The standard S&P 500 gives larger companies more influence; the S&P 500 Equal Weight Index gives each constituent roughly the same weight at quarterly rebalances. Choose between them based on the exposure you want—not on an assumption that one will always outperform.
What is the difference between the two indexes?
Both indexes represent the companies in the S&P 500, but their weighting rules differ. The standard S&P 500 is weighted by float-adjusted market capitalization: companies with more publicly available shares and a larger market value have more influence on its performance. The equal-weight index resets each constituent to approximately 0.2% at each quarterly rebalance. See S&P Dow Jones Indices’ S&P 500 index information and its equal-weight index FAQ, published April 20, 2026.
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As S&P Dow Jones Indices puts it, equal weighting offers “a different lens on market performance than the traditional cap-weighted S&P 500.” It is not a separate set of 500 companies so much as a different allocation across that set.
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How much does concentration change?
The cap-weighted index lets the largest companies account for a substantial portion of its returns. S&P Dow Jones Indices reported that the ten largest constituents made up 37.8% of S&P 500 weight as of August 31, 2026; its index page listed 503 constituents on that date. Those figures describe a dated snapshot, not a fixed feature of the index. The equal-weight index reduces each large constituent’s relative influence after a rebalance, while increasing the relative influence of smaller constituents.
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What exposures come with equal weighting?
Equal weight is not simply the cap-weighted market with the largest stocks turned down. Because it gives smaller constituents more weight and periodically restores the target allocations, it tends to bring relatively more small-company, value, and anti-momentum exposure. It also changes sector weights compared with the cap-weighted benchmark. These are tendencies, not guaranteed or constant factor and sector allocations; the actual differences can shift as market prices and index composition change.
That means an equal-weight investor is making an active choice to depart from the market-cap distribution. The choice may be attractive if reducing the largest companies’ dominance is the goal, but it can also lead to substantial stretches when returns differ from the standard S&P 500.
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What do historical returns show?
S&P Dow Jones Indices’ dashboard reported 10-year annualized total returns through December 31, 2025, of 11.7% for the S&P 500 Equal Weight Index and 14.8% for the S&P 500 benchmark, both in U.S. dollars. The equal-weight index’s 10-year relative return was -3.1%. These are historical index results for that specific period—not a forecast, a current return figure, or the return an individual fund investor necessarily received. The dashboard is available at S&P Dow Jones Indices’ S&P 500 Equal Weight Index page.
A different measurement window can produce a different comparison. Past relative performance does not establish which weighting rule will lead in the next period. Compare returns over the same dates, in the same currency, and on the same basis—such as total return rather than price return—before drawing conclusions.
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How do rebalancing and risk differ?
Quarterly rebalancing restores the equal-weight index’s target allocations. That requires trades as constituent weights drift, whereas a market-cap-weighted index’s weights generally change with market values. The equal-weight strategy therefore has a distinct trading profile and can diverge from the cap-weighted index.
In the same S&P Dow Jones Indices dashboard, the 10-year annualized turnover measure through December 31, 2025, was 0.22 for equal weight and 0.03 for the benchmark. These are index-dashboard measures for that period, not a promise of a particular fund’s trading costs. The dashboard also reports risk measures; compare those for the exact period you care about rather than treating any single historical volatility or tracking-error figure as permanent.
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Which index may fit your strategy?
| If you want… | Consider… | Trade-off to accept |
|---|---|---|
| Conventional U.S. large-company exposure where company size determines influence | The standard, cap-weighted S&P 500 | The largest companies can account for a large share of index weight and performance. |
| Less relative exposure to the largest constituents | The S&P 500 Equal Weight Index | Smaller constituents have more influence, and factor, sector, and performance differences can be substantial. |
| A dependable way to outperform the other index | Neither weighting rule guarantees that outcome | Relative performance depends on the period; historical results are not a forecast. |
Neither approach is inherently better. The useful question is whether you want your U.S. large-company allocation to follow market size or to deliberately spread influence more evenly. An investor who prefers the conventional market-cap distribution may find the standard index the closer fit; someone seeking less concentration may prefer equal weight if they are also comfortable with its different exposures and return path.
How should you compare funds that track them?
An index is not the same thing as an investable fund. After choosing the exposure, compare funds that track the relevant index using current issuer information. The index figures above do not establish any particular fund’s terms or the return you would receive.
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- Expense ratio: Check the fund’s current stated annual operating expense.
- Tracking difference: Compare the fund’s actual performance with its index over matching periods; fees and implementation can affect the gap.
- Liquidity: Consider trading activity and bid-ask spreads when evaluating a fund.
- Account access: Confirm that the fund is available through your brokerage and appropriate for your account.
- Your circumstances: Fund returns can also be affected by fees, taxes, and when you invest; the index data alone does not quantify these effects.
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