Goldman Sachs released a list of companies with the highest passive ownership in the S&P 500 (SP500) as part of a broader look at the increase of such ownership across the benchmark.

S&P 500 (SP500) passive ownership has been rising since 2012. For the median stock in the benchmark, the percentage of shares outstanding owned by passive funds has climbed to 26% from 18% two decades ago, Goldman Sachs said in a Friday research note. It found $2.8T has flowed into passive equity mutual funds and ETFs during the past decade vs. cumulative outflows of $3T from actively managed funds.

Goldman Sachs said the impact from passive ownership has not been apparent in stock correlations on the benchmark (SP500).

“A common investor concern is that demand from passive investors is not tied to company-specific factors, and as a result would cause stock returns to be less micro-driven,” David Kostin, chief U.S. equity strategist at Goldman Sachs, said.

“A time series of S&P 500 stock correlation has shown a downward trend over the past decade, and this year fell to a low of 0.08, a similar level to troughs reached in 1995, 2000, 2006, 2007, 2017, and 2018," Kostin said.

Sectorwise, Real Estate (XLRE) consistently has had the highest level of passive ownership, at a median of 24%. The Energy (XLE) sector has the lowest at 17%, but over the past decade, Energy has also experienced the largest increase in passive ownership, up by 8 percentage points.

“For stock pickers the share of passive ownership of a company is much less important for valuation multiples than fundamental attributes,” Kostin said. “Stocks with the highest share of passive ownership have not consistently outperformed stocks with the lowest share.”

Here’s Goldman Sachs’ list of S&P 500 (SP500) stocks with the highest passive ownership and their market caps:

• Nasdaq (NASDAQ:NDAQ) - Market cap: $42B - Passive ownership share: 43%
• Essex Property Trust (NYSE:ESS) - Market cap: $18B - Passive ownership share: 38%
• Host Hotels & Resorts (NASDAQ:HST) - Market cap: $12B - Passive ownership share: 38%
• Rollins (NYSE:ROL) Market cap: $23B - Passive ownership share: 37%
• Healthpeak Properties (NYSE:DOC) - Market cap: $16B - Passive ownership share: 37%
• Federal Realty Investment Trust (NYSE:FRT) - Market cap: $9B - Passive ownership share: 37%
• Mid-America Apartment (NYSE:MAA) - Market cap: $18B - Passive ownership share: 37%
• AvalonBay (NYSE:AVB) - Market cap: $32B - Passive ownership share: 36%
• BXP (NYSE:BXP) - Market cap: $13B - Passive ownership share: 36%
• Realty Income (NYSE:O) – Market cap: $52B - Passive ownership share: 36%
• Camden Property Trust (NYSE:CPT) - Market cap: $12B - Passive ownership share: 36%
• Kimco Realty (NYSE:KIM) - Market cap: $16B - Passive ownership share: 36%
• Las Vegas Sands (NYSE:LVS) - Market cap: $38B - Passive ownership share: 36%
• Republic Services (NYSE:RSG) - Market cap: $62B - Passive ownership share: 35%
• Diamondback Energy (NASDAQ:FANG) – Market cap: $52B - Passive ownership share: 35%
• Regency Centers (NASDAQ:REG) - Market cap: $13B - Passive ownership share: 35%
• Extra Space Storage (NYSE:EXR) – Market cap: $35B - Passive ownership share: 35%
• Simon Property (NYSE:SPG) - Market cap: $55B - Passive ownership share: 35%
• Consolidated Edison (NYSE:ED) – Market cap: $35B - Passive ownership share: 35%
• Iron Mountain (NYSE:IRM) – Market cap: $36B - Passive ownership share: 35%
• Digital Realty Trust (NYSE:DLR) - Market cap: $58B - Passive ownership share: 34%
• Equity Residential (NYSE:EQR) - Market cap: $27B - Passive ownership share: 34%
• Ventas (NYSE:VTR) – Market cap: $27B - Passive ownership share: 34%
• International Paper (NYSE:IP) - Market cap: $19B - Passive ownership share: 34%
• Campbell Soup (NASDAQ:CPB) – Market cap: $14B - Passive ownership share: 34%
• S&P 500 median - 26%

Here are some ETFs tied to the S&P 500 (SP500): (SPY), (SH), (VOO), (UPRO) and (IVV).