Tim Cook, CEO, Apple Jason Lee | Reuters

The modest reaction to Netflix's subscriber miss (down 5 percent) tells you something: The long-awaited break in FAANG names is not imminent. More importantly, it demonstrates that investors, even momentum investors, do not expect growth expectations to change too much, even with other FAANG stocks. Amazon, Facebook and Alphabet all hit historic highs yesterday. But don’t kid yourself: FAANG stocks are not created equal. First, there's the difference in size. It's huge. Apple has nearly six times the value of Netflix.

FAANG market capitalization (billions)

Apple $938 Amazon $896 Alphabet $836 Facebook $605 Netflix $166 Here's the irony: The biggest stock by market cap, Apple, has the smallest gain this year (13%), while the smallest stock, Netflix, has the biggest gain (99%).

FAANG stocks this year (% gain)

Netflix 99% Amazon 58% Facebook 18% Alphabet 14% Apple 13% What truly separates this group is earnings growth: It's no longer similar. Netflix and Amazon have far outperformed the rest of the FAANG names this year because their earnings growth expectations have been much higher.

FAANG: Earnings growth expectations (2018 vs. 2019)