Industry Group US TSR Medians for Performance-Related Policy

The list below identifies the median one-year and three-year total shareholder returns1 (TSR) for each respective Global Industry Classification Standard (GICS®)2group as of the end of the most recent calendar quarter. This list is solely for informational purposes.

Company performance relative to industry medians is incorporated into ISS’ evaluation of shareholder proposals seeking an independent chair and for ISS’ evaluation of director performance. However, the TSR sector medians in our reports are updated monthly and align with the subject company’s fiscal year end.

AS OF SEP 30, 2020
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy -55.59 -30.25 -19.98 9/30/20
1510 Materials -4.67 -5.35 5.81 9/30/20
2010 Capital Goods -3.42 0 10.52 9/30/20
2020 Commercial & Professional Services -11.72 -4.05 5.04 9/30/20
2030 Transportation 1.37 -1.21 2.88 9/30/20
2510 Automobiles & Components -6.36 -7.33 0.6 9/30/20
2520 Consumer Durables & Apparel 14.11 3.32 5.02 9/30/20
2530 Consumer Services -16.36 -3.62 6.05 9/30/20
2550 Retailing 4.44 3.67 2.55 9/30/20
3010 Food & Staples Retailing 1.54 4.16 -0.16 9/30/20
3020 Food, Beverage & Tobacco -5.49 -0.86 5.2 9/30/20
3030 Household & Personal Products 8.16 4.44 10.49 9/30/20
3510 Health Care Equipment & Services 9.13 7.61 11.62 9/30/20
3520 Pharmaceuticals, Biotechnology & Life Sciences 20.84 -1.87 -0.02 9/30/20
4010 Banks -32.99 -12.83 1.19 9/30/20
4020 Diversified Financials -11.82 -2.05 4.7 9/30/20
4030 Insurance -25.07 -4.86 3.55 9/30/20
4510 Software & Services 12.52 15.22 16.12 9/30/20
4520 Technology Hardware & Equipment -5.33 -0.73 8.36 9/30/20
4530 Semiconductors & Semiconductor Equipment 23.3 12.19 21.26 9/30/20
5010 Telecommunication Services -9.55 -6.86 -2.25 9/30/20
5020 Media & Entertainment -15.02 -5.97 0.93 9/30/20
5510 Utilities -15.76 2.84 8.92 9/30/20
6010 Real Estate -25.1 -5.06 0.53 9/30/20
AS OF DEC 31, 2020
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy -39.85 -21.54 -9.27 12/31/20
1510 Materials 8.17 -0.11 10.93 12/31/20
2010 Capital Goods 12.56 6.09 14.06 12/31/20
2020 Commercial & Professional Services -4.27 2.38 7.91 12/31/20
2030 Transportation 11.21 -1.91 8.48 12/31/20
2510 Automobiles & Components 16.37 -0.88 8.15 12/31/20
2520 Consumer Durables & Apparel 20.91 5.72 10.01 12/31/20
2530 Consumer Services 2.83 2.56 10.37 12/31/20
2550 Retailing 25.2 13.78 12.11 12/31/20
3010 Food & Staples Retailing 3.88 7.22 0.78 12/31/20
3020 Food, Beverage & Tobacco 2.56 2.75 6.18 12/31/20
3030 Household & Personal Products 23.74 7.2 9.99 12/31/20
3510 Health Care Equipment & Services 14.09 15.16 15.35 12/31/20
3520 Pharmaceuticals, Biotechnology & Life Sciences 6.63 2.76 2.52 12/31/20
4010 Banks -15.42 -2.82 6.48 12/31/20
4020 Diversified Financials 6.27 4.57 10.18 12/31/20
4030 Insurance -9.25 1 7.28 12/31/20
4510 Software & Services 24.04 21.34 18.29 12/31/20
4520 Technology Hardware & Equipment 12.07 8.23 13.01 12/31/20
4530 Semiconductors & Semiconductor Equipment 43.34 19.19 27.1 12/31/20
5010 Telecommunication Services 8.84 -3.7 4.33 12/31/20
5020 Media & Entertainment -2.29 3.74 3.56 12/31/20
5510 Utilities -7.67 4.43 10.61 12/31/20
6010 Real Estate -11.47 0.71 4.79 12/31/20
AS OF MAR 31, 2021
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy 139.98 -10.04 -4.43 03/31/2021
1510 Materials 89.92 7.47 12.29 03/31/2021
2010 Capital Goods 97.62 12.16 15.8 03/31/2021
2020 Commercial & Professional Services 62.97 7.9 12.56 03/31/2021
