XLG vs. EQAL

Last updated Jun 5, 2026

XLG (Invesco S&P 500 Top 50 ETF) and EQAL (Invesco Russell 1000 Equal Weight ETF) are both exchange-traded funds - XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index, while EQAL is a Mid Cap Blend Equities fund tracking the Russell 1000 Equal Weight Index. Both are passively managed. Over the past 10 years, XLG returned 17.28%/yr vs 10.59%/yr for EQAL. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

XLG vs. EQAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Top 50 ETF (XLG) and Invesco Russell 1000 Equal Weight ETF (EQAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLG achieves a 8.03% return, which is significantly lower than EQAL's 12.85% return. Over the past 10 years, XLG has outperformed EQAL with an annualized return of 17.28%, while EQAL has yielded a comparatively lower 10.59% annualized return.

XLG

• 1D: 0.42%
• 1M: 4.19%
• YTD: 8.03%
• 6M: 7.64%
• 1Y: 28.88%
• 3Y*: 24.70%
• 5Y*: 16.34%
• 10Y*: 17.28%

EQAL

• 1D: 0.44%
• 1M: 1.65%
• YTD: 12.85%
• 6M: 13.05%
• 1Y: 25.24%
• 3Y*: 15.75%
• 5Y*: 6.96%
• 10Y*: 10.59%

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

XLG vs. EQAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLG Invesco S&P 500 Top 50 ETF	8.03%	19.51%	33.49%	38.16%	-24.29%	30.77%	24.15%	32.04%	-3.59%	23.04%
EQAL Invesco Russell 1000 Equal Weight ETF	12.85%	11.05%	11.38%	11.98%	-13.49%	23.14%	16.57%	24.54%	-9.22%	17.36%

Correlation

The correlation between XLG and EQAL is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Dec 30, 2014	0.73

Over the past year, the correlation between XLG and EQAL has dropped to 0.49 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

XLG vs. EQAL - Sectors Allocation Comparison

Sectors	XLG	EQAL
Technology	43.9%	14.8%
Communication Services	17.1%	7.2%
Consumer Cyclical	11.3%	7.7%
Financial Services	9.6%	9.4%
Healthcare	7.0%	9.4%
Consumer Defensive	5.8%	8.1%
Energy	2.7%	9.1%
Industrials	1.9%	9.5%
Basic Materials	0.6%	8.0%
Real Estate	-	9.1%
Utilities	-	7.9%

Return for Risk

XLG vs. EQAL — Risk / Return Rank

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

XLG

XLG Risk / Return Rank: 60
XLG Sharpe Ratio Rank: 67
XLG Sortino Ratio Rank: 65
XLG Omega Ratio Rank: 65
XLG Calmar Ratio Rank: 48
XLG Martin Ratio Rank: 52

EQAL

EQAL Risk / Return Rank: 67
EQAL Sharpe Ratio Rank: 63
EQAL Sortino Ratio Rank: 64
EQAL Omega Ratio Rank: 60
EQAL Calmar Ratio Rank: 76
EQAL Martin Ratio Rank: 73

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.

XLG vs. EQAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) and Invesco Russell 1000 Equal Weight ETF (EQAL). 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.

	XLG	EQAL	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.07	+0.11
Sortino ratio: Return per unit of downside risk	2.95	2.95	0.00
Omega ratio: Gain probability vs. loss probability	1.38	1.36	+0.02
Calmar ratio: Return relative to maximum drawdown	2.34	3.80	-1.46
Martin ratio: Return relative to average drawdown	8.77	13.37	-4.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLG vs. EQAL - Sharpe Ratio Comparison

The current XLG Sharpe Ratio is 2.18, which is comparable to the EQAL Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of XLG and EQAL, 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

	XLG	EQAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	2.07	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.40	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.56	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.51	+0.11

Drawdowns

XLG vs. EQAL - Drawdown Comparison

The maximum XLG drawdown since its inception was -52.39%, which is greater than EQAL's maximum drawdown of -40.44%. Use the drawdown chart below to compare losses from any high point for XLG and EQAL.

Drawdown Indicators

	XLG	EQAL	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-40.44%	-11.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-6.67%	-5.74%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-19.62%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-21.79%	-6.23%
Max Drawdown (10Y) Largest decline over 10 years	-30.46%	-40.44%	+9.98%
Current Drawdown Current decline from peak	-1.02%	-0.29%	-0.73%
Average Drawdown Average peak-to-trough decline	-7.64%	-5.09%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	1.89%	+1.41%

Volatility

XLG vs. EQAL - Volatility Comparison

Invesco S&P 500 Top 50 ETF (XLG) has a higher volatility of 3.19% compared to Invesco Russell 1000 Equal Weight ETF (EQAL) at 3.03%. This indicates that XLG's price experiences larger fluctuations and is considered to be riskier than EQAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLG	EQAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	3.03%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	8.61%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	12.27%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	17.28%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	18.87%	-0.03%

XLG vs. EQAL - Expense Ratio Comparison

Both XLG and EQAL have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XLG vs. EQAL - Dividend Comparison

XLG's dividend yield for the trailing twelve months is around 0.60%, less than EQAL's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQAL Invesco Russell 1000 Equal Weight ETF	1.63%	1.79%	1.62%	1.88%	1.95%	1.32%	1.63%	1.61%	1.62%	1.18%	1.57%	1.64%
XLG Invesco S&P 500 Top 50 ETF	0.60%	0.64%	0.72%	0.97%	1.34%	0.94%	1.25%	1.58%	2.00%	1.85%	2.00%	2.09%

Frequently Asked Questions

Can I hold both XLG and EQAL in my portfolio?

XLG and EQAL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLG or EQAL?

XLG has higher volatility (3.19%) compared to EQAL (3.03%). In terms of maximum drawdown, XLG dropped -52.39% vs EQAL's -40.44%.

Which ETF is better, XLG or EQAL?

On 10-year performance, XLG leads with 17.28% vs 10.59% for EQAL. Both ETFs have the same 0.20% expense ratio. On volatility, EQAL has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLG or EQAL?

Over the 10-year period, XLG has performed better with a 17.28% return vs 10.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLG or EQAL?

XLG and EQAL have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, XLG or EQAL?

EQAL has the higher dividend yield at 1.63%, compared with 0.60% for XLG.

What is the main difference between XLG and EQAL?

XLG is categorized as S&P 500, while EQAL is Mid Cap Blend Equities. XLG tracks S&P 500 Top 50 Index, while EQAL tracks Russell 1000 Equal Weight Index.

Which has better risk-adjusted returns?

XLG currently has the higher Sharpe Ratio (2.18 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.