EQL vs EQWL: Grades, Fees and Holdings Compared

ALPS Equal Sector Weight ETF

EQLBNYSE Arca

Invesco S&P 100 Equal Weight ETF

EQWLBNYSE Arca

Overlap

41.3%by weight

Expense ratio

EQL −0.06pt a year

EQL0.19%EQWL0.25%

Avg volume · 30D

EQWL 2.3×the volume

EQL44.7KEQWL105K

10Y return · a year

EQL +2.4pt

EQL+17.1%EQWL+14.7%

EQL vs EQWL Performance

Oct 29, 2021 – Oct 30, 2026

+85.2%EQL+73.1%EQWL

Expense ratio: EQL 0.19%, better; EQWL 0.25%
Fund size: EQL $786M; EQWL $2.85B
1Y total return: EQL +14.7%; EQWL +15.4%, better
Yield (12M): EQL 1.29%; EQWL 1.56%, better
Holdings: EQL 498; EQWL 103
Avg volume (30D): EQL 44.7K sh; EQWL 105K sh, better
NAV per share: EQL $51.91; EQWL $132.19
52W range

ETF.net Grade

Pillar letters and Scores for EQL, EQWL, with each pillar’s weight
Pillar	EQL	EQWL
Cost30% weight	B62Higher	D37
Mission25% weight	A89Higher	A83
Risk15% weight	A74Higher	B65
Tradability15% weight	C46	A93Higher
Holdings10% weight	C44	B57Higher
Durability5% weight	B64	A80Higher

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EQL and EQWL 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 ›

EQL ranks 4th and EQWL 5th 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
Rank 6BDFVEDoubleLine Fortune 500 Equal Weight ETFScore 63

Our read on each fund

ETF.net Research

EQLBALPS Equal Sector Weight ETF

EQWLBInvesco S&P 100 Equal Weight ETF

In short

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.

EQWL Equal weight, but blue chips only. EQWL spreads money evenly across the roughly 100 mega caps of the S&P 100, so the largest name counts about as much as the hundredth. Running since 2006, before equal weight was fashionable.

Stated mandate

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.

EQWL The fund seeks to provide exposure to the S&P 100 through an index that gives its constituent securities equal weight, investing at least 90% of assets in index components.

Why people hold it

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

EQWL Concentration control by design: the index weights its constituents equally, so about 100 household names each carry roughly 1% instead of a few giants steering the whole thing.invesco.com
Launched in 2006, it predates most equal-weight rivals and has grown past a billion in assets, making it one of the easier funds to trade in a small category.
Fee is 0.25% net of a waiver through August 31, 2028 (0.30% gross), sitting near the median of the nine funds in its equal-weight category.
Has tracked its index closely, and distributions arrive quarterly.

Worth knowing

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

EQWL Cheaper equal-weight wrappers exist: EUSA and GSEW each charge 0.09%, and Invesco's own EQAL charges 0.20% for a Russell 1000 version.
Equal weight here still means mega caps only, about 100 of them. You are rebalancing among the giants, not reaching down into mid or small caps.
Resetting to equal weight trims whatever has run hottest, so results diverge from the cap-weighted S&P 100 in both directions.

Full EQL profile⁠

Full EQWL profile⁠

EQL vs EQWL Holdings

How EQL and EQWL differ

Overlap by weight

41.3%

Shared holdings make up 99.4% of EQWL and 56.2% of EQL.

Level by level

Holdings100 in both41.3%
Sector11 Sectors68.9%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in EQL and EQWL, widest gap first
Sector	More in EQLMore in EQWL	EQL	EQWL
Technology	EQWL +15.3 points	10.8%	26.1%
Real Estate	EQL +7.6 points	8.6%	0.9%
Materials	EQL +7.2 points	8.2%	1.0%
Energy	EQL +6.1 points	9.0%	2.9%
Health Care	EQWL +6.0 points	9.4%	15.5%
Utilities	EQL +5.7 points	8.6%	2.9%
Financials	EQWL +5.6 points	8.6%	14.2%
Industrials	EQWL +4.1 points	8.7%	12.8%
Consumer Discretionary	EQL +1.7 points	9.4%	7.7%
Communication	EQL +1.6 points	9.5%	7.9%
Consumer Staples	EQL +1.1 points	9.1%	8.0%

