EQL vs. VOO

Last updated Jun 3, 2026

EQL (ALPS Equal Sector Weight ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - EQL is a Large Cap Blend Equities fund tracking the NYSE Equal Sector Weight Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EQL returned 12.49%/yr vs 15.65%/yr for VOO. Their correlation of 0.92 suggests significant overlap in exposure. EQL charges 0.27%/yr vs 0.03%/yr for VOO.

Performance

EQL vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, EQL achieves a 9.00% return, which is significantly lower than VOO's 11.69% return. Over the past 10 years, EQL has underperformed VOO with an annualized return of 12.49%, while VOO has yielded a comparatively higher 15.65% annualized return.

EQL

• 1D: 0.20%
• 1M: 0.66%
• YTD: 9.00%
• 6M: 9.87%
• 1Y: 19.53%
• 3Y*: 16.54%
• 5Y*: 10.66%
• 10Y*: 12.49%

VOO

• 1D: 0.14%
• 1M: 5.39%
• YTD: 11.69%
• 6M: 12.11%
• 1Y: 29.68%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.65%

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

EQL vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQL ALPS Equal Sector Weight ETF	9.00%	13.09%	16.44%	16.87%	-10.72%	29.32%	10.87%	27.87%	-6.12%	18.37%
VOO Vanguard S&P 500 ETF	11.69%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between EQL and VOO is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.92

The correlation between EQL and VOO shifts across timeframes, from 0.77 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

EQL vs. VOO - Sectors Allocation Comparison

Sectors	EQL	VOO
Technology	10.8%	35.7%
Consumer Cyclical	10.5%	10.2%
Real Estate	9.3%	1.9%
Communication Services	8.9%	11.3%
Utilities	8.9%	2.4%
Financial Services	8.9%	11.6%
Consumer Defensive	8.7%	4.9%
Industrials	8.7%	8.3%
Energy	8.6%	3.5%
Healthcare	8.6%	8.5%
Basic Materials	8.2%	1.8%

Return for Risk

EQL vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQL

EQL Risk / Return Rank: 63
EQL Sharpe Ratio Rank: 62
EQL Sortino Ratio Rank: 63
EQL Omega Ratio Rank: 61
EQL Calmar Ratio Rank: 64
EQL Martin Ratio Rank: 68

VOO

VOO Risk / Return Rank: 75
VOO Sharpe Ratio Rank: 77
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 76
VOO Calmar Ratio Rank: 68
VOO Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EQL vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Equal Sector Weight ETF (EQL) and Vanguard S&P 500 ETF (VOO). 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.

	EQL	VOO	Difference
Sharpe ratio Return per unit of total volatility	2.10	2.53	-0.43
Sortino ratio Return per unit of downside risk	2.96	3.43	-0.47
Omega ratio Gain probability vs. loss probability	1.38	1.46	-0.09
Calmar ratio Return relative to maximum drawdown	3.22	3.42	-0.20
Martin ratio Return relative to average drawdown	12.63	15.95	-3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQL vs. VOO - Sharpe Ratio Comparison

The current EQL Sharpe Ratio is 2.10, which is comparable to the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of EQL and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EQL	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.53	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.85	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.87	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.89	-0.04

Drawdowns

EQL vs. VOO - Drawdown Comparison

The maximum EQL drawdown since its inception was -35.65%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for EQL and VOO.

Drawdown Indicators

	EQL	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-35.65%	-33.99%	-1.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-8.90%	+2.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-18.69%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-19.24%	-24.52%	+5.28%
Max Drawdown (10Y) Largest decline over 10 years	-35.65%	-33.99%	-1.66%
Current Drawdown Current decline from peak	-0.85%	0.00%	-0.85%
Average Drawdown Average peak-to-trough decline	-3.26%	-3.69%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.91%	-0.33%

Volatility

EQL vs. VOO - Volatility Comparison

The current volatility for ALPS Equal Sector Weight ETF (EQL) is 2.26%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.74%. This indicates that EQL experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQL	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	2.74%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	6.85%	8.88%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	9.34%	11.78%	-2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	16.81%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	18.01%	-1.47%

EQL vs. VOO - Expense Ratio Comparison

EQL has a 0.27% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EQL vs. VOO - Dividend Comparison

EQL's dividend yield for the trailing twelve months is around 1.62%, more than VOO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL ALPS Equal Sector Weight ETF	1.62%	1.73%	1.78%	1.96%	2.14%	1.69%	2.29%	1.95%	2.39%	1.97%	2.89%	2.07%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both EQL and VOO in my portfolio?

EQL and VOO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQL or VOO?

VOO has higher volatility (2.74%) compared to EQL (2.26%). In terms of maximum drawdown, EQL dropped -35.65% vs VOO's -33.99%.

Which ETF is better, EQL or VOO?

On 10-year performance, VOO leads with 15.65% vs 12.49% for EQL. On fees, VOO is cheaper at 0.03% per year. On volatility, EQL has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQL or VOO?

Over the 10-year period, VOO has performed better with a 15.65% return vs 12.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQL or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.27% for EQL.

Which ETF pays a higher dividend yield, EQL or VOO?

EQL has the higher dividend yield at 1.62%, compared with 1.02% for VOO.

What is the main difference between EQL and VOO?

EQL is categorized as Large Cap Blend Equities, while VOO is S&P 500. EQL tracks NYSE Equal Sector Weight Index, while VOO tracks S&P 500 Index. They also come from different issuers: SS&C and Vanguard. Their fees differ too: 0.27% for EQL and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.53 vs 2.10), 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.