EQWL vs. FXAIX

Last updated Jun 4, 2026

EQWL (Invesco S&P 100 Equal Weight ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - EQWL is a Large Cap Blend Equities fund tracking the S&P 100 Equal Weight Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EQWL returned 14.47%/yr vs 15.66%/yr for FXAIX. Their correlation of 0.85 suggests significant overlap in exposure. EQWL charges 0.25%/yr vs 0.02%/yr for FXAIX.

Performance

EQWL vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 100 Equal Weight ETF (EQWL) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQWL achieves a 8.74% return, which is significantly lower than FXAIX's 11.71% return. Over the past 10 years, EQWL has underperformed FXAIX with an annualized return of 14.47%, while FXAIX has yielded a comparatively higher 15.66% annualized return.

EQWL

• 1D: -0.50%
• 1M: 4.84%
• YTD: 8.74%
• 6M: 9.31%
• 1Y: 21.89%
• 3Y*: 19.67%
• 5Y*: 11.79%
• 10Y*: 14.47%

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

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

EQWL vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQWL Invesco S&P 100 Equal Weight ETF	8.74%	17.61%	19.11%	19.48%	-11.46%	28.29%	13.94%	29.54%	-6.30%	24.41%
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between EQWL and FXAIX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
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	0.88
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.85

The correlation between EQWL and FXAIX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

EQWL vs. FXAIX — Risk / Return Rank

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

EQWL

EQWL Risk / Return Rank: 61
EQWL Sharpe Ratio Rank: 62
EQWL Sortino Ratio Rank: 63
EQWL Omega Ratio Rank: 60
EQWL Calmar Ratio Rank: 56
EQWL Martin Ratio Rank: 64

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

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.

EQWL vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 100 Equal Weight ETF (EQWL) and Fidelity 500 Index Fund (FXAIX). 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.

	EQWL	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.52	-0.40
Sortino ratio: Return per unit of downside risk	2.99	3.42	-0.43
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.08
Calmar ratio: Return relative to maximum drawdown	2.83	3.36	-0.53
Martin ratio: Return relative to average drawdown	11.94	15.70	-3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQWL vs. FXAIX - Sharpe Ratio Comparison

The current EQWL Sharpe Ratio is 2.12, which is comparable to the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of EQWL and FXAIX, 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

	EQWL	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.52	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.85	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.87	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.82	-0.23

Drawdowns

EQWL vs. FXAIX - Drawdown Comparison

The maximum EQWL drawdown since its inception was -49.36%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for EQWL and FXAIX.

Drawdown Indicators

	EQWL	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-33.79%	-15.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-8.89%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-18.76%	+3.81%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-24.50%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	-33.79%	-0.51%
Current Drawdown Current decline from peak	-0.53%	0.00%	-0.53%
Average Drawdown Average peak-to-trough decline	-6.70%	-3.79%	-2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.90%	-0.06%

Volatility

EQWL vs. FXAIX - Volatility Comparison

The current volatility for Invesco S&P 100 Equal Weight ETF (EQWL) is 2.66%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 2.83%. This indicates that EQWL experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQWL	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.83%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	8.97%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	11.86%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	16.91%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	18.07%	-1.28%

EQWL vs. FXAIX - Expense Ratio Comparison

EQWL has a 0.25% expense ratio, which is higher than FXAIX's 0.02% 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

EQWL vs. FXAIX - Dividend Comparison

EQWL's dividend yield for the trailing twelve months is around 1.54%, more than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQWL Invesco S&P 100 Equal Weight ETF	1.54%	1.67%	1.86%	1.97%	2.12%	1.65%	2.01%	2.04%	2.23%	1.27%	2.01%	2.03%
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both EQWL and FXAIX in my portfolio?

EQWL and FXAIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQWL or FXAIX?

FXAIX has higher volatility (2.83%) compared to EQWL (2.66%). In terms of maximum drawdown, EQWL dropped -49.36% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.52 vs 2.12), 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.