EQAL vs QEW: Grades, Fees and Holdings Compared

Invesco Russell 1000 Equal Weight ETF

EQALANYSE Arca

Invesco QQQ Equal Weight ETF

QEWCNasdaq

Overlap

9.2%by weight

Expense ratio

EQAL −0.05pt a year

EQAL0.20%QEW0.25%

Avg volume · 30D

EQAL 1.8×the volume

EQAL33.7KQEW18.3K

EQAL vs QEW Performance

Jul 31, 2026 – Oct 30, 2026

+0.2%EQAL−0.7%QEW

Expense ratio: EQAL 0.20%, better; QEW 0.25%
Fund size: EQAL $820M; QEW $26M
1Y total return: EQAL +16.4%; QEW No data
Yield (12M): EQAL 1.71%; QEW No data
Holdings: EQAL 1013; QEW 104
Avg volume (30D): EQAL 33.7K sh, better; QEW 18.3K sh
NAV per share: EQAL $59.12; QEW $28.81
52W range

ETF.net Grade

Pillar letters and Scores for EQAL, QEW, with each pillar’s weight
Pillar	EQAL	QEW
Cost30% weight	B62Higher	D37
Mission25% weight	A98	Not scored
Risk15% weight	C42	B64Higher
Tradability15% weight	B67Higher	C42
Holdings10% weight	A77Higher	B58
Durability5% weight	A72Higher	F21

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EQAL and QEW 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 QEW 7th 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 6BDFVEDoubleLine Fortune 500 Equal Weight ETFScore 63
Rank 7CQEWInvesco QQQ Equal Weight ETFScore 45
Rank 8CEDOWFirst Trust Dow 30 Equal Weight ETFScore 44

Our read on each fund

ETF.net Research

EQALAInvesco Russell 1000 Equal Weight ETF

QEWCInvesco QQQ Equal 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.

QEW From the house behind the Nasdaq-100's flagship ETF comes the flip side: the same 100 innovation names, each handed a 1% slice at every quarterly reset, so no handful of mega-caps runs the show.

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.

QEW The Fund seeks to track, before fees and expenses, the Nasdaq-100 Equal Weighted Index.

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.

QEW Every name starts at a 1% weight and the index resets quarterly, trimming what ran and topping up what lagged. A rules-based check on mega-cap dominance.invesco.com nasdaqomx.com
The sector mix lands differently from the cap-weighted Nasdaq-100: lighter in technology and consumer discretionary, heavier in health care and industrials.invesco.com
Came to market at 0.25%, below what the two long-running equal-weight Nasdaq-100 trackers, QQQE and QQEW, charged at the time of launch.direxion.com yahoo.com investing.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

QEW At 0.25% it runs above broad equal-weight large-cap funds such as GSEW and EUSA at 0.09%. The Nasdaq-100 roster is what the extra fee buys.
A March 2026 launch, so the live record is short and the fund is still building scale. Newer, smaller ETFs tend to trade with wider bid-ask spreads.
Equal weight cuts both ways. Spreading money evenly across roughly 100 names means less exposure to the biggest Nasdaq companies when they are the ones leading.invesco.com

Full EQAL profile⁠

Full QEW profile⁠

EQAL vs QEW Holdings

How EQAL and QEW differ

Overlap by weight

9.2%

Shared holdings make up 88.6% of QEW and 9.2% of EQAL.

Level by level

Holdings90 in both9.2%
Countryby domicile93.4%
Asset classEquity100%

Sector

No Sector split for QEW.