Country, concentration and asset class

Country by domicile

Country weights in EQL and EQWL, widest gap first
Country	More in EQLMore in EQWL	EQL	EQWL
United States	EQWL +0.6 points	99.4%	100.0%
Other countries (4)	EQL +0.6 points	0.6%	0.0%

Concentration

Weight in the 10 largest Holdings

EQL23.1%
EQWL12.0%

Securities held

EQL497
EQWL102

Asset class

EQL: Equity
EQWL: Equity

Holdings

Only in EQL397
In both100
Only in EQWL2

Only in EQL

397 securities, 43.4% of EQL by weight

Welltower Inc.1.37%
Prologis Inc.0.99%
Newmont Corp.0.91%
Equinix Inc.0.81%
Freeport-McMoRan Inc.0.72%
Ecolab Inc.0.61%
Sherwin-Williams Co.0.61%
Constellation Energy Corp.0.60%
Air Products and Chemicals Inc.0.57%
Simon Property Group Inc.0.57%
Digital Realty Trust Inc.0.54%
Nucor Corp.0.50%
American Electric Power Co. Inc.0.48%
Marathon Petroleum Corp.0.47%
Space Exploration Technologies Corp.0.46%
Public Storage0.44%
Realty Income Corp.0.44%
Valero Energy Corp.0.43%
Phillips 660.42%
Dominion Energy Inc.0.39%
Vivmark Residential0.39%
Sempra0.38%
Entergy Corp.0.35%
Ventas Inc.0.35%
Williams Cos. Inc.0.34%
Xcel Energy Inc.0.34%
EOG Resources Inc.0.33%
Exelon Corp.0.32%
Vistra Corp.0.31%
Crown Castle Inc.0.31%
CBRE Group Inc.0.30%
SLB Ltd.0.30%
Vulcan Materials Co.0.30%
Consolidated Edison Inc.0.29%
Iron Mountain Inc.0.28%
Steel Dynamics Inc.0.27%
Extra Space Storage Inc.0.26%
WEC Energy Group Inc.0.25%
Cheniere Energy Inc.0.25%
Targa Resources Corp.0.25%
Public Service Enterprise Group Inc.0.25%
Kinder Morgan Inc.0.25%
Occidental Petroleum Corp.0.24%
Colgate-Palmolive Co.0.24%
TJX Cos. Inc.0.23%
ONEOK Inc.0.23%
Martin Marietta Materials Inc.0.22%
VICI Properties Inc.0.22%
Eaton Corp. PLC0.22%
PPG Industries Inc.0.21%

Only in EQWL

2 securities, 0.5% of EQWL by weight

Alphabet Inc0.38%
Invesco Government & Agency Portfolio0.08%

Weight gaps

All 100 Holdings in both funds, largest gap first.

