VOTE vs. EQL

Last updated Aug 2, 2026

VOTE (TCW Transform 500 ETF) and EQL (ALPS Equal Sector Weight ETF) are both Large Cap Blend Equities funds - VOTE tracks the Morningstar US Large Cap Index while EQL tracks the NYSE Equal Sector Weight Index. Both are passively managed. Over the past 5 years, VOTE returned 12.43%/yr vs 10.63%/yr for EQL. Their correlation of 0.88 means they have usually moved in the same direction. VOTE charges 0.05%/yr vs 0.27%/yr for EQL.

Performance

VOTE vs. EQL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform 500 ETF (VOTE) 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, VOTE achieves a 10.03% return, which is significantly lower than EQL's 10.71% return.

VOTE

• 1D: 0.53%
• 1M: -0.05%
• 6M: 8.71%
• YTD: 10.03%
• 1Y: 21.16%
• 3Y*: 19.65%
• 5Y*: 12.43%
• 10Y*: —
• ALL TIME*: 12.94%

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)
EQL ALPS Equal Sector Weight ETF	$3.33M	$2.84M	$2.70M
VOTE TCW Transform 500 ETF	$1.77M	$1.64M	$2.40M

VOTE vs. EQL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VOTE TCW Transform 500 ETF	10.03%	17.95%	25.23%	27.60%	-19.74%	11.77%
EQL ALPS Equal Sector Weight ETF	10.71%	13.09%	16.44%	16.87%	-10.72%	11.20%

Correlation

The correlation between VOTE and EQL is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.88

The correlation between VOTE and EQL shifts across timeframes, from 0.72 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

VOTE vs. EQL - Sectors Allocation Comparison

Sectors	VOTE	EQL
Technology	38.5%	10.2%
Financial Services	11.5%	9.1%
Communication Services	9.8%	8.9%
Consumer Cyclical	9.5%	9.6%
Healthcare	9.0%	9.4%
Industrials	8.8%	9.3%
Consumer Defensive	4.4%	8.8%
Energy	3.0%	8.7%
Utilities	2.1%	9.4%
Basic Materials	1.7%	8.0%
Real Estate	1.7%	8.7%

Return for Risk

VOTE vs. EQL — Risk / Return Rank

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

VOTE

VOTE Risk / Return Rank: 64
VOTE Sharpe Ratio Rank: 63
VOTE Sortino Ratio Rank: 61
VOTE Omega Ratio Rank: 60
VOTE Calmar Ratio Rank: 60
VOTE Martin Ratio Rank: 73

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.

VOTE vs. EQL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform 500 ETF (VOTE) 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.

	VOTE	EQL	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.82	-0.35
Sortino ratio: Return per unit of downside risk	2.05	2.54	-0.49
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.12	2.78	-0.67
Martin ratio: Return relative to average drawdown	8.96	10.89	-1.93

VOTE vs. EQL - Sharpe Ratio Comparison

The current VOTE Sharpe Ratio is 1.47, which is comparable to the EQL Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VOTE 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

VOTE vs. EQL - Drawdown Comparison

The maximum VOTE drawdown since its inception was -25.71%, smaller than the maximum EQL drawdown of -35.65%. Use the drawdown chart below to compare losses from any high point for VOTE and EQL.

Drawdown Indicators

	VOTE	EQL	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-35.65%	+9.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-6.19%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-15.07%	-4.01%
Max Drawdown (5Y) Largest decline over 5 years	-25.71%	-19.24%	-6.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.65%	—
Current Drawdown Current decline from peak	-1.59%	-0.27%	-1.32%
Average Drawdown Average peak-to-trough decline	-6.01%	-3.23%	-2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.58%	+0.57%

Volatility

VOTE vs. EQL - Volatility Comparison

TCW Transform 500 ETF (VOTE) has a higher volatility of 3.59% compared to ALPS Equal Sector Weight ETF (EQL) at 2.23%. This indicates that VOTE'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

	VOTE	EQL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	2.23%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	7.03%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	9.50%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	14.51%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	16.49%	+0.59%

VOTE vs. EQL - Expense Ratio Comparison

VOTE has a 0.05% expense ratio, which is lower than EQL's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VOTE vs. EQL - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 0.94%, less than EQL's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL ALPS Equal Sector Weight ETF	1.35%	1.73%	1.78%	1.96%	2.14%	1.69%	2.29%	1.95%	2.39%	1.97%	2.89%	2.07%
VOTE TCW Transform 500 ETF	0.94%	1.03%	1.18%	1.33%	1.54%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOTE and EQL in my portfolio?

VOTE and EQL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOTE or EQL?

VOTE has higher volatility (3.59%) compared to EQL (2.23%). In terms of maximum drawdown, VOTE dropped -25.71% vs EQL's -35.65%.

Which ETF is better, VOTE or EQL?

On 5-year performance, VOTE leads with 12.43% vs 10.63% for EQL. On fees, VOTE is cheaper at 0.05% per year. On volatility, EQL has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOTE or EQL?

Over the 5-year period, VOTE has performed better with a 12.43% return vs 10.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOTE or EQL?

VOTE is cheaper with a 0.05% expense ratio, compared with 0.27% for EQL.

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

EQL has the higher dividend yield at 1.35%, compared with 0.94% for VOTE.

What is the main difference between VOTE and EQL?

VOTE tracks Morningstar US Large Cap Index, while EQL tracks NYSE Equal Sector Weight Index. They also come from different issuers: TCW and SS&C. Their fees differ too: 0.05% for VOTE and 0.27% for EQL.

Which has better risk-adjusted returns?

EQL currently has the higher Sharpe Ratio (1.82 vs 1.47), 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.