EQAL vs EQL: Grades, Fees and Holdings Compared

Invesco Russell 1000 Equal Weight ETF

EQALANYSE Arca

ALPS Equal Sector Weight ETF

EQLBNYSE Arca

Overlap

36.6%by weight

Expense ratio

EQL −0.01pt a year

EQAL0.20%EQL0.19%

Avg volume · 30D

EQL 1.3×the volume

EQAL33.7KEQL44.7K

10Y return · a year

EQL +6.4pt

EQAL+10.7%EQL+17.1%

EQAL vs EQL Performance

Oct 29, 2021 – Oct 30, 2026

+38.2%EQAL+85.2%EQL

Expense ratio: EQAL 0.20%; EQL 0.19%, better
Fund size: EQAL $820M; EQL $786M
1Y total return: EQAL +16.4%, better; EQL +14.7%
Yield (12M): EQAL 1.71%, better; EQL 1.29%
Holdings: EQAL 1013; EQL 498
Avg volume (30D): EQAL 33.7K sh; EQL 44.7K sh, better
NAV per share: EQAL $59.12; EQL $51.91
52W range

ETF.net Grade

Pillar letters and Scores for EQAL, EQL, with each pillar’s weight
Pillar	EQAL	EQL
Cost30% weight	B62	B62
Mission25% weight	A98Higher	A89
Risk15% weight	C42	A74Higher
Tradability15% weight	B67Higher	C46
Holdings10% weight	A77Higher	C44
Durability5% weight	A72Higher	B64

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EQAL and EQL are both graded against the same 9 US Equal Weight funds, so their Grades compare head to head.

US Equal Weight⁠

Category · 9 funds

See all 9 ›

EQAL ranks 3rd and EQL 4th of 9 funds in the US Equal Weight Category.

Rank 1AEUSAiShares MSCI USA Equal Weighted ETFScore 80
Rank 2AGSEWGoldman Sachs Equal Weight U.S. Large Cap Equity ETFScore 78
Rank 3AEQALInvesco Russell 1000 Equal Weight ETFScore 70
Rank 4BEQLALPS Equal Sector Weight ETFScore 66
Rank 5BEQWLInvesco S&P 100 Equal Weight ETFScore 65

Our read on each fund

ETF.net Research

EQALAInvesco Russell 1000 Equal Weight ETF

EQLBALPS Equal Sector Weight ETF

In short

EQAL Most equal-weight funds flatten the stocks and let sector weights land wherever the stock count falls. EQAL flattens the sectors first, then the names inside each one, across roughly 1,000 US large and mid caps.

EQL Every equal-weight fund levels something. EQL levels sectors: eleven U.S. economic sectors, each handed an equal slice, so no single sector sets the agenda. Running since 2009 at 0.19% a year.

Stated mandate

EQAL The Fund seeks to track, before fees and expenses, the Russell 1000 Equal Weight Index by investing primarily in securities that comprise its underlying index.

EQL EQL passively seeks to track, before fees and expenses, the VettaFi Modelist Equal Weight Sector 500 Index. The index equally weights eleven U.S. economic sectors and float-adjusts stocks within each sector.

Why people hold it

EQAL Two layers of leveling: nine sector groups each get the same slice, then every stock inside a sector gets the same slice. Sector concentration is reset by design, not inherited from the parent index.invesco.com
Roughly 1,000 holdings drawn from the Russell 1000, so the portfolio reaches well past the mega-cap tier and no handful of giants sets the tone.
A 0.20% expense ratio, right at the middle of the equal-weight group, on a methodology this fund has run since its 2014 launch.
The portfolio hews tightly to the equal-weight mandate it advertises, and the fund sits in the upper half of its peer group overall.

