SSPY vs. EQL

Last updated Aug 4, 2026

SSPY (Stratified LargeCap Index ETF) and EQL (ALPS Equal Sector Weight ETF) are both Large Cap Blend Equities funds - SSPY tracks the Syntax Stratified LargeCap Index while EQL tracks the NYSE Equal Sector Weight Index. Both are passively managed. Over the past year, SSPY returned 22.28% vs 19.50% for EQL. Their correlation of 0.93 means they have usually moved in the same direction. SSPY charges 0.45%/yr vs 0.27%/yr for EQL.

Performance

SSPY vs. EQL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stratified LargeCap Index ETF (SSPY) 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, SSPY achieves a 14.08% return, which is significantly higher than EQL's 11.79% return.

SSPY

• 1D: 0.81%
• 1M: 1.17%
• 6M: 9.69%
• YTD: 14.08%
• 1Y: 22.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.17%

EQL

• 1D: 0.98%
• 1M: 1.30%
• 6M: 7.57%
• YTD: 11.79%
• 1Y: 19.50%
• 3Y*: 15.68%
• 5Y*: 10.87%
• 10Y*: 12.40%
• ALL TIME*: 13.54%

*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)
EQL ALPS Equal Sector Weight ETF	$3.24M	$2.89M	$2.73M
SSPY Stratified LargeCap Index ETF	$83.98K	$164.94K	$170.20K

SSPY vs. EQL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSPY Stratified LargeCap Index ETF	14.08%	12.88%	-0.90%
EQL ALPS Equal Sector Weight ETF	11.79%	13.09%	-1.00%

Correlation

The correlation between SSPY 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 (All Time) Calculated using the full available price history since Sep 30, 2024	0.93

The correlation between SSPY and EQL has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

SSPY vs. EQL - Sectors Allocation Comparison

Sectors	SSPY	EQL
Technology	16.3%	10.2%
Consumer Cyclical	12.9%	9.6%
Healthcare	12.7%	9.4%
Consumer Defensive	12.5%	8.8%
Financial Services	10.6%	9.1%
Industrials	10.3%	9.3%
Utilities	6.4%	9.4%
Energy	6.2%	8.7%
Communication Services	5.1%	8.9%
Real Estate	3.4%	8.7%
Basic Materials	2.7%	8.0%

Return for Risk

SSPY vs. EQL — Risk / Return Rank

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

SSPY

SSPY Risk / Return Rank: 84
SSPY Sharpe Ratio Rank: 85
SSPY Sortino Ratio Rank: 87
SSPY Omega Ratio Rank: 83
SSPY Calmar Ratio Rank: 80
SSPY Martin Ratio Rank: 83

EQL

EQL Risk / Return Rank: 85
EQL Sharpe Ratio Rank: 86
EQL Sortino Ratio Rank: 85
EQL Omega Ratio Rank: 85
EQL Calmar Ratio Rank: 83
EQL Martin Ratio Rank: 85

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.

SSPY vs. EQL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stratified LargeCap Index ETF (SSPY) 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.

	SSPY	EQL	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.07	+0.02
Sortino ratio: Return per unit of downside risk	3.05	2.89	+0.16
Omega ratio: Gain probability vs. loss probability	1.37	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	3.06	3.16	-0.11
Martin ratio: Return relative to average drawdown	11.89	12.39	-0.50

SSPY vs. EQL - Sharpe Ratio Comparison

The current SSPY Sharpe Ratio is 2.09, which is comparable to the EQL Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of SSPY 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

SSPY vs. EQL - Drawdown Comparison

The maximum SSPY drawdown since its inception was -16.16%, smaller than the maximum EQL drawdown of -35.65%. Use the drawdown chart below to compare losses from any high point for SSPY and EQL.

Drawdown Indicators

	SSPY	EQL	Difference
Max Drawdown Largest peak-to-trough decline	-16.16%	-35.65%	+19.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	-6.19%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.07%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.65%	—
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.17%	-3.23%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.58%	+0.30%

Volatility

SSPY vs. EQL - Volatility Comparison

Stratified LargeCap Index ETF (SSPY) has a higher volatility of 2.98% compared to ALPS Equal Sector Weight ETF (EQL) at 2.29%. This indicates that SSPY'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

	SSPY	EQL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.29%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	7.86%	7.09%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	9.47%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	14.52%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	16.49%	-2.27%

SSPY vs. EQL - Expense Ratio Comparison

SSPY has a 0.45% expense ratio, which is higher than EQL's 0.27% expense ratio.

Dividends

SSPY vs. EQL - Dividend Comparison

SSPY's dividend yield for the trailing twelve months is around 1.21%, less than EQL's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL ALPS Equal Sector Weight ETF	1.34%	1.73%	1.78%	1.96%	2.14%	1.69%	2.29%	1.95%	2.39%	1.97%	2.89%	2.07%
SSPY Stratified LargeCap Index ETF	1.21%	1.38%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SSPY and EQL in my portfolio?

SSPY 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, SSPY or EQL?

SSPY has higher volatility (2.98%) compared to EQL (2.29%). In terms of maximum drawdown, SSPY dropped -16.16% vs EQL's -35.65%.

Which ETF is better, SSPY or EQL?

On 1-year performance, SSPY leads with 22.28% vs 19.50% for EQL. On fees, EQL is cheaper at 0.27% per year. On volatility, EQL has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSPY or EQL?

Over the 1-year period, SSPY has performed better with a 22.28% return vs 19.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSPY or EQL?

EQL is cheaper with a 0.27% expense ratio, compared with 0.45% for SSPY.

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

EQL has the higher dividend yield at 1.34%, compared with 1.21% for SSPY.

What is the main difference between SSPY and EQL?

SSPY tracks Syntax Stratified LargeCap Index, while EQL tracks NYSE Equal Sector Weight Index. They also come from different issuers: Exchange Traded Concepts and SS&C. Their fees differ too: 0.45% for SSPY and 0.27% for EQL.

Which has better risk-adjusted returns?

SSPY currently has the higher Sharpe Ratio (2.09 vs 2.07), 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.