S&P 500 vs Equal-Weight S&P 500
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
When SPY outperforms RSP, it means the largest stocks are carrying the index while the average stock lags. This narrowing breadth is a classic late-cycle warning sign. When RSP leads or matches SPY, breadth is healthy and the rally has broad participation, which historically produces more durable advances.
Cross-Asset Analysis
Before getting to the spread, note what each leg actually represents: S&P 500 ETF (SPY) is SPDR S&P 500 ETF, tracks the benchmark US equity index, and S&P 500 Equal Weight (RSP) is equal-weight S&P 500, measures market breadth vs cap-weighted SPY. Factor tilts expressed through the S&P 500 ETF (SPY)-S&P 500 Equal Weight (RSP) selection allow managers to adjust style exposure without changing their overall asset allocation. Inside the Equity Index universe, S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) represent different flavors of the same underlying exposure.
S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) look similar at a glance, but the embedded factor tilts between them matter substantially over time. Pairs like S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) trade tighter than either leg does individually, because the common component is high and the remaining idiosyncratic share is what the pair expresses. Corporate action events, including buybacks or spin-offs affecting constituents of S&P 500 ETF (SPY) or S&P 500 Equal Weight (RSP), can distort the spread relative to its intended factor tilt.
The S&P 500 ETF (SPY)-S&P 500 Equal Weight (RSP) spread captures the tilt between two variants of the same asset: one may be more defensive, one more cyclical. In bull markets the more aggressive peer between S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) generally leads, while bear markets shift leadership toward the more defensive peer.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP)?+
S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) 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 ETF (SPY) and S&P 500 Equal Weight (RSP) captures the specific macro signal that flows through this relationship.
When does S&P 500 ETF (SPY) typically lead S&P 500 Equal Weight (RSP)?+
S&P 500 ETF (SPY) tends to lead S&P 500 Equal Weight (RSP) during rotation episodes between the two factor exposures. In those periods, moves in S&P 500 ETF (SPY) precede corresponding moves in S&P 500 Equal Weight (RSP) by days to weeks, depending on the transmission channel and the depth of each market.
How are S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) historically correlated?+
Long-run correlation between S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) 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 ETF (SPY)-S&P 500 Equal Weight (RSP) relationship.
What macro conditions drive divergence between S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP)?+
Divergence between S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) 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 ETF (SPY) or S&P 500 Equal Weight (RSP).
Is S&P 500 ETF (SPY) a hedge for S&P 500 Equal Weight (RSP)?+
Peers like S&P 500 ETF (SPY) and S&P 500 Equal Weight (RSP) 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 ETF (SPY)-S&P 500 Equal Weight (RSP) 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.