EQAL vs EUSA: Grades, Fees and Holdings Compared

Invesco Russell 1000 Equal Weight ETF

EQALANYSE Arca

iShares MSCI USA Equal Weighted ETF

EUSAANYSE Arca

Overlap

47.6%by weight

Expense ratio

EUSA −0.11pt a year

EQAL0.20%EUSA0.09%

Avg volume · 30D

EUSA 2.3×the volume

EQAL33.7KEUSA78.8K

10Y return · a year

EUSA +1.0pt

EQAL+10.7%EUSA+11.7%

EQAL vs EUSA Performance

Oct 29, 2021 – Oct 30, 2026

+38.2%EQAL+41.1%EUSA

Expense ratio: EQAL 0.20%; EUSA 0.09%, better
Fund size: EQAL $820M; EUSA $1.89B
1Y total return: EQAL +16.4%, better; EUSA +14.1%
Yield (12M): EQAL 1.71%, better; EUSA 1.40%
Holdings: EQAL 1013; EUSA 518
Avg volume (30D): EQAL 33.7K sh; EUSA 78.8K sh, better
NAV per share: EQAL $59.12; EUSA $115.27
52W range

ETF.net Grade

Pillar letters and Scores for EQAL, EUSA, with each pillar’s weight
Pillar	EQAL	EUSA
Cost30% weight	B62	A88Higher
Mission25% weight	A98	A100Higher
Risk15% weight	C42	C42
Tradability15% weight	B67	A73Higher
Holdings10% weight	A77	A81Higher
Durability5% weight	A72	A78Higher

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EQAL and EUSA 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 ›

EUSA ranks 1st and EQAL 3rd 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

Our read on each fund

ETF.net Research

EQALAInvesco Russell 1000 Equal Weight ETF

EUSAAiShares MSCI USA Equal Weighted 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.

EUSA Equal weight, iShares style: each of roughly 500 large and mid cap US stocks gets the same slice, so the megacaps stop running the show. Around since 2010 and priced at 0.09%, less than half what the typical equal-weight fund charges.

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.

EUSA The fund seeks to track an index composed of equally weighted U.S. stocks.

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.

EUSA 0.09% a year against a 0.20% median for equal-weight US funds, and nothing in the peer group undercuts it (GSEW matches).
Every holding gets the same slice, about 500 of them, so no handful of giants sets the tone the way it does in a cap-weighted US index.ishares.com
Live since 2010, a multi-billion-dollar fund, and it has hugged the MSCI USA Equal Weighted Index closely, one of the tightest jobs in its peer group.

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

EUSA Equal weighting tilts the portfolio toward mid caps, so its path can diverge widely from a standard cap-weighted US index in either direction.
Moderately traded rather than a category volume leader, so spreads and execution deserve attention on larger orders.
Income arrives quarterly, not monthly.

Full EQAL profile⁠

Full EUSA profile⁠

EQAL vs EUSA Holdings

How EQAL and EUSA differ

Overlap by weight

47.6%

Shared holdings make up 97.2% of EUSA and 51.6% of EQAL.

Level by level

Holdings499 in both47.6%
Sector11 Sectors81.4%
Countryby domicile98.5%
Asset classEquity100%

Sector

Sector weights in EQAL and EUSA, widest gap first
Sector	More in EQALMore in EUSA	EQAL	EUSA
Financials	EUSA +6.5 points	8.9%	15.4%
Industrials	EUSA +5.0 points	10.4%	15.4%
Real Estate	EQAL +4.3 points	9.1%	4.8%
Technology	EUSA +3.7 points	15.2%	18.9%
Materials	EQAL +3.5 points	7.6%	4.1%
Energy	EQAL +3.1 points	7.8%	4.7%
Communication	EQAL +2.9 points	6.3%	3.4%
Consumer Staples	EQAL +2.5 points	8.2%	5.7%
Utilities	EQAL +2.3 points	8.1%	5.8%
Consumer Discretionary	EUSA +2.1 points	7.9%	10.0%
Health Care	EUSA +1.5 points	10.4%	11.9%

