EQWL vs SPY
Invesco S&P 100 Equal Weight ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EQWL or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. EQWL led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. EQWL is less concentrated, with 12.3% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EQWL | SPY |
|---|---|---|
| Expense Ratio | 0.25% | 0.09%Best |
| AUM | $2.9B | $804.7B |
| Dividend Yield | 1.52% | 0.98% |
| Holdings | 104 | 505 |
| YTD Return | +11.54% | +12.09%Best |
| 1Y Return | +16.49%Best | +16.29% |
| 3Y Return (annualized) | +19.00% | +21.20%Best |
| 5Y Return (annualized) | +12.32% | +13.37%Best |
| Volatility (annualized) | 15.0%Best | 15.4% |
| Max Drawdown | -50.0%Best | -56.5% |
| $10,000 over 5 years | $17,877 | $18,728Best |
| Top 10 Weight | 12.3%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 1, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 1, 2006 to Sep 18, 2026 (19.8 years).
EQWL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.8 years both funds cover.
EQWL vs SPY Performance
Invesco S&P 100 Equal Weight ETF (EQWL) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EQWL returned +16.49% while SPY returned +16.29%. Year to date, EQWL is up 11.54% versus a gain of 12.09% for SPY.
Over three years, EQWL compounded at +19.00% per year against +21.20% for SPY; over five years the annualized figures are +12.32% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +9.33% annualized vs +9.27%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% 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 what each fund did in the worst stretch of the window measured above.
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 1.52% against 0.98% for SPY.
Holdings Overlap
97.9% of EQWL's money is in holdings SPY also owns. 71.2% of SPY's money is in holdings EQWL also owns.
Most of EQWL is already inside SPY. Owning both mostly buys the same companies twice.
99 positions in common, counted across the 102 positions we hold weights for in EQWL and 504 in SPY, against full books of 104 and 505.
What only one of them owns
Our book lists 398 positions for SPY that do not appear in our book for EQWL (28.2% of the fund), and 2 for EQWL that do not appear in SPY (1.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in EQWL | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.03% | 8.01% | 6.98% |
| AAPLApple, Inc | 1.02% | 7.26% | 6.24% |
| MSFTMicrosoft Corp | 1.20% | 5.66% | 4.46% |
| AMZNAmazon.Com Inc | 1.02% | 3.79% | 2.77% |
| AVGOBroadcom Inc | 0.93% | 2.66% | 1.73% |
| GOOGLAlphabet Inc,class A | 0.50% | 2.99% | 2.49% |
| METAMeta Platforms Inc | 0.94% | 1.93% | 0.99% |
| GOOGAlphabet Inc | 0.40% | 2.39% | 1.99% |
| MUMicron Technology, Inc. | 1.01% | 1.60% | 0.59% |
| JPMJpmorgan Chase | 1.08% | 1.45% | 0.37% |
97.9% of EQWL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $16 a year on a $10,000 investment.
Which performed better, EQWL or SPY?
Over the past year EQWL returned +16.49% vs +16.29% for SPY, so EQWL leads on 1-year performance. Over the longest common window we track (20 years), EQWL annualized +9.27% vs +9.33% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EQWL or SPY?
SPY has been the more volatile fund at 15.4% 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. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between EQWL and SPY?
97.9% of EQWL's money is in holdings SPY also owns. 71.2% of SPY's is in holdings EQWL also owns. They hold 99 positions in common, counted across the 102 positions we hold weights for in EQWL and 504 in SPY.
Which pays a higher dividend, EQWL or SPY?
EQWL yields 1.52% while SPY yields 0.98%, so EQWL currently pays the higher dividend yield.
Is SPY better than EQWL?
SPY has a lower expense ratio. EQWL led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. EQWL is less concentrated, with 12.3% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.