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Equal Weighted

Apr 08 2021

Time For A “Donut” Break?

  • Apr 8, 2021

Despite a resurgence in Small Cap stocks and Commodities, it still feels like an “S&P 500 World” for asset allocators. The financial media remain obsessed with S&P 500 targets, S&P 500 earnings, and S&P 500 stocks. And why wouldn’t they be?

Nov 05 2020

Research Preview: A Surprising Dividend Study

  • Nov 5, 2020

Dividends are a cornerstone of equity investing and, over the decades, they have produced a significant portion of the stock market’s total return. Previous Leuthold research has identified a strong dividend influence on total returns for small and mid-caps; a client recently asked if we found the same effect in the universe of S&P 500 companies. Specifically, have S&P 500 dividend-payers outperformed non-payers, and, second, have dividend growers outperformed non-growers?

Apr 30 2020

A “May Day” Revolution?

  • Apr 30, 2020

With May Day marches and demonstrations cancelled, the workers of the world have one less opportunity to remind us of the ever-widening wealth gap and the evils of the “Top 1%.” It’s a shame, because this was the year that we active managers would have stood shoulder to shoulder with those protesters voicing our own contempt for the “Top 1%”… of the S&P 500.


Dec 07 2017

Seasonality And Market Breadth

  • Dec 7, 2017

While the FANGs—and, lately, the Dow stocks—are the market’s undisputed leaders, it’s difficult to argue the market has narrowed in a fashion that’s indicative of a “distribution” phase.

Sep 08 2017

Market Breadth Has Yet To “Lie” Down

  • Sep 8, 2017

We shouldn’t bite the hand that feeds us, but it’s easy to lie with charts.

Apr 07 2017

The Valuation “Time Clock” Revisited

  • Apr 7, 2017

Based on a median of six measures, today’s S&P 500 valuation profile equates to the one prevailing on August 31, 1997. From there, the S&P 500 rallied >60% over the next 2 1/2 years before peaking. However, the same can’t be said of valuation readings for the “typical” or median stock.

Oct 06 2014

Additional Factors

  • Oct 6, 2014

September was very unkind to smaller firms.

Aug 06 2014

Additional Factors

  • Aug 6, 2014

The S&P 500 couldn’t hang on to its gains and snapped a five month winning streak in July. This is only the third down month in the last year.


Jun 06 2014

Additional Factors

  • Jun 6, 2014

As the market found a new leg higher the last two weeks of May, the Cap Weighted and Equal Weighted S&P 500 Indexes had uniform advances—just over 2% for the month. The Equal Weighted Index maintains an 80 bps lead YTD.

May 06 2014

Additional Factors

  • May 6, 2014

Market Cap has been slightly better than equal the past two months.

Apr 07 2014

S&P 500 Equal Weight

  • Apr 7, 2014

Cap Weighted Slightly Better In Flat Performance Month.

Feb 07 2014

S&P 500: Equal Weighted Index Slightly Better in January

  • Feb 7, 2014

The Equal Weighted Index has outperformed the Cap Weighted Index in seven of the last nine months.

Jan 08 2014

S&P 500: Equal Weighted Index Better in 2013

  • Jan 8, 2014

For 2013, the Equal Weighted Index bested the Cap Weighted Index by 4%. The Equal Weighted Index has outperformed the Cap Weighted Index in four of the past five years.

Dec 06 2013

S&P 500: Cap Weighted Outperforms For The Second Month In A Row

  • Dec 6, 2013

During November the Cap Weighted S&P 500 (+2.8%) outperformed the S&P 500 Equal Weighted (+2.1%) for a second consecutive month. 

Nov 07 2013

S&P 500: Cap Weighted Outperforms During October

  • Nov 7, 2013

The Cap Weighted S&P 500 (+4.5%) slightly outperformed the S&P 500 Equal Weighted (+4.2%) during October. YTD, the spread between these two indices remains wide, with the Equal Weighted index outperforming by 4.2%.

Oct 08 2013

S&P 500: Equal Weighted Outperforms In Q3; Maintains Lead YTD

  • Oct 8, 2013

On a YTD basis, the spread between these two indices continues to expand, with the Equal Weighted index now outperforming by more than 4%.  Consumer Staples is the most expensive sector among Large and Mid Caps, while Health Care is most expensive in Small Caps.

Aug 07 2013

S&P 500: Equal Weighted Outperforms During July

  • Aug 7, 2013

The Equal Weighted S&P 500 (+5.4%) outperformed the Cap Weighted S&P 500 (+4.9%) and also continues to outperform on a YTD basis.

Jan 03 2007

Weighted Versus Unweighted: Inside The S&P 500

  • Jan 3, 2007

In 2006, the capitalization weighted S&P 500 was up 13.6%, excluding dividends. The average return for the 500 stocks (S&P equally weighted) was up 14.2%.

Feb 05 2003

Answering Client Questions

  • Feb 5, 2003

Many of the questions in this month’s issue came from January client meetings in Texas.

Jan 04 2001

Large Cap Versus Small Cap: Inside The S&P 500

  • Jan 4, 2001

Poor performance by Large cap technology issues had a very negative impact on S&P 500 cap weighted performers in 2000.

Jan 07 2000

Tracking Shifts In Market Capitalization Leadership

  • Jan 7, 2000

If small caps can move back above the October 1999 level in the coming months, this would certainly be encouraging for small cap fans and may even signal a change in the trend to confirm that leadership is indeed moving to the small cap arena.

Jun 05 1997

Will Active Management Ever Beat the S&P 500?

  • Jun 5, 1997

It will happen again! Relative overweights in small caps will be an advantage instead of disadvantage to portfolio managers. Small caps can grow earnings faster.