Investors seeking momentum may have Consumer Staples Select Sector SPDR ETF XLP on radar now. The fund recently hit a new 52-week high. Shares of XLP are up approximately 19.7% from their 52-week low of $62.99/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

XLP in Focus

The underlying Consumer Staples Select Sector Index seeks to provide an effective representation of the consumer staples sector of the S&P 500 Index. The expense ratio is 0.12%.

Why the move?

Omicron fear and chances that the Fed may speed up the QE tapering led to the safe-haven rally on Monday. As a result, this consumer staples ETF hit a 52-week high.

More Gains Ahead?

The Zacks Rank #3 (Hold) fund has a positive weighted alpha of 12.69. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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