EQAL vs USEW: Grades, Fees and Holdings Compared

Invesco Russell 1000 Equal Weight ETF

EQALANYSE Arca

Cambria US EW ETF

USEWDCboe

Overlap

24.0%by weight

Expense ratio

EQAL −0.10pt a year

EQAL0.20%USEW0.30%

Avg volume · 30D

EQAL 39.4×the volume

EQAL33.7KUSEW855

EQAL vs USEW Performance

Dec 31, 2025 – Nov 2, 2026

+14.4%EQAL+10.7%USEW

Expense ratio: EQAL 0.20%, better; USEW 0.30%
Fund size: EQAL $820M; USEW $189M
1Y total return: EQAL +16.9%; USEW No data
Yield (12M): EQAL 1.71%; USEW No data
Holdings: EQAL 1013; USEW 428
Avg volume (30D): EQAL 33.7K sh, better; USEW 855 sh
NAV per share: EQAL $59.12; USEW $55.84
52W range

ETF.net Grade

Pillar letters and Scores for EQAL, USEW, with each pillar’s weight
Pillar	EQAL	USEW
Cost30% weight	B62Higher	F21
Mission25% weight	A98	Not scored
Risk15% weight	C42Higher	D33
Tradability15% weight	B67Higher	F8
Holdings10% weight	A77Higher	C52
Durability5% weight	A72Higher	D36

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EQAL and USEW 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 USEW 9th of 9 funds in the US Equal Weight Category.

Rank 1AEUSAiShares MSCI USA Equal Weighted ETFScore 81
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 8CEDOWFirst Trust Dow 30 Equal Weight ETFScore 44
Rank 9DUSEWCambria US EW ETFScore 25

Our read on each fund

ETF.net Research

EQALAInvesco Russell 1000 Equal Weight ETF

USEWDCambria US EW 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.

USEW Cambria's swing at equal weight: roughly 400 US stocks, each given a comparable slot, with plain capital appreciation as the stated goal. A boutique newcomer in a corner of the market ruled by cheap index giants.

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.

USEW The Fund seeks capital appreciation.

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.

USEW Equal weighting means the smallest name in the book gets a slot comparable to the largest, so mega-cap concentration is diluted instead of inherited.
About 400 holdings, so no single story stock carries the fund.
The mandate is written down: at least 80% of net assets plus borrowings in US company securities, inside a standard 1940 Act fund wrapper.
Distributions run on a quarterly cadence, and the objective is refreshingly unfussy: capital appreciation.

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

USEW At 0.30% a year it sits above the 0.20% typical of equal-weight peers, and well above the 0.09% charged by GSEW and EUSA.
It trades lightly next to the category's heavyweights, so the spread you pay can matter more than the expense ratio.
Launched in December 2025, so there is no long record here yet, and no full market cycle to judge the approach against.

Full EQAL profile⁠

Full USEW profile⁠

EQAL vs USEW Holdings

How EQAL and USEW differ

Overlap by weight

24.0%

Shared holdings make up 62.5% of USEW and 39.4% of EQAL.

Level by level

Holdings382 in both24.0%
Countryby domicile99.2%
Asset classEquity100%

Sector

No Sector split for USEW.

Country, concentration and asset class

Country by domicile

Country weights in EQAL and USEW, widest gap first
Country	More in EQALMore in USEW	EQAL	USEW
United States	EQAL +0.3 points	98.8%	98.5%
Switzerland	USEW +0.3 points	0.1%	0.4%
Canada	USEW +0.1 points	0.3%	0.4%
Belgium	EQAL +0.3 points	0.3%	0.0%
Brazil	USEW +0.1 points	0.1%	0.2%
United Kingdom	Same weight	0.2%	0.2%
Finland	EQAL +0.1 points	0.1%	0.0%
Mexico	EQAL +0.1 points	0.1%	0.0%
Other countries (12)	Same weight	0.2%	0.2%

