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S&P 500 Equal Weight

Jun 07 2023

Echoes Of 2021

  • Jun 7, 2023

The NY FANG+® Index is up 68% YTD and +21% in the last month, with the Equal-Weighted S&P 500 up less than 2% YTD. Yet a measure of internal market disparity has 2023 barely cracking the top-ten of “incongruent” market years—meaning it can get worse before it gets better.

Feb 06 2023

Additional Factors

  • Feb 6, 2023

The S&P 500 had an almost biblical upheaval to start 2023. The “last were first” and the “first were last.” In January, the 100 worst performing stocks of 2022 had an average return of +16.1% while last year’s 100 best performers posted +1.7%.

Jan 20 2023

Fair Winds For Active Managers

  • Jan 20, 2023

The defining characteristic of last year’s bear market was the collapsing valuations of speculative growth stocks. A mania for themes such as cloud computing and disruptive innovation during 2016-2021 drove those names to fantastical valuations and bestowed market capitalizations of tens- and even hundreds of billions of dollars on such companies, many of which had yet to turn a profit.

Nov 16 2020

S&P 500 Dividends? Thank You, No!

  • Nov 16, 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 midcap companies.  Looking at S&P 500 constituents, we see that dividend growers outperformed companies that had flat or declining dividends – an expected outcome.  However, we also found that companies not paying dividends convincingly outpaced dividend payers.  This is contrary to the results in other market segments, but the explanation for this becomes apparent in the course of our research.

May 07 2020

Median Valuations: Down, But Not Cheap

  • May 7, 2020

If we assume that valuations will “bottom” at the “richest” levels ever seen at a bear market low, there’s still 32% downside remaining in the median S&P 500 stock.

Aug 07 2018

A Market Breadth Mystery

  • Aug 7, 2018

It’s difficult to knock a stock market in which Small Caps and major breadth measures are making frequent new highs, however, there are performance anomalies that suggest liquidity is no longer sufficient to “float all boats.” Recent underperformance of the Equal Weighted S&P 500 is a case in point, at the same time, the current dichotomy in market breadth pales in comparison to the 1999-2000 episode.

Jul 06 2018

Try This On For Size

  • Jul 6, 2018

Today’s market is barbelled regarding company size, with the mega-cap Tech stocks and the S&P 600 Small Cap index both outperforming the middle of the S&P 500.

May 25 2018

Breadth Is Great— Except Where It Matters The Most

  • May 25, 2018

Last week’s piece challenged the now popular view that new highs for the Russell 2000 are a decisively bullish factor for the stock market in the near term. To our surprise, we found that market returns during periods of well-defined Small Cap leadership are significantly lower than when Smalls are laggards.


Nov 07 2017

Cap Weight Or Equal Weight?

  • Nov 7, 2017

The Equal Weighted S&P 500 now trails the S&P 500 by 400 basis points YTD, and the rally is increasingly assailed as too narrow.

Nov 07 2017

Stock Market Observations

  • Nov 7, 2017

We remain bullish on stocks but with very limited visibility into 2018.

Sep 08 2014

Additional Factors

  • Sep 8, 2014

The Equal Weighted S&P 500 edged out the Cap Weighted index by 20 bps in August and  expanded its lead to almost 1% YTD (price change only).

Jul 07 2014

Additional Factors

  • Jul 7, 2014

S&P 500: Equal Weighted better in june.

Mar 06 2014

S&P 500: Equal Weighted Index Continues To Excel

  • Mar 6, 2014

As the market rallied in February, the S&P 500 Equal Weighted Index (+5.2%) handily outperformed the Cap Weighted S&P 500 Index (+4.3%).

Mar 05 2003

Answering Client Questions

  • Mar 5, 2003

We always welcome the chance to hear what’s on our readers’ minds, and have often found that seeking answers to these questions can lead to new research topics, interesting charts, and new ways of looking at things.