2030 Transportation 83.83 6.6 11.39 03/31/2021
2510 Automobiles & Components 179.08 6.23 11.84 03/31/2021
2520 Consumer Durables & Apparel 161.13 12.89 13.99 03/31/2021
2530 Consumer Services 121.61 6.84 13.48 03/31/2021
2550 Retailing 194.06 21.55 14.9 03/31/2021
3010 Food & Staples Retailing 51.2 9.82 3.56 03/31/2021
3020 Food, Beverage & Tobacco 31.74 8.27 5.9 03/31/2021
3030 Household & Personal Products 61.28 11.47 9.92 03/31/2021
3510 Health Care Equipment & Services 57.48 16.39 18.99 03/31/2021
3520 Pharmaceuticals, Biotechnology & Life Sciences 45.28 2.67 7.96 03/31/2021
4010 Banks 66.83 3.02 12.17 03/31/2021
4020 Diversified Financials 94.46 9.13 14.49 03/31/2021
4030 Insurance 40.78 5.32 10.65 03/31/2021
4510 Software & Services 61.1 18.47 18.72 03/31/2021
4520 Technology Hardware & Equipment 82.22 12.29 16.29 03/31/2021
4530 Semiconductors & Semiconductor Equipment 124.89 27.78 28.46 03/31/2021
5010 Telecommunication Services 38.16 3.51 0.72 03/31/2021
5020 Media & Entertainment 79.44 7.3 8.55 03/31/2021
5510 Utilities 13.96 8.95 8.67 03/31/2021
6010 Real Estate 47.17 7.92 4.96 03/31/2021
AS OF JUN 30, 2021
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS CurrentDate
1010 Energy 80.38 -8.82 -2.6 6/30/21
1510 Materials 62.51 8.25 11.57 6/30/21
2010 Capital Goods 59.1 15.55 16.35 6/30/21
2020 Commercial & Professional Services 42.53 9.42 15.2 6/30/21
2030 Transportation 60.28 6.53 12.26 6/30/21
2510 Automobiles & Components 85.54 7.31 13.44 6/30/21
2520 Consumer Durables & Apparel 76.2 13.64 13.67 6/30/21
2530 Consumer Services 69.84 6.76 12.2 6/30/21
2550 Retailing 104.45 23.01 19.41 6/30/21
3010 Food & Staples Retailing 30.34 2.71 2.84 6/30/21
3020 Food, Beverage & Tobacco 31.79 7.57 6.34 6/30/21
3030 Household & Personal Products 39.49 10.5 10.12 6/30/21
3510 Health Care Equipment & Services 40.52 14.2 18.09 6/30/21
3520 Pharmaceuticals, Biotechnology & Life Sciences 7.53 -0.3 9.69 6/30/21
4010 Banks 55.96 1.37 10.98 6/30/21
4020 Diversified Financials 62.09 12.7 16.13 6/30/21
4030 Insurance 36.15 8.33 9.38 6/30/21
4510 Software & Services 34.46 17.31 19.23 6/30/21
4520 Technology Hardware & Equipment 55.49 12.58 16.41 6/30/21
4530 Semiconductors & Semiconductor Equipment 72.03 32.15 27.78 6/30/21
5010 Telecommunication Services 17.88 3.63 3.54 6/30/21
5020 Media & Entertainment 61.12 5.86 8.87 6/30/21
5510 Utilities 16.46 6.17 7.42 6/30/21
6010 Real Estate 39.61 6.69 5.23 6/30/21

1ISS utilizes S&P’s Compustat database for TSR calculated values. The Total Return concepts are annualized rates of return reflecting price appreciation plus reinvestment of dividends (calculated monthly) and the compounding effect of dividends paid on reinvested dividends.

2GICS® is a registered servicemark of MSCI Inc. and Standard & Poors.

Bottom 10% of the U.S. Market
Capital Authorization Policy

A reduced allowable increase in capital authorizations applies for companies in the bottom 10% the U.S. Market. The universe used for the “U.S. market” is the $C set in Standard & Poor’s Research Insight product. To calculate these thresholds, any companies that do not have both one- and three-year TSRs are removed.

Most Recent Fiscal Year End One-Year TSR Three-Year TSR
Aug. 15, 2020 – Nov. 14, 2020 -61.49% -46.38%
Nov. 15, 2020 – Feb. 14, 2021 -48.05% -43.81%
Feb. 15, 2021 – May 14, 2021 -6.16% -37.10%
May 15, 2021 – Aug. 14, 2021 -25.53% -35.00%

For details on the latest policy guidelines, please visit

ISS Policy Gateway

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