Concentration

Weight in the 10 largest Holdings

EQAL4.3%
USEW22.4%

Securities held

EQAL1,012
USEW427

Asset class

EQAL: Equity
USEW: Equity

Holdings

Only in EQAL630
In both382
Only in USEW45

Only in EQAL

630 securities, 60.5% of EQAL by weight

EchoStar Corp0.46%
Roku Inc0.44%
Globalstar Inc0.44%
Iridium Communications Inc0.42%
Space Exploration Technologies Corp0.40%
Millicom International Cellular SA0.36%
Viavi Solutions Inc0.35%
Liberty Global Ltd0.32%
Range Resources Corp0.30%
AST SpaceMobile Inc0.30%
Applied Optoelectronics Inc0.29%
Cleveland-Cliffs Inc0.28%
APA Corp0.27%
Reliance Inc0.26%
Scotts Miracle-Gro Co/The0.26%
Ovintiv Inc0.26%
Avery Dennison Corp0.25%
Celanese Corp0.25%
Permian Resources Corp0.25%
LyondellBasell Industries NV0.25%
International Paper Co0.25%
Steel Dynamics Inc0.25%
Antero Resources Corp0.25%
Viper Energy Inc0.24%
Olin Corp0.24%
Chord Energy Corp0.24%
Element Solutions Inc0.24%
Solstice Advanced Materials Inc0.23%
Weatherford International PLC0.23%
Eastman Chemical Co0.23%
RBC Bearings Inc0.23%
Matador Resources Co0.23%
Nextpower Inc0.22%
Westlake Corp0.22%
Timken Co/The0.22%
Antero Midstream Corp0.22%
DT Midstream Inc0.22%
Pinnacle West Capital Corp0.22%
Solv Energy Inc0.22%
GFL Environmental Inc0.22%
Southern Copper Corp0.21%
Expand Energy Corp0.21%
CF Industries Holdings Inc0.21%
Mueller Industries Inc0.21%
IDACORP Inc0.21%
OGE Energy Corp0.21%
Royal Gold Inc0.21%
NewMarket Corp0.21%
Atmos Energy Corp0.21%
Texas Pacific Land Corp0.21%

Only in USEW

45 securities, 37.5% of USEW by weight

Invesco S&P 500 Low Volatility ETF6.37%
iShares Russell 1000 Value ETF2.08%
Fidelity Value Factor ETF2.04%
State Street SPDR S&P 500 ETF Trust2.03%
Invesco S&P 500 Equal Weight ETF1.85%
State Street SPDR S&P 400 Mid Cap Value ETF1.83%
Vanguard S&P 500 ETF1.52%
Vanguard Morningstar Value ETF1.34%
ProShares S&P 500 Dividend Aristocrats ETF1.12%
Vanguard Morningstar Total Stock Market ETF1.01%
iShares Core S&P 500 ETF1.01%
iShares Core Dividend Growth ETF0.94%
iShares Russell 2000 ETF0.92%
Invesco S&P Global Water Index ETF0.87%
Fidelity Blue Chip Growth ETF0.83%
Alphabet Inc0.77%
Ishares Core Us Value Etf0.75%
Invesco RAFI US 1000 ETF0.74%
Vanguard Morningstar Growth ETF0.69%
Schwab U.S. Large-Cap Growth ETF0.66%
Invesco Large Cap Growth ETF0.65%
Vanguard Information Technology ETF0.58%
JPMorgan US Quality Factor ETF0.56%
Seagate Technology Holdings PLC0.55%
Invesco QQQ Trust Series 10.52%
Accel Entertainment Inc0.50%
First Trust Value Line Dividend Index Fund0.48%
First Trust RBA American Industrial Renaissance ETF0.39%
iShares Russell 1000 Growth ETF0.39%
Cambria Tax Aware ETF0.38%
Shopify Inc0.35%
iShares MSCI USA Momentum Factor ETF0.33%
Dimensional US Marketwide Value ETF0.32%
iShares Core S&P Mid-Cap ETF0.31%
iShares MSCI USA Min Vol Factor ETF0.31%
Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality Etf0.28%
Elevance Health Inc0.24%
FT Energy Income Partners Enhanced Income Etf0.19%
Becton Dickinson & Co0.18%
Golar LNG Ltd0.15%
First American Government Obligations Fund 12/01/20310.14%
Block Inc0.14%
Ball Corp0.08%
Fiserv Inc0.04%
HEICO Corp<0.01%

Weight gaps

The 100 widest of 382 Holdings in both funds.