EQL Eleven sectors, eleven equal slices at each index reset. Any sector's share of the portfolio is capped by the rulebook, not by a manager's opinion.alpsfunds.com
0.19% a year, a shade under the 0.20% typical of its equal-weight peer group.
Trading since 2009, one of the longer-running equal-weight funds on the tape, and it sits in the upper half of that peer group.
A plain index tracker with a published benchmark (the VettaFi Modelist Equal Weight Sector 500 Index) and no discretionary tilts bolted on.alpsfunds.com

Worth knowing

EQAL Thinly traded next to the household names of equal weight. Spreads and limit orders matter more here than in a heavily traded fund.
Cheaper equal-weight large-cap options exist: GSEW and EUSA both charge 0.09%, less than half of EQAL's fee.
Flattening sectors and stocks means the fund keeps trimming what has run and adding to what has lagged, and it carries more mid-cap exposure than a cap-weighted large-cap fund.invesco.com

EQL Cheaper equal-weight funds exist: GSEW and EUSA both run 0.09%, though they level individual stocks rather than sectors.
Thinly traded next to the giants in its category, which can mean wider bid-ask spreads at the moment you trade.
Equal sectors is not equal stocks. Inside each sector slice, names are float-adjusted, so the biggest companies still lead their own group.alpsfunds.com

Full EQAL profile⁠

Full EQL profile⁠

EQAL vs EQL Holdings

How EQAL and EQL differ

Overlap by weight

36.6%

Shared holdings make up 98.8% of EQL and 51.3% of EQAL.

Level by level

Holdings489 in both36.6%
Sector11 Sectors92.1%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in EQAL and EQL, widest gap first
Sector	More in EQALMore in EQL	EQAL	EQL
Technology	EQAL +4.4 points	15.2%	10.8%
Communication	EQL +3.2 points	6.3%	9.5%
Industrials	EQAL +1.7 points	10.4%	8.7%
Consumer Discretionary	EQL +1.5 points	7.9%	9.4%
Energy	EQL +1.2 points	7.8%	9.0%
Health Care	EQAL +0.9 points	10.4%	9.4%
Consumer Staples	EQL +0.9 points	8.2%	9.1%
Materials	EQL +0.6 points	7.6%	8.2%
Utilities	EQL +0.5 points	8.1%	8.6%
Real Estate	EQAL +0.5 points	9.1%	8.6%
Financials	EQAL +0.3 points	8.9%	8.6%

Country, concentration and asset class

Country by domicile

Country weights in EQAL and EQL, widest gap first
Country	More in EQALMore in EQL	EQAL	EQL
United States	EQL +0.6 points	98.8%	99.4%
Other countries (12)	EQAL +0.6 points	1.2%	0.6%

Concentration

Weight in the 10 largest Holdings

EQAL4.4%
EQL23.1%

Securities held

EQAL1,012
EQL497

Asset class

EQAL: Equity
EQL: Equity

Holdings

Only in EQAL523
In both489
Only in EQL8

Only in EQAL

523 securities, 48.6% of EQAL by weight

Ubiquiti Inc0.49%
Globalstar Inc0.44%
Roku Inc0.44%
Iridium Communications Inc0.42%
Viavi Solutions Inc0.38%
Millicom International Cellular SA0.36%
Applied Optoelectronics Inc0.33%
Liberty Global Ltd0.31%
Range Resources Corp0.29%
Cleveland-Cliffs Inc0.28%
APA Corp0.26%
Scotts Miracle-Gro Co/The0.26%
Ovintiv Inc0.25%
Avery Dennison Corp0.25%
Celanese Corp0.25%
Permian Resources Corp0.24%
Element Solutions Inc0.24%
Antero Resources Corp0.24%
Viper Energy Inc0.24%
Solstice Advanced Materials Inc0.24%
HF Sinclair Corp0.24%
Eastman Chemical Co0.23%
Southern Copper Corp0.23%
Chord Energy Corp0.23%
Timken Co/The0.23%
Weatherford International PLC0.23%
Solv Energy Inc0.22%
DT Midstream Inc0.22%
Matador Resources Co0.22%
Antero Midstream Corp0.22%
Pinnacle West Capital Corp0.22%
Mueller Industries Inc0.22%
Olin Corp0.21%
Westlake Corp0.21%
GFL Environmental Inc0.21%
NewMarket Corp0.21%
Aura Minerals Inc0.21%
OGE Energy Corp0.21%
IDACORP Inc0.21%
Hexcel Corp0.21%
NOV Inc0.21%
Clearway Energy Inc0.20%
CF Industries Holdings Inc0.20%
MDU Resources Group Inc0.20%
Essential Utilities Inc0.20%
TechnipFMC PLC0.20%
AES Corp/The0.20%
UGI Corp0.20%
Lamb Weston Holdings Inc0.20%
Coca-Cola Consolidated Inc0.19%