Country, concentration and asset class

Country by domicile

Country weights in EQAL and EUSA, widest gap first
Country	More in EQALMore in EUSA	EQAL	EUSA
United States	EQAL +1.0 points	98.8%	97.8%
Other countries (12)	EUSA +1.0 points	1.2%	2.2%

Concentration

Weight in the 10 largest Holdings

EQAL4.4%
EUSA2.6%

Securities held

EQAL1,012
EUSA515

Asset class

EQAL: Equity
EUSA: Equity

Holdings

Only in EQAL513
In both499
Only in EUSA16

Only in EQAL

513 securities, 48.4% 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%
RBC Bearings Inc0.24%
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%
Nextpower Inc0.22%
DT Midstream Inc0.22%
Talen Energy Corp0.22%
Matador Resources Co0.22%
Antero Midstream Corp0.22%
Royal Gold Inc0.22%
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%
MDU Resources Group Inc0.20%
Essential Utilities Inc0.20%
AES Corp/The0.20%
UGI Corp0.20%

Only in EUSA

16 securities, 2.6% of EUSA by weight

Nxp Semiconductors NV0.23%
Waste Connections0.22%
Ball Corp0.21%
Becton Dickinson0.21%
Elevance Health Inc0.21%
Te Connectivity PLC0.21%
Vivmark Residential0.19%
Fiserv Inc0.19%
Block Class A0.19%
Amrize AG0.18%
Mercadolibre0.17%
Seagate Technology Holdings PLC0.16%
Heico Class A0.10%
Alphabet Class C0.07%
Fox Class B0.07%
Hologic Inc0.00%

Weight gaps

The 100 widest of 499 Holdings in both funds.

