10 largest company weights2.00%EW target weights; in SPY: 40.4%
Index performance: 31 August 2026. Comparison weights: 28 September 2026. Dated observations, not live quotes.
500 companies on one map
Switch the weighting method to see each company's footprint change.
1 company = 1 equal tileTarget weights at rebalancing
Selected companyColor = sector, not return
On a phone, use the company picker below. Keyboard: Tab into the map, then arrows, Home or End.
The equal-weight map shows target allocation, not actual intra-quarter weights. The capitalization view uses SPY equity weights as an S&P 500 proxy, normalized to 100% after excluding cash and other positions. These are not official live index weights.
TOTAL RETURNS
Equal weight does not always win
Official indices compared in USD at the same observation date: 31 August 2026.
Equal Weight minus S&P 500+2.46 ppdifference in cumulative returns
S&P 500 Equal Weight+15.6%
S&P 500+13.14%
This period shows cumulative returns. YTD ends on August 31, 2026, not today. Dividends are reinvested; index returns exclude ETF fees, taxes and PLN exchange-rate effects.
S&P 500 Equal WeightS&P 5003–15 years: annualized
Return and volatility table
Official indices · USD · August 31, 2026
Period
Equal Weight
S&P 500
Return basis
1 month
2.1%
2.7%
Cumulative
3 months
5.5%
1.7%
Cumulative
Year to date
15.6%
13.14%
Cumulative
1 year
18.5%
20.4%
Cumulative
3 years
15.6%
21.0%
CAGR
5 years
9.0%
12.8%
CAGR
10 years
12.2%
15.4%
CAGR
15 years
13.2%
15.1%
CAGR
Annualized volatility: standard deviation of returns
Change the selected group's return and the rest of the market. See the effect of weighting alone.
Simulation, not a forecast
Assumption: all companies within each group have the same return. The group contains 7 companies.
S&P 500 Equal Weight+4.65%
Selected group's weight: 1.40%
Cap weights · SPY-3.64%
Selected group's weight: 34.56%
Equal Weight minus SPY: +8.29 pp
Result = group weight × group return + remaining weight × remaining return. Starting weights: Equal Weight targets and observed SPY equity weights on September 28, 2026. A single period, without intra-period rebalancing, dividends, fees, taxes or constituent changes. This illustrates concentration, not future prices.
MARKET STRUCTURE
Equal companies ≠ equal sectors
A sector's target equal weight follows its company count.
EW · target weightsSPY · 28 September 2026
Industrials83 companies
16.6%
8.1%
Financials76 companies
15.2%
11.5%
Information Technology74 companies
14.8%
39.4%
Health Care60 companies
12.0%
9.4%
Consumer Discretionary47 companies
9.4%
8.5%
Consumer Staples33 companies
6.6%
4.4%
Utilities31 companies
6.2%
1.9%
Real Estate30 companies
6.0%
1.7%
Materials25 companies
5.0%
1.7%
Energy21 companies
4.2%
3.4%
Communication Services20 companies
4.0%
9.9%
EW targets are calculated as sector company count ÷ 500. Share classes are grouped by issuer. SPY weights proxy capitalization; they are not the official Equal Weight index's current sector allocation.
HOW TO READ IT
A different view of the same market
01
Broader participation
When Equal Weight leads, a portfolio with more exposure to smaller S&P 500 companies is doing relatively better. It offers a clue about participation; confirm breadth with the number of advancing stocks as well.
02
Mega-cap leadership
A lead for the standard S&P 500 may reflect stronger influence from its largest weights. Sector mix, investment style and regular weight resets also affect the gap.
03
Less concentration, different risk
Equal weights limit one company's influence, but do not remove market risk. Trailing 10-year annualized volatility was 16.5% for Equal Weight versus 15.3% for the S&P 500 (August 31, 2026).
04
Implementation costs
Resetting weights requires trades. A tracking fund's results can differ because of trading costs, fees and taxes. RSP is an example of a fund tracking Equal Weight; its share price is not the index level.
Compare both indices. Each answers a different question about the same companies.
RULES AND SOURCES
Equal weights need to be reset
Educational example
01 · Starting weight0.20%
Every company has the same share in the model.
02 · One company's price +50%≈ 0.30%
Other prices unchanged. This company's weight increases.
03 · Quarterly reset≈ 0.20%
The index targets equal company weights again.
S&P DJI resets weights quarterly in March, June, September and December. Weights use a reference date; prices can move before the changes take effect and throughout the quarter. Thus 0.2% is an approximate target, not a weight maintained every day.
Does this mean the same number of shares in every company?
No. The invested value is equal. In a model $10,000 portfolio, each of 500 companies receives $20; the share count depends on its share price.
Why 500 companies and 503 share lines?
Alphabet, Fox and News Corp each have two share classes in this snapshot. Each company appears once on the map, with its classes combined. Under the official equal-weight method, the company weight is shared across its classes rather than allocated twice.
Does this page create a new WMA index?
No. It presents the existing S&P 500 Equal Weight Index and an educational map of its target weighting principle. Historical returns come from providers; the map and simulator are WMA calculations, not new index quotations.
Checked September 29, 2026. Map membership was cross-checked against the SPY file: 503 share lines, grouped into 500 companies. All figures remain dated snapshots. S&P 500 and S&P 500 Equal Weight are trademarks of their owners. World Market Atlas is an independent educational project.