Only in EQL

8 securities, 0.8% of EQL by weight

Vivmark Residential0.39%
Elevance Health Inc.0.13%
Becton Dickinson & Co.0.08%
Seagate Technology Holdings PLC0.05%
Block Inc.0.04%
Fiserv Inc.0.03%
TE Connectivity PLC0.02%
Somnigroup International Inc.0.02%

Weight gaps

The 100 widest of 489 Holdings in both funds.

Holding weights in EQAL and EQL, widest gap first
Holding	More in EQALMore in EQL	EQAL	EQL
Alphabet IncGOOGL	EQL +4.14 points	0.05%	4.19%
Amazon.com IncAMZN	EQL +3.47 points	0.06%	3.53%
ExxonMobil Holdings CorpXOM	EQL +2.64 points	0.25%	2.89%
Meta Platforms IncMETA	EQL +1.79 points	0.06%	1.85%
Apple IncAAPL	EQL +1.73 points	0.07%	1.80%
Linde PLCLIN	EQL +1.66 points	0.25%	1.91%
NVIDIA CorpNVDA	EQL +1.64 points	0.06%	1.70%
Walmart IncWMT	EQL +1.64 points	0.07%	1.71%
Eli Lilly & CoLLY	EQL +1.64 points	0.11%	1.75%
Tesla IncTSLA	EQL +1.62 points	0.07%	1.69%
Chevron CorpCVX	EQL +1.49 points	0.25%	1.74%
Costco Wholesale CorpCOST	EQL +1.33 points	0.07%	1.40%
Microsoft CorpMSFT	EQL +1.29 points	0.07%	1.36%
Welltower IncWELL	EQL +1.22 points	0.15%	1.37%
Coca-Cola Co/TheKO	EQL +1.08 points	0.18%	1.26%
Berkshire Hathaway IncBRK.B	EQL +1.03 points	0.07%	1.10%
Procter & Gamble Co/ThePG	EQL +0.97 points	0.20%	1.17%
NextEra Energy IncNEE	EQL +0.97 points	0.20%	1.17%
JPMorgan Chase & CoJPM	EQL +0.92 points	0.06%	0.98%
Johnson & JohnsonJNJ	EQL +0.87 points	0.09%	0.96%
Prologis IncPLD	EQL +0.85 points	0.14%	0.99%
Philip Morris International IncPM	EQL +0.83 points	0.19%	1.02%
Visa IncV	EQL +0.72 points	0.05%	0.77%
Newmont CorpNEM	EQL +0.70 points	0.21%	0.91%
Equinix IncEQIX	EQL +0.66 points	0.15%	0.81%
AbbVie IncABBV	EQL +0.66 points	0.10%	0.76%
Sherwin-Williams Co/TheSHW	EQL +0.56 points	0.05%	0.61%
American Tower CorpAMT	EQL +0.55 points	0.16%	0.71%
Southern Co/TheSO	EQL +0.51 points	0.21%	0.72%
Mastercard IncMA	EQL +0.51 points	0.05%	0.56%
Freeport-McMoRan IncFCX	EQL +0.50 points	0.22%	0.72%
Broadcom IncAVGO	EQL +0.48 points	0.06%	0.54%
Duke Energy CorpDUK	EQL +0.46 points	0.21%	0.67%
ConocoPhillipsCOP	EQL +0.44 points	0.25%	0.69%
Merck & Co IncMRK	EQL +0.45 points	0.09%	0.54%
EchoStar CorpECHO	EQAL +0.44 points	0.46%	0.02%
General Electric CoGE	EQL +0.44 points	0.04%	0.48%
Ciena CorpCIEN	EQAL +0.43 points	0.45%	0.02%
UnitedHealth Group IncUNH	EQL +0.43 points	0.10%	0.53%
Motorola Solutions IncMSI	EQAL +0.43 points	0.46%	0.03%
Home Depot Inc/TheHD	EQL +0.43 points	0.06%	0.49%
Constellation Energy CorpCEG	EQL +0.42 points	0.18%	0.60%
PepsiCo IncPEP	EQL +0.41 points	0.17%	0.58%
Simon Property Group IncSPG	EQL +0.41 points	0.16%	0.57%
Lumentum Holdings IncLITE	EQAL +0.40 points	0.42%	0.02%
Caterpillar IncCAT	EQL +0.40 points	0.03%	0.43%