Holding weights in EQAL and USEW, widest gap first
Holding	More in EQALMore in USEW	EQAL	USEW
Apple IncAAPL	USEW +1.76 points	0.07%	1.83%
Berkshire Hathaway IncBRK.B	USEW +1.49 points	0.07%	1.56%
Microsoft CorpMSFT	USEW +1.21 points	0.07%	1.28%
JPMorgan Chase & CoJPM	USEW +1.00 points	0.06%	1.06%
NVIDIA CorpNVDA	USEW +0.95 points	0.06%	1.01%
Thermo Fisher Scientific IncTMO	USEW +0.90 points	0.11%	1.01%
Amazon.com IncAMZN	USEW +0.86 points	0.06%	0.92%
Broadcom IncAVGO	USEW +0.85 points	0.06%	0.91%
Meta Platforms IncMETA	USEW +0.75 points	0.06%	0.81%
Mastercard IncMA	USEW +0.66 points	0.05%	0.71%
Dell Technologies IncDELL	USEW +0.61 points	0.05%	0.66%
Starbucks CorpSBUX	USEW +0.59 points	0.06%	0.65%
AbbVie IncABBV	USEW +0.54 points	0.11%	0.65%
Blackstone IncBX	USEW +0.55 points	0.06%	0.61%
Western Digital CorpWDC	USEW +0.54 points	0.05%	0.59%
Eli Lilly & CoLLY	USEW +0.50 points	0.12%	0.62%
Aon PLCAON	USEW +0.48 points	0.07%	0.55%
Costco Wholesale CorpCOST	USEW +0.47 points	0.07%	0.54%
Visa IncV	USEW +0.47 points	0.05%	0.52%
Ubiquiti IncUI	EQAL +0.44 points	0.46%	0.02%
Eaton Corp PLCETN	USEW +0.39 points	0.04%	0.43%
Sandisk CorpSNDK	USEW +0.36 points	0.04%	0.40%
Alphabet IncGOOGL	USEW +0.35 points	0.05%	0.40%
GE Vernova IncGEV	USEW +0.35 points	0.04%	0.39%
Crowdstrike Holdings IncCRWD	USEW +0.35 points	0.07%	0.42%
Lumentum Holdings IncLITE	EQAL +0.34 points	0.39%	0.05%
Charter Communications IncCHTR	EQAL +0.33 points	0.35%	0.02%
Micron Technology IncMU	USEW +0.32 points	0.06%	0.38%
Palo Alto Networks IncPANW	USEW +0.32 points	0.07%	0.39%
General Electric CoGE	USEW +0.32 points	0.04%	0.36%
Advanced Micro Devices IncAMD	USEW +0.32 points	0.06%	0.38%
Amphenol CorpAPH	USEW +0.30 points	0.06%	0.36%
Ciena CorpCIEN	EQAL +0.30 points	0.42%	0.12%
Texas Instruments IncTXN	USEW +0.30 points	0.07%	0.37%
Palantir Technologies IncPLTR	USEW +0.29 points	0.07%	0.36%
Motorola Solutions IncMSI	EQAL +0.29 points	0.46%	0.17%
Walmart IncWMT	USEW +0.28 points	0.07%	0.35%
Merck & Co IncMRK	USEW +0.26 points	0.10%	0.36%
Goldman Sachs Group Inc/TheGS	USEW +0.26 points	0.06%	0.32%
International Flavors & Fragrances IncIFF	EQAL +0.26 points	0.26%	<0.01%
Comcast CorpCMCSA	EQAL +0.26 points	0.40%	0.14%
Intel CorpINTC	USEW +0.26 points	0.04%	0.30%
Targa Resources CorpTRGP	EQAL +0.24 points	0.25%	<0.01%
T-Mobile US IncTMUS	EQAL +0.23 points	0.38%	0.15%
Cloudflare IncNET	USEW +0.23 points	0.06%	0.29%
United Rentals IncURI	USEW +0.23 points	0.05%	0.28%
Snowflake IncSNOW	USEW +0.22 points	0.06%	0.28%
Johnson & JohnsonJNJ	USEW +0.23 points	0.09%	0.32%
Halliburton CoHAL	EQAL +0.22 points	0.23%	<0.01%
Marvell Technology IncMRVL	USEW +0.22 points	0.05%	0.27%
Nucor CorpNUE	EQAL +0.22 points	0.25%	0.03%
Fastenal CoFAST	EQAL +0.22 points	0.25%	0.03%
Diamondback Energy IncFANG	EQAL +0.22 points	0.24%	0.02%
EQT CorpEQT	EQAL +0.21 points	0.23%	0.02%
Talen Energy CorpTLN	EQAL +0.21 points	0.22%	<0.01%
Consolidated Edison IncED	EQAL +0.22 points	0.22%	<0.01%
Devon Energy CorpDVN	EQAL +0.21 points	0.24%	0.03%
CenterPoint Energy IncCNP	EQAL +0.21 points	0.22%	<0.01%
Alliant Energy CorpLNT	EQAL +0.21 points	0.21%	<0.01%
American Express CoAXP	USEW +0.21 points	0.04%	0.25%
TechnipFMC PLCFTI	EQAL +0.21 points	0.21%	<0.01%
AT&T IncT	EQAL +0.21 points	0.36%	0.16%
PPL CorpPPL	EQAL +0.21 points	0.21%	<0.01%
CMS Energy CorpCMS	EQAL +0.21 points	0.21%	<0.01%
Public Service Enterprise Group IncPEG	EQAL +0.20 points	0.20%	<0.01%
Evergy IncEVRG	EQAL +0.20 points	0.21%	0.01%
Deere & CoDE	USEW +0.20 points	0.04%	0.24%
Xcel Energy IncXEL	EQAL +0.20 points	0.21%	0.01%
Union Pacific CorpUNP	USEW +0.19 points	0.05%	0.24%
Church & Dwight Co IncCHD	EQAL +0.20 points	0.20%	<0.01%
Eversource EnergyES	EQAL +0.20 points	0.20%	<0.01%
DTE Energy CoDTE	EQAL +0.19 points	0.20%	<0.01%
Comfort Systems USA IncFIX	USEW +0.19 points	0.03%	0.22%
Dominion Energy IncD	EQAL +0.18 points	0.20%	0.01%
US Foods Holding CorpUSFD	EQAL +0.19 points	0.19%	<0.01%
Verizon Communications IncVZ	EQAL +0.19 points	0.39%	0.20%
Cintas CorpCTAS	USEW +0.18 points	0.05%	0.23%
Tesla IncTSLA	USEW +0.18 points	0.07%	0.25%
Arista Networks IncANET	EQAL +0.18 points	0.39%	0.21%
CSX CorpCSX	USEW +0.17 points	0.05%	0.22%
Cardinal Health IncCAH	EQAL +0.18 points	0.19%	<0.01%
WEC Energy Group IncWEC	EQAL +0.18 points	0.22%	0.04%
Bank of America CorpBAC	USEW +0.18 points	0.05%	0.23%
Norfolk Southern CorpNSC	USEW +0.17 points	0.05%	0.22%
Vistra CorpVST	EQAL +0.18 points	0.19%	0.01%
Ameren CorpAEE	EQAL +0.17 points	0.21%	0.04%
Analog Devices IncADI	USEW +0.17 points	0.07%	0.24%
First Solar IncFSLR	EQAL +0.17 points	0.19%	0.02%
Sysco CorpSYY	EQAL +0.18 points	0.18%	<0.01%
NiSource IncNI	EQAL +0.17 points	0.21%	0.04%
Airbnb IncABNB	USEW +0.17 points	0.06%	0.23%
Automatic Data Processing IncADP	USEW +0.17 points	0.05%	0.22%
Travelers Cos Inc/TheTRV	USEW +0.17 points	0.07%	0.24%
WW Grainger IncGWW	USEW +0.16 points	0.05%	0.21%
AppLovin CorpAPP	USEW +0.17 points	0.04%	0.21%
3M CoMMM	USEW +0.16 points	0.05%	0.21%
Applied Materials IncAMAT	USEW +0.16 points	0.05%	0.21%
UnitedHealth Group IncUNH	USEW +0.16 points	0.10%	0.26%
Emerson Electric CoEMR	USEW +0.16 points	0.05%	0.21%
Marriott International Inc/MDMAR	USEW +0.16 points	0.07%	0.23%

