What SPXEW Measures
SPXEW is the ticker for the S&P 500 Equal Weight Index. It tracks the same 500 companies as the headline index, but it assigns every member the same weight, roughly 0.20%, instead of ranking them by market value. The largest company and the smallest count equally.
The index was designed as a cleaner read on the broad market. Because it removes the size bias, it reflects how the average S&P 500 company is doing rather than how the biggest seven are doing.
SPXEW Versus SPX
The difference between SPXEW and SPX is the whole story. SPX, the standard S&P 500, is capitalization weighted, so Apple carries about 7% on its own and the Magnificent Seven about 34% combined. SPXEW cuts all of that down to equal slices and resets them every quarter.
That quarterly reset is what gives the equal weight index its character. It sells the recent winners and buys the laggards, a discipline that tends to lead when money rotates into the broader market and lag when a few mega-caps dominate. Our RSP versus SPY comparison shows how the two approaches performed against each other in 2026.
Tracking It With an ETF
You cannot buy an index directly, so the practical route is the Invesco S&P 500 Equal Weight ETF, ticker RSP. It held about 505 positions and roughly $99 billion in assets as of August 12, 2026, with a 0.20% expense ratio and a 1.49% dividend yield. It returned about 13.9% year to date, ahead of the S&P 500’s 11.6%.
RSP is the one ticker at the center of Larry Benedict’s Project 2026 thesis, which bets that Section 232 and Section 301 trade reviews will push money out of the giants. For the weighting math behind the benchmark, see our guide to how the S&P 500 is weighted.
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