Digital Realty Trust IncDLR	EQL +0.39 points	0.15%	0.54%
RTX CorpRTX	EQL +0.37 points	0.04%	0.41%
Arista Networks IncANET	EQAL +0.36 points	0.42%	0.06%
Ecolab IncECL	EQL +0.35 points	0.26%	0.61%
Bank of America CorpBAC	EQL +0.33 points	0.05%	0.38%
Air Products and Chemicals IncAPD	EQL +0.32 points	0.25%	0.57%
Charter Communications IncCHTR	EQAL +0.33 points	0.34%	0.01%
GE Vernova IncGEV	EQL +0.31 points	0.04%	0.35%
Netflix IncNFLX	EQL +0.30 points	0.05%	0.35%
AST SpaceMobile IncASTS	EQAL +0.30 points	0.31%	0.01%
Realty Income CorpO	EQL +0.30 points	0.14%	0.44%
Micron Technology IncMU	EQL +0.29 points	0.06%	0.35%
Cisco Systems IncCSCO	EQAL +0.29 points	0.44%	0.15%
Public StoragePSA	EQL +0.28 points	0.16%	0.44%
Comcast CorpCMCSA	EQAL +0.27 points	0.38%	0.11%
American Electric Power Co IncAEP	EQL +0.27 points	0.21%	0.48%
Thermo Fisher Scientific IncTMO	EQL +0.26 points	0.11%	0.37%
Amgen IncAMGN	EQL +0.26 points	0.11%	0.37%
T-Mobile US IncTMUS	EQAL +0.26 points	0.36%	0.10%
Vulcan Materials CoVMC	EQL +0.25 points	0.05%	0.30%
Nucor CorpNUE	EQL +0.25 points	0.25%	0.50%
Union Pacific CorpUNP	EQL +0.23 points	0.04%	0.27%
Goldman Sachs Group Inc/TheGS	EQL +0.23 points	0.06%	0.29%
Advanced Micro Devices IncAMD	EQL +0.23 points	0.07%	0.30%
Nextpower IncNXT	EQAL +0.22 points	0.22%	<0.01%
Deere & CoDE	EQL +0.22 points	0.04%	0.26%
Marathon Petroleum CorpMPC	EQL +0.22 points	0.25%	0.47%
Wells Fargo & CoWFC	EQL +0.22 points	0.06%	0.28%
Ventas IncVTR	EQL +0.21 points	0.14%	0.35%
Altria Group IncMO	EQL +0.22 points	0.19%	0.41%
McDonald's CorpMCD	EQL +0.21 points	0.06%	0.27%
Valero Energy CorpVLO	EQL +0.20 points	0.23%	0.43%
Gilead Sciences IncGILD	EQL +0.21 points	0.10%	0.31%
Walt Disney Co/TheDIS	EQL +0.20 points	0.06%	0.26%
Dominion Energy IncD	EQL +0.19 points	0.20%	0.39%
American Express CoAXP	EQL +0.20 points	0.04%	0.24%
First Solar IncFSLR	EQAL +0.18 points	0.19%	<0.01%
Morgan StanleyMS	EQL +0.18 points	0.06%	0.24%
Phillips 66PSX	EQL +0.18 points	0.24%	0.42%
Accenture PLCACN	EQL +0.18 points	0.06%	0.24%
Martin Marietta Materials IncMLM	EQL +0.17 points	0.05%	0.22%
SempraSRE	EQL +0.18 points	0.20%	0.38%
Eaton Corp PLCETN	EQL +0.18 points	0.04%	0.22%
Lockheed Martin CorpLMT	EQL +0.18 points	0.05%	0.23%
Abbott LaboratoriesABT	EQL +0.17 points	0.09%	0.26%
Boeing Co/TheBA	EQL +0.17 points	0.04%	0.21%
Citigroup IncC	EQL +0.16 points	0.06%	0.22%
PPG Industries IncPPG	EQL +0.16 points	0.05%	0.21%
TJX Cos Inc/TheTJX	EQL +0.16 points	0.07%	0.23%
CBRE Group IncCBRE	EQL +0.16 points	0.14%	0.30%
Fastenal CoFAST	EQAL +0.16 points	0.25%	0.09%
Dow IncDOW	EQL +0.15 points	0.05%	0.20%
Pfizer IncPFE	EQL +0.15 points	0.10%	0.25%
AT&T IncT	EQAL +0.15 points	0.35%	0.20%