All 1,012 EQAL holdings⁠All 427 USEW 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 USEW Cost

Overpaying USEW vs EQAL

$1,994

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

EQAL 0.20%
$4,155
USEW 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

EQAL 0.20%
USEW 0.30%
Overpaying

Year by year

Year	EQAL	USEW	Overpaying
10	$365	$545	$180
20	$1,421	$2,113	$692
30	$4,155	$6,149	$1,994

Expense ratio

0.20%EQAL, cheaper
0.30%USEW

EQAL0.20%USEW0.30%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

EQAL 4th cheapest of 9 funds

USEW 8th cheapest of 9 funds

EQAL vs USEW Dividends

Last 12 months to Nov 2, 2026

Yield (12M): EQAL 1.71%; USEW No data
Payout (12M): EQAL $1.01; USEW No data
Last payment: EQAL $0.27; USEW $0.14
Ex-dividend: EQAL Sep 21, 2026; USEW Sep 28, 2026
Paid on: EQAL Sep 25, 2026; USEW Sep 30, 2026
Frequency: EQAL Quarterly; USEW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EQALQuarterly · 39 paymentsAll EQAL payments⁠

USEWQuarterly · 4 paymentsAll USEW payments⁠

EQAL vs USEW 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%USEW No data
Return per unit of riskSharpe ratio, 3 years: EQAL 1.00USEW No data
Worst fallMax drawdown, 5 years: EQAL −21.8%USEW No data
Market sensitivityBeta, 5 years: EQAL 0.81USEW 0.83; Market = 1

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