERY are well off their most recent 52-week highs. Looking at an overall view of the space with the chart below of the XLB shows a blurry picture. On a seasonality basis, it is in the worst 3-month period between August-October and that should give one an overall cautious stance on the group.