All 1,012 EQAL holdings⁠All EQL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EQAL vs EQL Cost

Overpaying EQAL vs EQL

$203

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EQAL 0.20%
$4,155
EQL 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

EQAL 0.20%
EQL 0.19%
Overpaying

Year by year

Year	EQAL	EQL	Overpaying
10	$365	$347	$18
20	$1,421	$1,351	$70
30	$4,155	$3,952	$203

Expense ratio

0.20%EQAL
0.19%EQL, cheaper

EQL0.19%EQAL0.20%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

EQL 3rd cheapest of 9 funds

EQAL 4th cheapest of 9 funds

EQAL vs EQL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EQAL 1.71%, better; EQL 1.29%
Payout (12M): EQAL $1.01; EQL $0.67
Last payment: EQAL $0.27; EQL $0.18
Ex-dividend: EQAL Sep 21, 2026; EQL Sep 24, 2026
Paid on: EQAL Sep 25, 2026; EQL Sep 29, 2026
Frequency: EQAL Quarterly; EQL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EQALQuarterly · 39 paymentsAll EQAL payments⁠

EQLQuarterly · 39 paymentsAll EQL payments⁠

EQAL vs EQL Risk

Fall from peak · 5 years

EQAL
EQL

Risk facts

VolatilityStd dev, 3 years: EQAL 13.0%EQL 10.5%, better
Return per unit of riskSharpe ratio, 3 years: EQAL 1.00EQL 1.46, better
Worst fallMax drawdown, 5 years: EQAL −21.8%EQL −17.4%, better
Market sensitivityBeta, 5 years: EQAL 0.81EQL 0.73; Market = 1

Popular comparisons

EQALAvsEUSAA
Invesco Russell 1000 Equal Weight ETF · iShares MSCI USA Equal Weighted ETF
Expense ratio
0.20% · 0.09%
Category
EQLBvsEUSAA
ALPS Equal Sector Weight ETF · iShares MSCI USA Equal Weighted ETF
Expense ratio
0.19% · 0.09%
Category
EQALAvsGSEWA
Invesco Russell 1000 Equal Weight ETF · Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Expense ratio
0.20% · 0.09%
Category
EQLBvsGSEWA
ALPS Equal Sector Weight ETF · Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Expense ratio
0.19% · 0.09%
Category
EQALAvsEQWLB
Invesco Russell 1000 Equal Weight ETF · Invesco S&P 100 Equal Weight ETF
Expense ratio
0.20% · 0.25%
Category
EQLBvsEQWLB
ALPS Equal Sector Weight ETF · Invesco S&P 100 Equal Weight ETF
Expense ratio
0.19% · 0.25%
Category