Holding weights in EQAL and EUSA, widest gap first
Holding	More in EQALMore in EUSA	EQAL	EUSA
Ciena CorpCIEN	EQAL +0.29 points	0.45%	0.16%
Motorola Solutions IncMSI	EQAL +0.25 points	0.46%	0.21%
Cisco Systems IncCSCO	EQAL +0.25 points	0.44%	0.19%
Arista Networks IncANET	EQAL +0.24 points	0.42%	0.18%
EchoStar CorpECHO	EQAL +0.24 points	0.46%	0.22%
Space Exploration Technologies CorpSPCX	EQAL +0.23 points	0.42%	0.19%
Accenture PLCACN	EUSA +0.22 points	0.06%	0.28%
Lumentum Holdings IncLITE	EQAL +0.22 points	0.42%	0.20%
Okta IncOKTA	EUSA +0.22 points	0.08%	0.30%
Comcast CorpCMCSA	EQAL +0.20 points	0.38%	0.18%
Verizon Communications IncVZ	EQAL +0.20 points	0.38%	0.18%
Deere & CoDE	EUSA +0.19 points	0.04%	0.23%
Charter Communications IncCHTR	EQAL +0.19 points	0.34%	0.15%
T-Mobile US IncTMUS	EQAL +0.19 points	0.36%	0.17%
AST SpaceMobile IncASTS	EQAL +0.19 points	0.31%	0.12%
Strategy IncMSTR	EUSA +0.18 points	0.07%	0.25%
AT&T IncT	EQAL +0.18 points	0.35%	0.17%
Visa IncV	EUSA +0.18 points	0.05%	0.23%
Mettler-Toledo International IncMTD	EUSA +0.18 points	0.06%	0.24%
Veralto CorpVLTO	EUSA +0.17 points	0.05%	0.22%
Mastercard IncMA	EUSA +0.17 points	0.05%	0.22%
Crowdstrike Holdings IncCRWD	EUSA +0.17 points	0.08%	0.25%
Cboe Global Markets IncCBOE	EUSA +0.17 points	0.07%	0.24%
Dow IncDOW	EUSA +0.17 points	0.05%	0.22%
Fortive CorpFTV	EUSA +0.17 points	0.05%	0.22%
Cintas CorpCTAS	EUSA +0.17 points	0.05%	0.22%
Ulta Beauty IncULTA	EUSA +0.17 points	0.07%	0.24%
Global Payments IncGPN	EUSA +0.17 points	0.04%	0.21%
Expeditors International of Washington IncEXPD	EUSA +0.17 points	0.04%	0.21%
eBay IncEBAY	EUSA +0.17 points	0.07%	0.24%
Automatic Data Processing IncADP	EUSA +0.16 points	0.05%	0.21%
Meta Platforms IncMETA	EUSA +0.17 points	0.06%	0.23%
Zscaler IncZS	EUSA +0.17 points	0.09%	0.26%
United Parcel Service IncUPS	EUSA +0.16 points	0.05%	0.21%
Verisk Analytics IncVRSK	EUSA +0.16 points	0.05%	0.21%
Lockheed Martin CorpLMT	EUSA +0.17 points	0.05%	0.22%
PTC IncPTC	EUSA +0.17 points	0.09%	0.26%
Masco CorpMAS	EUSA +0.17 points	0.05%	0.22%
Otis Worldwide CorpOTIS	EUSA +0.16 points	0.05%	0.21%
Salesforce IncCRM	EUSA +0.16 points	0.06%	0.22%
Tradeweb Markets IncTW	EUSA +0.17 points	0.07%	0.24%
Nordson CorpNDSN	EUSA +0.16 points	0.05%	0.21%
Jacobs Solutions IncJ	EUSA +0.16 points	0.05%	0.21%
WW Grainger IncGWW	EUSA +0.16 points	0.05%	0.21%
Tesla IncTSLA	EUSA +0.16 points	0.07%	0.23%
Sunbelt Rentals Holdings IncSUNB	EUSA +0.16 points	0.05%	0.21%
PPG Industries IncPPG	EUSA +0.16 points	0.05%	0.21%
CSX CorpCSX	EUSA +0.16 points	0.05%	0.21%
Emerson Electric CoEMR	EUSA +0.16 points	0.05%	0.21%
VeriSign IncVRSN	EUSA +0.17 points	0.06%	0.23%
Bloom Energy CorpBE	EUSA +0.16 points	0.04%	0.20%
United Rentals IncURI	EUSA +0.16 points	0.05%	0.21%
Johnson Controls International plcJCI	EUSA +0.16 points	0.05%	0.21%
Dover CorpDOV	EUSA +0.16 points	0.05%	0.21%
Synopsys IncSNPS	EUSA +0.15 points	0.08%	0.23%
Roper Technologies IncROP	EUSA +0.16 points	0.07%	0.23%
CME Group IncCME	EUSA +0.16 points	0.07%	0.23%
Everest Group LtdEG	EUSA +0.16 points	0.07%	0.23%
Martin Marietta Materials IncMLM	EUSA +0.15 points	0.05%	0.20%
Packaging Corp of AmericaPKG	EUSA +0.15 points	0.05%	0.20%
Vulcan Materials CoVMC	EUSA +0.16 points	0.05%	0.21%
Union Pacific CorpUNP	EUSA +0.16 points	0.04%	0.20%
Rockwell Automation IncROK	EUSA +0.15 points	0.05%	0.20%
Estee Lauder Cos Inc/TheEL	EUSA +0.15 points	0.07%	0.22%
Teledyne Technologies IncTDY	EUSA +0.15 points	0.05%	0.20%
Corpay IncCPAY	EUSA +0.16 points	0.04%	0.20%
Gen Digital IncGEN	EUSA +0.15 points	0.06%	0.21%
DuPont de Nemours IncDD	EUSA +0.15 points	0.05%	0.20%
L3Harris Technologies IncLHX	EUSA +0.15 points	0.05%	0.20%
CDW Corp/DECDW	EUSA +0.15 points	0.07%	0.22%
AMETEK IncAME	EUSA +0.15 points	0.05%	0.20%
Norfolk Southern CorpNSC	EUSA +0.15 points	0.04%	0.20%
IDEX CorpIEX	EUSA +0.15 points	0.05%	0.20%
Amcor PLCAMCR	EUSA +0.15 points	0.05%	0.20%
SharkNinja IncSN	EUSA +0.15 points	0.08%	0.23%
Textron IncTXT	EUSA +0.15 points	0.05%	0.20%
Dollar General CorpDG	EUSA +0.16 points	0.06%	0.22%
Apple IncAAPL	EUSA +0.15 points	0.07%	0.22%
Texas Instruments IncTXN	EUSA +0.16 points	0.07%	0.23%
ROBLOX CorpRBLX	EUSA +0.15 points	0.07%	0.22%
Ingersoll Rand IncIR	EUSA +0.15 points	0.05%	0.20%
Honeywell International IncHON	EUSA +0.15 points	0.05%	0.20%
Analog Devices IncADI	EUSA +0.16 points	0.07%	0.23%
Travelers Cos Inc/TheTRV	EUSA +0.15 points	0.07%	0.22%
Microsoft CorpMSFT	EUSA +0.15 points	0.07%	0.22%
Atlassian CorpTEAM	EUSA +0.15 points	0.07%	0.22%
XPO IncXPO	EUSA +0.15 points	0.04%	0.19%
Illinois Tool Works IncITW	EUSA +0.15 points	0.05%	0.20%
Keysight Technologies IncKEYS	EUSA +0.15 points	0.04%	0.19%
Ferguson Enterprises IncFERG	EUSA +0.15 points	0.05%	0.20%
International Business Machines CorpIBM	EUSA +0.15 points	0.07%	0.22%
Berkshire Hathaway IncBRK.B	EUSA +0.15 points	0.07%	0.22%
FedEx CorpFDX	EUSA +0.15 points	0.04%	0.19%
Fidelity National Information Services IncFIS	EUSA +0.15 points	0.04%	0.19%
Marriott International Inc/MDMAR	EUSA +0.15 points	0.07%	0.22%
Samsara IncIOT	EUSA +0.15 points	0.07%	0.22%
Intercontinental Exchange IncICE	EUSA +0.15 points	0.07%	0.22%
Westinghouse Air Brake Technologies CorpWAB	EUSA +0.15 points	0.04%	0.19%
MSCI IncMSCI	EUSA +0.15 points	0.07%	0.22%
Advanced Micro Devices IncAMD	EUSA +0.15 points	0.07%	0.22%

