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The equal-weight fund led on Thursday. It does not repair September

2,843 US stocks rose and 2,769 fell on Thursday, October 1, 2026, and the equal-weight fund beat the S&P 500 fund by 0.29 percentage points.

· 2 min read · ETF.net Research

Chess pieces sit perfectly balanced on the two sides of a traditional brass scale.

Key takeaways

  • The equal-weight fund edged ahead of the S&P 500 fund Thursday.
  • The S&P 500 fund's eight biggest movers didn't lift it.
  • September's gap between the two funds was among the widest since 2003.
  • Only a quarter of S&P 500 stocks sit above their 50-session average.

The fund that holds each S&P 500 stock at the same size beat the fund that holds them by company size on Thursday. RSP rose 0.47% to $209. SPY, the fund that holds the S&P 500, rose 0.18% to $763.99, a lead of 0.29 percentage points.

Of 5,851 US common stocks, 2,843 rose and 2,769 fell.

Advances barely outnumbered declines

US common stocks, Thursday, October 1, 2026

  • Up2843
  • Down2769
  • Unchanged239

Only 74 more stocks rose than fell.

Counted from closing prices, the holdings in SPY outside the eight that moved it the most added 0.22 percentage points. Those other holdings lifted the fund, and the eight, as a group, did not.

September went the other way. Not counting dividends, RSP fell 5.2% and SPY fell 0.6%, a gap of 4.6 percentage points. Bespoke Investment Group said Thursday that March 2020 and March 2023 were the only wider months since both funds started trading in 2003.

StoneX said Thursday that 25% of S&P 500 stocks were above the average of their closes over the past 50 sessions, down from 70% in mid-August. That is the lowest share since April 2.

The past year's high still shows the split. RSP is 6.5% below its high, more than three times as far as SPY, which is 2% below its own high.

Ben Snider, a strategist at Goldman Sachs, wrote on Monday, September 28, that there was room for a catch-up from recent laggards if uncertainty declined. Thursday does not show that it has started.

One up day for the average S&P 500 stock does not repair September's gap of 4.6 percentage points, or the fall to 25% of those stocks above their 50-session average.

ETFs in this story

BRSPInvesco S&P 500 Equal Weight ETF63/100ASPYState Street SPDR S&P 500 ETF72/100

Frequently asked questions

How did the equal-weight fund do against the S&P 500 fund on Thursday?

RSP rose 0.47% to $209 and SPY rose 0.18% to $763.99, so RSP finished 0.29 percentage points ahead.

How wide was the gap in September?

Not counting dividends, RSP fell 5.2% and SPY fell 0.6%, a gap of 4.6 percentage points that Bespoke Investment Group said was topped only by March 2020 and March 2023 since 2003.

How broad was Thursday's rally?

Of 5,851 US common stocks, 2,843 rose and 2,769 fell, so only 74 more stocks rose than fell.

How far is each fund from its high of the past year?

RSP is 6.5% below its high and SPY is 2% below its own.

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