Country, concentration and asset class

Country by domicile

Country weights in EQAL and QEW, widest gap first
Country	More in EQALMore in QEW	EQAL	QEW
United States	EQAL +5.9 points	98.8%	92.9%
Canada	QEW +2.0 points	0.3%	2.3%
Netherlands	QEW +2.0 points	0.0%	2.0%
China	QEW +1.0 points	0.0%	1.0%
United Kingdom	QEW +0.8 points	0.2%	1.0%
Brazil	QEW +0.8 points	0.1%	0.9%
Other countries (8)	EQAL +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

EQAL4.4%
QEW12.0%

Securities held

EQAL1,012
QEW102

Asset class

EQAL: Equity
QEW: Equity

Holdings

Only in EQAL922
In both90
Only in QEW12

Only in EQAL

922 securities, 90.8% of EQAL by weight

Ubiquiti Inc0.49%
EchoStar Corp0.46%
Motorola Solutions Inc0.46%
Ciena Corp0.45%
Globalstar Inc0.44%
Roku Inc0.44%
Iridium Communications Inc0.42%
Arista Networks Inc0.42%
Viavi Solutions Inc0.38%
Verizon Communications Inc0.38%
Millicom International Cellular SA0.36%
AT&T Inc0.35%
Charter Communications Inc0.34%
Applied Optoelectronics Inc0.33%
Liberty Global Ltd0.31%
AST SpaceMobile Inc0.31%
Range Resources Corp0.29%
Cleveland-Cliffs Inc0.28%
APA Corp0.26%
Reliance Inc0.26%
Cheniere Energy Inc0.26%
Ecolab Inc0.26%
Scotts Miracle-Gro Co/The0.26%
Ovintiv Inc0.25%
ExxonMobil Holdings Corp0.25%
International Flavors & Fragrances Inc0.25%
Avery Dennison Corp0.25%
Nucor Corp0.25%
Marathon Petroleum Corp0.25%
EOG Resources Inc0.25%
Kinder Morgan Inc0.25%
Steel Dynamics Inc0.25%
ConocoPhillips0.25%
Air Products and Chemicals Inc0.25%
Chevron Corp0.25%
Celanese Corp0.25%
Permian Resources Corp0.24%
International Paper Co0.24%
Targa Resources Corp0.24%
RBC Bearings Inc0.24%
Element Solutions Inc0.24%
Phillips 660.24%
Antero Resources Corp0.24%
Viper Energy Inc0.24%
LyondellBasell Industries NV0.24%
Solstice Advanced Materials Inc0.24%
HF Sinclair Corp0.24%
Occidental Petroleum Corp0.23%
Williams Cos Inc/The0.23%
Devon Energy Corp0.23%

Only in QEW

12 securities, 11.4% of QEW by weight

NXP Semiconductors NV1.20%
Shopify Inc1.15%
Thomson Reuters Corp1.10%
Coca-Cola Europacific Partners PLC1.04%
ASML Holding NV1.00%
Ferrovial NV0.99%
ARM Holdings PLC0.96%
PDD Holdings Inc0.96%
MercadoLibre Inc0.87%
Seagate Technology Holdings PLC0.86%
Nebius Group NV0.85%
Alphabet Inc0.43%

Weight gaps

All 90 Holdings in both funds, largest gap first.

