EQAL vs SPY
EQAL vs SPY
Invesco Russell 1000 Equal Weight ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EQAL delivered stronger 1-year returns. EQAL offers more diversification with 951 holdings.
Side-by-Side Comparison
| Metric | EQAL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $816M | $789.1B | |
| Dividend Yield | 1.69% | 1.01% | |
| Holdings | 992 | 505 | |
| YTD Return | +12.67% | +9.93% | |
| 1Y Return | +21.20% | +19.50% | |
| 3Y Return (annualized) | +12.80% | +19.33% | |
| 5Y Return (annualized) | +7.33% | +12.82% | |
| Volatility (annualized) | 17.2% | 15.3% | |
| Max Drawdown | -40.9% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 23, 2014 | Jan 22, 1993 |
EQAL vs SPY Performance
Invesco Russell 1000 Equal Weight ETF (EQAL) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EQAL returned +21.20% while SPY returned +19.50%. Year to date, EQAL is up 12.67% versus a gain of 9.93% for SPY.
Over three years, EQAL compounded at +12.80% per year against +19.33% for SPY; over five years the annualized figures are +7.33% and +12.82% respectively. Across the full 12-year window we track, SPY has the edge at +8.74% annualized vs +8.46%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EQAL has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -40.9% for EQAL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
EQAL charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, EQAL currently yields 1.69% against 1.01% for SPY.
Holdings Overlap
EQAL and SPY share 455 holdings out of 999 unique holdings combined, representing a 25.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in EQAL | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 0.06% | 7.31% | 7.25% |
| AAPL | 0.06% | 7.09% | 7.03% |
| MSFT | 0.06% | 4.43% | 4.37% |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
| JPM | Pro | Pro | Pro |
| CSCO | Pro | Pro | Pro |
See all 10 holdings EQAL shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, EQAL or SPY?
EQAL has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, EQAL or SPY?
Over the past year EQAL returned +21.20% vs +19.50% for SPY, so EQAL leads on 1-year performance. Over the longest common window we track (12 years), EQAL annualized +8.46% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, EQAL or SPY?
EQAL has been the more volatile fund at 17.2% annualized versus 15.3% for SPY. Worst drawdown: EQAL -40.9% vs SPY -56.5%.
Should I hold both EQAL and SPY?
EQAL and SPY have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between EQAL and SPY?
EQAL and SPY share 455 common holdings with a 25.9% weight overlap. Combined, they hold 999 unique securities.
Which pays a higher dividend, EQAL or SPY?
EQAL yields 1.69% while SPY yields 1.01%, so EQAL currently pays the higher dividend yield.
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