^SPXEW vs. EQL

Last updated Aug 1, 2026

^SPXEW (S&P 500 Equal Weighted Index) is an index, while EQL (ALPS Equal Sector Weight ETF) is Large Cap Blend Equities fund tracking the NYSE Equal Sector Weight Index. Over the past 10 years, ^SPXEW returned 10.02%/yr vs 12.39%/yr for EQL. Their correlation of 0.94 means they have usually moved in the same direction.

Performance

^SPXEW vs. EQL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Equal Weighted Index (^SPXEW) and ALPS Equal Sector Weight ETF (EQL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^SPXEW achieves a 12.13% return, which is significantly higher than EQL's 10.71% return. Over the past 10 years, ^SPXEW has underperformed EQL with an annualized return of 10.02%, while EQL has yielded a comparatively higher 12.39% annualized return.

^SPXEW

• 1D: -0.20%
• 1M: -0.08%
• 6M: 8.58%
• YTD: 12.13%
• 1Y: 18.34%
• 3Y*: 11.61%
• 5Y*: 7.03%
• 10Y*: 10.02%
• ALL TIME*: 8.07%

EQL

• 1D: 0.57%
• 1M: 0.31%
• 6M: 6.82%
• YTD: 10.71%
• 1Y: 18.34%
• 3Y*: 14.59%
• 5Y*: 10.63%
• 10Y*: 12.39%
• ALL TIME*: 13.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
^SPXEW S&P 500 Equal Weighted Index	$0.00	$0.00	$0.00
EQL ALPS Equal Sector Weight ETF	$3.33M	$2.84M	$2.70M

^SPXEW vs. EQL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SPXEW S&P 500 Equal Weighted Index	12.13%	9.34%	10.90%	11.56%	-13.11%	27.48%	10.47%	27.57%	-10.14%	16.68%
EQL ALPS Equal Sector Weight ETF	10.71%	13.09%	16.44%	16.87%	-10.72%	29.32%	10.87%	27.87%	-6.12%	18.37%

Correlation

The correlation between ^SPXEW and EQL is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jul 7, 2009	0.94

The correlation between ^SPXEW and EQL has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

^SPXEW vs. EQL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

^SPXEW

^SPXEW Risk / Return Rank: 70
^SPXEW Sharpe Ratio Rank: 65
^SPXEW Sortino Ratio Rank: 71
^SPXEW Omega Ratio Rank: 65
^SPXEW Calmar Ratio Rank: 74
^SPXEW Martin Ratio Rank: 77

EQL

EQL Risk / Return Rank: 79
EQL Sharpe Ratio Rank: 80
EQL Sortino Ratio Rank: 79
EQL Omega Ratio Rank: 78
EQL Calmar Ratio Rank: 78
EQL Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

^SPXEW vs. EQL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Equal Weighted Index (^SPXEW) and ALPS Equal Sector Weight ETF (EQL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	^SPXEW	EQL	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.82	-0.36
Sortino ratio: Return per unit of downside risk	2.14	2.54	-0.40
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.13	2.78	-0.65
Martin ratio: Return relative to average drawdown	8.16	10.89	-2.74

^SPXEW vs. EQL - Sharpe Ratio Comparison

The current ^SPXEW Sharpe Ratio is 1.46, which is comparable to the EQL Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of ^SPXEW and EQL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

^SPXEW vs. EQL - Drawdown Comparison

The maximum ^SPXEW drawdown since its inception was -60.83%, which is greater than EQL's maximum drawdown of -35.65%. Use the drawdown chart below to compare losses from any high point for ^SPXEW and EQL.

Drawdown Indicators

	^SPXEW	EQL	Difference
Max Drawdown Largest peak-to-trough decline	-60.83%	-35.65%	-25.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-6.19%	-1.84%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-15.07%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-19.24%	-3.23%
Max Drawdown (10Y) Largest decline over 10 years	-39.21%	-35.65%	-3.56%
Current Drawdown Current decline from peak	-1.25%	-0.27%	-0.98%
Average Drawdown Average peak-to-trough decline	-8.13%	-3.23%	-4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.58%	+0.52%

Volatility

^SPXEW vs. EQL - Volatility Comparison

S&P 500 Equal Weighted Index (^SPXEW) has a higher volatility of 2.88% compared to ALPS Equal Sector Weight ETF (EQL) at 2.23%. This indicates that ^SPXEW's price experiences larger fluctuations and is considered to be riskier than EQL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SPXEW	EQL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.23%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	7.03%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	9.50%	+2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	14.51%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	16.49%	+1.84%

Frequently Asked Questions

Can I hold both ^SPXEW and EQL in my portfolio?

^SPXEW and EQL have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^SPXEW or EQL?

^SPXEW has higher volatility (2.88%) compared to EQL (2.23%). In terms of maximum drawdown, ^SPXEW dropped -60.83% vs EQL's -35.65%.

Which has better risk-adjusted returns?

EQL currently has the higher Sharpe Ratio (1.82 vs 1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.