On Oct. 7, 2026, the equal-weight S&P 500 (RSP) hit its weakest level relative to the cap-weighted S&P 500 (SPY) since at least 2003, about 31% below its 2015 peak.
The average stock is getting lapped by the index.
This chart tracks the price ratio of the Invesco S&P 500 Equal Weight ETF (RSP) to the SPDR S&P 500 ETF (SPY). A falling line means the average stock is losing to an index dominated by mega-caps.
The ratio peaked at 0.394 in April 2015. As of Oct. 6, 2026, it sat at 0.2725, down 30.8% from that peak and just above the prior low of 0.2722 from May 14, 2026. The next day, Oct. 7, it closed at a new low of 0.2710.
From the end of 2003 to the end of 2014, the line climbed about 28%. Since the end of 2022, as the AI boom took hold, it has lost about a quarter of its value.
In 2023 and 2024, equal weight lagged by more than 12 points each year, its two worst calendar years since RSP launched.
When a handful of mega-caps drive the index, the average stock gets left behind, and an S&P 500 fund becomes a concentrated bet on a few names. Narrow leadership is a risk to watch.
This chart first ran in Opening Bell Daily on Oct. 8.
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