Holding weights in EQL and EQWL, widest gap first
Holding	More in EQLMore in EQWL	EQL	EQWL
Alphabet Inc.GOOGL	EQL +3.72 points	4.19%	0.47%
Amazon.com Inc.AMZN	EQL +2.58 points	3.53%	0.95%
ExxonMobil Holdings Corp.XOM	EQL +1.79 points	2.89%	1.10%
Accenture PLCACN	EQWL +1.14 points	0.24%	1.38%
Texas Instruments Inc.TXN	EQWL +1.08 points	0.10%	1.18%
Intuitive Surgical Inc.ISRG	EQWL +1.03 points	0.22%	1.25%
Palo Alto Networks Inc.PANW	EQWL +1.02 points	0.10%	1.12%
Intuit Inc.INTU	EQWL +1.01 points	0.03%	1.04%
Palantir Technologies Inc.PLTR	EQWL +0.99 points	0.15%	1.14%
Lockheed Martin Corp.LMT	EQWL +0.98 points	0.23%	1.21%
Emerson Electric Co.EMR	EQWL +0.98 points	0.14%	1.12%
International Business Machines Corp.IBM	EQWL +0.97 points	0.09%	1.06%
QUALCOMM Inc.QCOM	EQWL +0.97 points	0.06%	1.03%
United Parcel Service Inc.UPS	EQWL +0.94 points	0.12%	1.06%
3M Co.MMM	EQWL +0.92 points	0.14%	1.06%
Danaher Corp.DHR	EQWL +0.92 points	0.21%	1.14%
Adobe Inc.ADBE	EQWL +0.92 points	0.04%	0.96%
Meta Platforms Inc.META	EQL +0.91 points	1.85%	0.94%
Blackrock Inc.BLK	EQWL +0.90 points	0.18%	1.08%
General Motors Co.GM	EQWL +0.90 points	0.11%	1.01%
General Dynamics Corp.GD	EQWL +0.88 points	0.15%	1.03%
Arista Networks Inc.ANET	EQWL +0.88 points	0.06%	0.94%
FedEx Corp.FDX	EQWL +0.88 points	0.10%	0.98%
Salesforce Inc.CRM	EQWL +0.86 points	0.07%	0.93%
Starbucks Corp.SBUX	EQWL +0.86 points	0.18%	1.04%
Medtronic PLCMDT	EQWL +0.86 points	0.18%	1.04%
US BancorpUSB	EQWL +0.86 points	0.10%	0.96%
Lowe's Cos. Inc.LOW	EQWL +0.86 points	0.17%	1.03%
Linde PLCLIN	EQL +0.85 points	1.91%	1.06%
Capital One Financial Corp.COF	EQWL +0.83 points	0.14%	0.97%
Cisco Systems Inc.CSCO	EQWL +0.83 points	0.15%	0.98%
Dell Technologies Inc.DELL	EQWL +0.82 points	0.05%	0.87%
Gilead Sciences Inc.GILD	EQWL +0.81 points	0.31%	1.12%
Pfizer Inc.PFE	EQWL +0.81 points	0.25%	1.06%
Bank of New York Mellon Corp.BNY	EQWL +0.79 points	0.11%	0.90%
Amgen Inc.AMGN	EQWL +0.79 points	0.37%	1.16%
Walt Disney Co.DIS	EQWL +0.79 points	0.26%	1.05%
ServiceNow Inc.NOW	EQWL +0.78 points	0.04%	0.82%
Thermo Fisher Scientific Inc.TMO	EQWL +0.78 points	0.37%	1.15%
Comcast Corp.CMCSA	EQWL +0.78 points	0.11%	0.89%
Applied Materials Inc.AMAT	EQWL +0.77 points	0.11%	0.88%
Advanced Micro Devices Inc.AMD	EQWL +0.77 points	0.30%	1.07%
Union Pacific Corp.UNP	EQWL +0.77 points	0.27%	1.04%
Oracle Corp.ORCL	EQWL +0.77 points	0.08%	0.85%
CVS Health Corp.CVS	EQWL +0.76 points	0.17%	0.93%
NVIDIA Corp.NVDA	EQL +0.76 points	1.70%	0.94%
American Express Co.AXP	EQWL +0.75 points	0.24%	0.99%
Bristol-Myers Squibb Co.BMY	EQWL +0.76 points	0.18%	0.94%
Intel Corp.INTC	EQWL +0.74 points	0.11%	0.85%
Mondelez International Inc.MDLZ	EQWL +0.73 points	0.26%	0.99%
McDonald's Corp.MCD	EQWL +0.73 points	0.27%	1.00%
Uber Technologies Inc.UBER	EQWL +0.72 points	0.19%	0.91%
T-Mobile US Inc.TMUS	EQWL +0.72 points	0.10%	0.82%
Abbott LaboratoriesABT	EQWL +0.72 points	0.26%	0.98%
Apple Inc.AAPL	EQL +0.71 points	1.80%	1.09%
Altria Group Inc.MO	EQWL +0.70 points	0.41%	1.11%
Deere & Co.DE	EQWL +0.70 points	0.26%	0.96%
Booking Holdings Inc.BKNG	EQWL +0.68 points	0.17%	0.85%
Lam Research Corp.LRCX	EQWL +0.68 points	0.11%	0.79%
Sandisk Corp.SNDK	EQWL +0.68 points	0.06%	0.74%
Chevron Corp.CVX	EQL +0.67 points	1.74%	1.07%
Citigroup Inc.C	EQWL +0.68 points	0.22%	0.90%
Charles Schwab Corp.SCHW	EQWL +0.67 points	0.16%	0.83%
Wells Fargo & Co.WFC	EQWL +0.65 points	0.28%	0.93%
Morgan StanleyMS	EQWL +0.63 points	0.24%	0.87%
AT&T Inc.T	EQWL +0.62 points	0.20%	0.82%
Boeing Co.BA	EQWL +0.61 points	0.21%	0.82%
Verizon Communications Inc.VZ	EQWL +0.61 points	0.25%	0.86%
Tesla Inc.TSLA	EQL +0.61 points	1.69%	1.08%
Goldman Sachs Group Inc.GS	EQWL +0.60 points	0.29%	0.89%
RTX Corp.RTX	EQWL +0.58 points	0.41%	0.99%
Walmart Inc.WMT	EQL +0.58 points	1.71%	1.13%
GE Vernova Inc.GEV	EQWL +0.57 points	0.35%	0.92%
Home Depot Inc.HD	EQWL +0.55 points	0.49%	1.04%
Eli Lilly & Co.LLY	EQL +0.55 points	1.75%	1.20%
Micron Technology Inc.MU	EQWL +0.55 points	0.35%	0.90%
Mastercard Inc.MA	EQWL +0.54 points	0.56%	1.10%
UnitedHealth Group Inc.UNH	EQWL +0.50 points	0.53%	1.03%
General Electric Co.GE	EQWL +0.47 points	0.48%	0.95%
Netflix Inc.NFLX	EQWL +0.45 points	0.35%	0.80%
Merck & Co. Inc.MRK	EQWL +0.44 points	0.54%	0.98%
Bank of America Corp.BAC	EQWL +0.42 points	0.38%	0.80%
Broadcom Inc.AVGO	EQWL +0.39 points	0.54%	0.93%
ConocoPhillipsCOP	EQWL +0.39 points	0.69%	1.08%
AbbVie Inc.ABBV	EQWL +0.38 points	0.76%	1.14%
PepsiCo Inc.PEP	EQWL +0.38 points	0.58%	0.96%
Duke Energy Corp.DUK	EQWL +0.36 points	0.67%	1.03%
Caterpillar Inc.CAT	EQWL +0.35 points	0.43%	0.78%
Visa Inc.V	EQWL +0.33 points	0.77%	1.10%
American Tower Corp.AMT	EQWL +0.33 points	0.71%	1.04%
Costco Wholesale Corp.COST	EQL +0.31 points	1.40%	1.09%
Southern Co.SO	EQWL +0.32 points	0.72%	1.04%
Microsoft Corp.MSFT	EQL +0.30 points	1.36%	1.06%
Coca-Cola Co.KO	EQL +0.22 points	1.26%	1.04%
NextEra Energy Inc.NEE	EQL +0.19 points	1.17%	0.98%
Philip Morris International Inc.PM	EQWL +0.08 points	1.02%	1.10%
Procter & Gamble Co.PG	EQL +0.06 points	1.17%	1.11%
Johnson & JohnsonJNJ	EQWL +0.05 points	0.96%	1.01%
Berkshire Hathaway Inc.BRK.B	EQL +0.05 points	1.10%	1.05%
JPMorgan Chase & Co.JPM	EQL +0.03 points	0.98%	0.95%

