Equal-Weight S&P 500 (RSP) vs Nasdaq 100 (QQQ)
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
RSP strips out mega-cap dominance (each name ~0.2%); QQQ concentrates in mega-cap tech. When RSP outperforms QQQ, broad participation is dominating (healthy bull market breadth). When QQQ outperforms RSP, leadership has narrowed to tech mega-caps, a concentration-risk signal that historically precedes corrections.
Cross-Asset Analysis
S&P 500 Equal Weight (RSP) measures equal-weight S&P 500, measures market breadth vs cap-weighted SPY, while Nasdaq 100 ETF (QQQ) measures invesco QQQ tracking the Nasdaq 100, tech-heavy growth index; tracking the two side by side turns that distinction into a tradable signal for the peer pair relationship. Mid-cycle stretches see the S&P 500 Equal Weight (RSP)-Nasdaq 100 ETF (QQQ) spread compress as macro volatility stays low and factor returns normalize. S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) occupy the same asset class, and the relative performance between them isolates the specific factor that distinguishes one from the other.
Factor exposures embedded inside S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) drive their relative performance, with growth-value, large-small, and domestic-international all surfacing in the spread. Inside the Equity Index universe, S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) represent different flavors of the same underlying exposure. Flows matter for the S&P 500 Equal Weight (RSP)-Nasdaq 100 ETF (QQQ) relationship: when one peer attracts more capital, it outperforms on demand pressure that often mean-reverts.
Overlay strategies trade the S&P 500 Equal Weight (RSP)-Nasdaq 100 ETF (QQQ) spread through options or swaps when the underlying pair is directly tradable, sizing against realized spread volatility. Performance attribution leans on S&P 500 Equal Weight (RSP)-Nasdaq 100 ETF (QQQ) spreads to separate security selection from style allocation inside multi-manager mandates.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ)?+
S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) are connected through shared asset class exposure with different factor tilts. When the underlying asset class shifts, both respond, though with different sensitivities and at different speeds. The spread between S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) captures the specific macro signal that flows through this relationship.
When does S&P 500 Equal Weight (RSP) typically lead Nasdaq 100 ETF (QQQ)?+
S&P 500 Equal Weight (RSP) tends to lead Nasdaq 100 ETF (QQQ) during rotation episodes between the two factor exposures. In those periods, moves in S&P 500 Equal Weight (RSP) precede corresponding moves in Nasdaq 100 ETF (QQQ) by days to weeks, depending on the transmission channel and the depth of each market.
How are S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) historically correlated?+
Long-run correlation between S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) varies by regime. Peers in the same asset class are highly correlated in direction, with the spread reflecting factor tilts and rotation dynamics. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the S&P 500 Equal Weight (RSP)-Nasdaq 100 ETF (QQQ) relationship.
What macro conditions drive divergence between S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ)?+
Divergence between S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) typically arises from index reconstitution, mega-cap earnings surprises, or liquidity differences between the peers. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in S&P 500 Equal Weight (RSP) or Nasdaq 100 ETF (QQQ).
Is S&P 500 Equal Weight (RSP) a hedge for Nasdaq 100 ETF (QQQ)?+
Peers like S&P 500 Equal Weight (RSP) and Nasdaq 100 ETF (QQQ) do not hedge each other; both rise or fall with the shared asset class, and using the pair as a spread trade is different from using it as a hedge. Effective hedging requires matching the hedge to the specific risk being protected, and the S&P 500 Equal Weight (RSP)-Nasdaq 100 ETF (QQQ) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.