Holding weights in EQAL and QEW, widest gap first
Holding	More in EQALMore in QEW	EQAL	QEW
Advanced Micro Devices IncAMD	QEW +1.15 points	0.07%	1.22%
Texas Instruments IncTXN	QEW +1.15 points	0.07%	1.22%
Analog Devices IncADI	QEW +1.14 points	0.07%	1.21%
Moderna IncMRNA	QEW +1.12 points	0.15%	1.27%
Marriott International Inc/MDMAR	QEW +1.12 points	0.07%	1.19%
Walmart IncWMT	QEW +1.10 points	0.07%	1.17%
Intuitive Surgical IncISRG	QEW +1.10 points	0.11%	1.21%
Crowdstrike Holdings IncCRWD	QEW +1.07 points	0.08%	1.15%
Datadog IncDDOG	QEW +1.07 points	0.07%	1.14%
Synopsys IncSNPS	QEW +1.05 points	0.08%	1.13%
Apple IncAAPL	QEW +1.05 points	0.07%	1.12%
PayPal Holdings IncPYPL	QEW +1.05 points	0.05%	1.10%
Microchip Technology IncMCHP	QEW +1.05 points	0.07%	1.12%
Cintas CorpCTAS	QEW +1.05 points	0.05%	1.10%
Meta Platforms IncMETA	QEW +1.05 points	0.06%	1.11%
Gilead Sciences IncGILD	QEW +1.05 points	0.10%	1.15%
Tesla IncTSLA	QEW +1.04 points	0.07%	1.11%
QUALCOMM IncQCOM	QEW +1.04 points	0.06%	1.10%
Strategy IncMSTR	QEW +1.01 points	0.07%	1.08%
Honeywell International IncHON	QEW +1.01 points	0.05%	1.06%
Roper Technologies IncROP	QEW +1.01 points	0.07%	1.08%
Costco Wholesale CorpCOST	QEW +1.00 points	0.07%	1.07%
CSX CorpCSX	QEW +1.00 points	0.05%	1.05%
Palantir Technologies IncPLTR	QEW +1.00 points	0.07%	1.07%
Microsoft CorpMSFT	QEW +0.99 points	0.07%	1.06%
Marvell Technology IncMRVL	QEW +0.99 points	0.06%	1.05%
Intel CorpINTC	QEW +0.98 points	0.06%	1.04%
Honeywell Aerospace IncHONA	QEW +0.99 points	0.04%	1.03%
GE HealthCare Technologies IncGEHC	QEW +0.98 points	0.11%	1.09%
Amgen IncAMGN	QEW +0.98 points	0.11%	1.09%
Automatic Data Processing IncADP	QEW +0.97 points	0.05%	1.02%
Ross Stores IncROST	QEW +0.97 points	0.06%	1.03%
Cadence Design Systems IncCDNS	QEW +0.96 points	0.07%	1.03%
IDEXX Laboratories IncIDXX	QEW +0.95 points	0.10%	1.05%
O'Reilly Automotive IncORLY	QEW +0.95 points	0.06%	1.01%
Regeneron Pharmaceuticals IncREGN	QEW +0.95 points	0.09%	1.04%
Starbucks CorpSBUX	QEW +0.95 points	0.06%	1.01%
Palo Alto Networks IncPANW	QEW +0.94 points	0.07%	1.01%
Workday IncWDAY	QEW +0.94 points	0.06%	1.00%
Astera Labs IncALAB	QEW +0.93 points	0.06%	0.99%
Micron Technology IncMU	QEW +0.93 points	0.06%	0.99%
Keurig Dr Pepper IncKDP	QEW +0.92 points	0.20%	1.12%
NVIDIA CorpNVDA	QEW +0.92 points	0.06%	0.98%
KLA CorpKLAC	QEW +0.91 points	0.06%	0.97%
Vertex Pharmaceuticals IncVRTX	QEW +0.91 points	0.10%	1.01%
Monolithic Power Systems IncMPWR	QEW +0.90 points	0.06%	0.96%
Rocket Lab CorpRKLB	QEW +0.90 points	0.04%	0.94%
Amazon.com IncAMZN	QEW +0.89 points	0.06%	0.95%
Broadcom IncAVGO	QEW +0.89 points	0.06%	0.94%
Autodesk IncADSK	QEW +0.88 points	0.07%	0.95%
Applied Materials IncAMAT	QEW +0.87 points	0.06%	0.93%
Intuit IncINTU	QEW +0.87 points	0.06%	0.93%
American Electric Power Co IncAEP	QEW +0.86 points	0.21%	1.07%
Airbnb IncABNB	QEW +0.86 points	0.06%	0.92%
Exelon CorpEXC	QEW +0.86 points	0.21%	1.07%
Xcel Energy IncXEL	QEW +0.85 points	0.21%	1.06%
Copart IncCPRT	QEW +0.85 points	0.06%	0.91%
Mondelez International IncMDLZ	QEW +0.85 points	0.17%	1.02%
Take-Two Interactive Software IncTTWO	QEW +0.84 points	0.05%	0.89%
Western Digital CorpWDC	QEW +0.84 points	0.05%	0.89%
Monster Beverage CorpMNST	QEW +0.83 points	0.19%	1.02%
Old Dominion Freight Line IncODFL	QEW +0.83 points	0.04%	0.87%
Fastenal CoFAST	QEW +0.83 points	0.25%	1.08%
Paychex IncPAYX	QEW +0.83 points	0.04%	0.87%
Diamondback Energy IncFANG	QEW +0.81 points	0.23%	1.04%
Sandisk CorpSNDK	QEW +0.81 points	0.05%	0.86%
Teradyne IncTER	QEW +0.81 points	0.05%	0.86%
Dexcom IncDXCM	QEW +0.80 points	0.09%	0.89%
Lam Research CorpLRCX	QEW +0.81 points	0.05%	0.86%
PACCAR IncPCAR	QEW +0.80 points	0.04%	0.84%
Adobe IncADBE	QEW +0.80 points	0.06%	0.86%
PepsiCo IncPEP	QEW +0.80 points	0.17%	0.97%
Constellation Energy CorpCEG	QEW +0.80 points	0.18%	0.98%
Linde PLCLIN	QEW +0.79 points	0.25%	1.04%
AppLovin CorpAPP	QEW +0.78 points	0.05%	0.83%
Fortinet IncFTNT	QEW +0.78 points	0.05%	0.83%
Axon Enterprise IncAXON	QEW +0.74 points	0.04%	0.78%
DoorDash IncDASH	QEW +0.73 points	0.05%	0.78%
Netflix IncNFLX	QEW +0.73 points	0.05%	0.78%
Booking Holdings IncBKNG	QEW +0.72 points	0.05%	0.77%
CoreWeave IncCRWV	QEW +0.69 points	0.04%	0.73%
Alnylam Pharmaceuticals IncALNY	QEW +0.67 points	0.06%	0.73%
Baker Hughes CoBKR	QEW +0.66 points	0.21%	0.87%
Lumentum Holdings IncLITE	QEW +0.60 points	0.42%	1.02%
Space Exploration Technologies CorpSPCX	QEW +0.60 points	0.42%	1.02%
Cisco Systems IncCSCO	QEW +0.56 points	0.44%	1.00%
T-Mobile US IncTMUS	QEW +0.47 points	0.36%	0.83%
Comcast CorpCMCSA	QEW +0.47 points	0.38%	0.85%
Alphabet IncGOOGL	QEW +0.37 points	0.05%	0.42%
Invesco Government & Agency PortfolioAGPXX	QEW +0.02 points	0.02%	0.04%