All EQL holdings⁠All 102 EQWL 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.

EQL vs EQWL Cost

Overpaying EQWL vs EQL

$1,207

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

EQL 0.19%
$3,952
EQWL 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

EQL 0.19%
EQWL 0.25%
Overpaying

Year by year

Year	EQL	EQWL	Overpaying
10	$347	$455	$108
20	$1,351	$1,769	$418
30	$3,952	$5,159	$1,207

Expense ratio

0.19%EQL, cheaper
0.25%EQWL

EQL0.19%EQWL0.25%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

EQL 3rd cheapest of 9 funds

EQWL 6th cheapest of 9 funds

EQL vs EQWL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EQL 1.29%; EQWL 1.56%, better
Payout (12M): EQL $0.67; EQWL $2.07
Last payment: EQL $0.18; EQWL $0.51
Ex-dividend: EQL Sep 24, 2026; EQWL Sep 21, 2026
Paid on: EQL Sep 29, 2026; EQWL Sep 25, 2026
Frequency: EQL Quarterly; EQWL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EQLQuarterly · 39 paymentsAll EQL payments⁠

EQWLQuarterly · 38 paymentsAll EQWL payments⁠

EQL vs EQWL Risk

Fall from peak · 5 years

EQL
EQWL

Risk facts

VolatilityStd dev, 3 years: EQL 10.5%, betterEQWL 11.1%
Return per unit of riskSharpe ratio, 3 years: EQL 1.46EQWL 1.47, better
Worst fallMax drawdown, 5 years: EQL −17.4%, betterEQWL −23.0%
Market sensitivityBeta, 5 years: EQL 0.73EQWL 0.91; Market = 1

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