History of Market · The Chronicle of the U.S. Stock Market S&P 500
Gathering I · leaf 23 of 27
UBS YEARBOOK 2026 · 1900—TODAY

UBS YEARBOOK 2026 · 1900—TODAY — Sector Turnover: A Century and a Quarter of Economic Transformation

Secular Sector Hegemony — Secular migration of market capitalization from 1900 to today: the collapse of railroads from 63% to under 1% alongside tech and healthcare expansion.

In 1900, 80% of U.S. equity value was concentrated in railways, textiles, steel, and coal, with railways alone comprising 63%. Today railways represent under 1%, while 70% of the market derives from industries that barely existed then. Comparing these two benchmarks highlights the dramatic structural transformation of the capital markets.

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What this page answers

This static page is built to answer searches for UBS YEARBOOK 2026 · 1900—TODAY. It summarizes the live dataset behind the Sector Turnover: A Century and a Quarter of Economic Transformation panel and links to the full interactive chart.

In 1900, 80% of U.S. equity value was concentrated in railways, textiles, steel, and coal, with railways alone comprising 63%. Today railways represent under 1%, while 70% of the market derives from industries that barely existed then. Comparing these two benchmarks highlights the dramatic structural transformation of the capital markets. The data is refreshed by the History of Market pipeline and published as a stable JSON endpoint for research, citation, and AI-agent use.

The plate

UBS YEARBOOK 2026 · 1900—TODAY — Sector Turnover: A Century and a Quarter of Economic TransformationRailways 190063%Textiles/steel/coal17%Rest 190020%Tech/health today70%Railways today1%
Plate I.23 In 1900, 80% of U.S. equity value was concentrated in railways, textiles, steel, and coal, with railways alone comprising 63%. Today railways represent under 1%, while 70% of the market derives from industries that barely existed then. Comparing these two benchmarks highlights the dramatic structural transformation of the capital markets.

Data & Source

GET /api/static/ubs-yearbook.json — Canonical dataset endpoint.

Exchange closing prices · Company filings · Robert Shiller · FRED · NBER.

FAQ

Where does this data come from?

History of Market combines public market and macro datasets — exchange closing prices, company filings, Robert Shiller, FRED, NBER, and the UBS Global Investment Returns Yearbook (Dimson–Marsh–Staunton). The exact endpoint for this panel is linked below.

How often is it updated?

Daily-tier datasets refresh after the U.S. market close, with a broader weekly refresh on Sunday. The timestamp shown on this page comes from the JSON payload.

Can I use the data?

Yes, for research and education with attribution to History of Market. Upstream data sources retain their own terms.