All 1,012 EQAL holdings⁠All 515 EUSA 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 EUSA Cost

Overpaying EQAL vs EUSA

$2,257

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

EQAL 0.20%
$4,155
EUSA 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

EQAL 0.20%
EUSA 0.09%
Overpaying

Year by year

Year	EQAL	EUSA	Overpaying
10	$365	$165	$200
20	$1,421	$646	$775
30	$4,155	$1,898	$2,257

Expense ratio

0.20%EQAL
0.09%EUSA, cheaper

EUSA0.09%EQAL0.20%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

EUSA cheapest of 9 funds

EQAL 4th cheapest of 9 funds

EQAL vs EUSA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EQAL 1.71%, better; EUSA 1.40%
Payout (12M): EQAL $1.01; EUSA $1.61
Last payment: EQAL $0.27; EUSA $0.39
Ex-dividend: EQAL Sep 21, 2026; EUSA Sep 15, 2026
Paid on: EQAL Sep 25, 2026; EUSA Sep 18, 2026
Frequency: EQAL Quarterly; EUSA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EQALQuarterly · 39 paymentsAll EQAL payments⁠

EUSAQuarterly · 40 paymentsAll EUSA payments⁠

EQAL vs EUSA Risk

Fall from peak · 5 years

EQAL
EUSA

Risk facts

VolatilityStd dev, 3 years: EQAL 13.0%EUSA 13.0%
Return per unit of riskSharpe ratio, 3 years: EQAL 1.00EUSA 1.06, better
Worst fallMax drawdown, 5 years: EQAL −21.8%, betterEUSA −25.2%
Market sensitivityBeta, 5 years: EQAL 0.81EUSA 0.98; Market = 1

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