All 1,012 EQAL holdings⁠All 102 QEW 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 QEW Cost

Overpaying QEW vs EQAL

$1,004

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

EQAL 0.20%
$4,155
QEW 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

EQAL 0.20%
QEW 0.25%
Overpaying

Year by year

Year	EQAL	QEW	Overpaying
10	$365	$455	$90
20	$1,421	$1,769	$348
30	$4,155	$5,159	$1,004

Expense ratio

0.20%EQAL, cheaper
0.25%QEW

EQAL0.20%QEW0.25%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

EQAL 4th cheapest of 9 funds

QEW 6th cheapest of 9 funds

EQAL vs QEW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EQAL 1.71%; QEW No data
Payout (12M): EQAL $1.01; QEW No data
Last payment: EQAL $0.27; QEW $0.05
Ex-dividend: EQAL Sep 21, 2026; QEW Sep 21, 2026
Paid on: EQAL Sep 25, 2026; QEW Sep 25, 2026
Frequency: EQAL Quarterly; QEW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EQALQuarterly · 39 paymentsAll EQAL payments⁠

QEWQuarterly · 2 paymentsAll QEW payments⁠

EQAL vs QEW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EQAL 13.0%QEW No data
Return per unit of riskSharpe ratio, 3 years: EQAL 1.00QEW No data
Worst fallMax drawdown, 5 years: EQAL −21.8%QEW No data
Market sensitivityBeta, 5 years: EQAL 0.81QEW 0.75; Market = 1

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