EQWL vs SPY
EQWL vs SPY
Invesco S&P 100 Equal Weight ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. EQWL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | EQWL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $2.7B | $789.1B | |
| Dividend Yield | 1.58% | 1.01% | |
| Holdings | 103 | 505 | |
| YTD Return | +13.71% | +13.50% | |
| 1Y Return | +23.87% | +23.56% | |
| 3Y Return (annualized) | +18.92% | +21.17% | |
| 5Y Return (annualized) | +12.46% | +13.46% | |
| Volatility (annualized) | 15.0% | 15.3% | |
| Max Drawdown | -50.0% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 1, 2006 | Jan 22, 1993 |
EQWL vs SPY Performance
Invesco S&P 100 Equal Weight ETF (EQWL) 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 EQWL returned +23.87% while SPY returned +23.56%. Year to date, EQWL is up 13.71% versus a gain of 13.50% for SPY.
Over three years, EQWL compounded at +18.92% per year against +21.17% for SPY; over five years the annualized figures are +12.46% and +13.46% respectively. Across the full 20-year window we track, EQWL has the edge at +9.43% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.0% for EQWL. 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 -50.0% for EQWL 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
EQWL charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, EQWL currently yields 1.58% against 1.01% for SPY.
Holdings Overlap
EQWL and SPY share 97 holdings out of 508 unique holdings combined, representing a 39.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in EQWL | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 0.95% | 7.31% | 6.36% |
| AAPL | 0.94% | 7.09% | 6.15% |
| MSFT | 0.91% | 4.43% | 3.52% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
See all 10 holdings EQWL 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, EQWL or SPY?
EQWL has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, EQWL or SPY?
Over the past year EQWL returned +23.87% vs +23.56% for SPY, so EQWL leads on 1-year performance. Over the longest common window we track (20 years), EQWL annualized +9.43% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, EQWL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 15.0% for EQWL. Worst drawdown: EQWL -50.0% vs SPY -56.5%.
Should I hold both EQWL and SPY?
EQWL and SPY have a monthly-return correlation of 0.96, 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 EQWL and SPY?
EQWL and SPY share 97 common holdings with a 39.9% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, EQWL or SPY?
EQWL yields 1.58% while SPY yields 1.01%, so EQWL currently pays the higher dividend yield.
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