EQL vs USEW: Grades, Fees and Holdings Compared

ALPS Equal Sector Weight ETF

EQLBNYSE Arca

Cambria US EW ETF

USEWDCboe

Overlap

42.6%by weight

Expense ratio

EQL −0.11pt a year

EQL0.19%USEW0.30%

Avg volume · 30D

EQL 52.3×the volume

EQL44.7KUSEW855

EQL vs USEW Performance

Dec 31, 2025 – Nov 2, 2026

+13.1%EQL+10.7%USEW

Expense ratio: EQL 0.19%, better; USEW 0.30%
Fund size: EQL $786M; USEW $189M
1Y total return: EQL +15.0%; USEW No data
Yield (12M): EQL 1.29%; USEW No data
Holdings: EQL 498; USEW 428
Avg volume (30D): EQL 44.7K sh, better; USEW 855 sh
NAV per share: EQL $51.91; USEW $55.84
52W range

ETF.net Grade

Pillar letters and Scores for EQL, USEW, with each pillar’s weight
Pillar	EQL	USEW
Cost30% weight	B62Higher	F21
Mission25% weight	A89	Not scored
Risk15% weight	A71Higher	D33
Tradability15% weight	C47Higher	F8
Holdings10% weight	C44	C52Higher
Durability5% weight	B64Higher	D36

Rank among US Equal Weight funds

How we build Categories ›

Same Category. EQL 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 ›

EQL ranks 4th 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 5BDFVEDoubleLine Fortune 500 Equal Weight ETFScore 64
Rank 8CEDOWFirst Trust Dow 30 Equal Weight ETFScore 44
Rank 9DUSEWCambria US EW ETFScore 25

Our read on each fund

ETF.net Research

EQLBALPS Equal Sector Weight ETF

USEWDCambria US EW 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.

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

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.

USEW The Fund seeks capital appreciation.

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

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

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

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 EQL profile⁠

Full USEW profile⁠

EQL vs USEW Holdings

How EQL and USEW differ

Overlap by weight

42.6%

Shared holdings make up 84.9% of EQL and 62.1% of USEW.

Level by level

Holdings365 in both42.6%
Countryby domicile98.9%
Asset classEquity100%

Sector

No Sector split for USEW.

Country, concentration and asset class

Country by domicile

Country weights in EQL and USEW, widest gap first
Country	More in EQLMore in USEW	EQL	USEW
United States	EQL +0.9 points	99.4%	98.5%
Other countries (15)	USEW +0.9 points	0.6%	1.5%

Concentration

Weight in the 10 largest Holdings

EQL23.1%
USEW22.4%

Securities held

EQL497
USEW427

Asset class

EQL: Equity
USEW: Equity

Holdings

Only in EQL132
In both365
Only in USEW62

Only in EQL

132 securities, 14.6% of EQL by weight

Welltower Inc.1.37%
Prologis Inc.0.99%
Equinix Inc.0.81%
American Tower Corp.0.71%
Simon Property Group Inc.0.57%
Space Exploration Technologies Corp.0.46%
Public Storage0.44%
Realty Income Corp.0.44%
Vivmark Residential0.39%
Ventas Inc.0.35%
Crown Castle Inc.0.31%
Iron Mountain Inc.0.28%
Steel Dynamics Inc.0.27%
Extra Space Storage Inc.0.26%
VICI Properties Inc.0.22%
PPG Industries Inc.0.21%
Dow Inc.0.20%
Atmos Energy Corp.0.20%
PG&E Corp.0.19%
American Water Works Co. Inc.0.19%
Texas Pacific Land Corp.0.18%
FirstEnergy Corp.0.18%
Smurfit Westrock PLC0.18%
Reliance Inc.0.18%
Amcor PLC0.18%
SBA Communications Corp.0.16%
Royal Gold Inc.0.16%
International Paper Co.0.15%
DuPont de Nemours Inc.0.15%
Edison International0.15%
Keurig Dr Pepper Inc.0.15%
LyondellBasell Industries NV0.14%
Essex Property Trust Inc.0.14%
Invitation Homes Inc.0.13%
Weyerhaeuser Co.0.12%
RBC Bearings Inc.0.12%
Moderna Inc.0.12%
Kenvue Inc.0.12%
Kimberly-Clark Corp.0.11%
Sun Communities Inc.0.11%
Carpenter Technology Corp.0.11%
Mid-America Apartment Communities Inc.0.11%
Coeur Mining Inc.0.11%
Kraft Heinz Co.0.09%
Bloom Energy Corp.0.09%
Alcoa Corp.0.08%
Expand Energy Corp.0.08%
Casey's General Stores Inc.0.07%
Constellation Brands Inc.0.06%
Biogen Inc.0.05%

Only in USEW

62 securities, 37.8% 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%
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%
HF Sinclair Corp0.27%
FT Energy Income Partners Enhanced Income Etf0.19%
Vylor Inc0.18%
Golar LNG Ltd0.15%
First American Government Obligations Fund 12/01/20310.14%
NU Holdings Ltd/Cayman Islands0.14%
Anglogold Ashanti Plc0.14%
Crh PLC0.14%
Coupang Inc0.13%
Ralph Lauren Corp0.13%
Evercore Inc0.09%
Ball Corp0.08%
Tyler Technologies Inc0.07%
Honeywell Aerospace Inc0.07%
Graco Inc0.05%

Weight gaps

The 100 widest of 365 Holdings in both funds.

Holding weights in EQL and USEW, widest gap first
Holding	More in EQLMore in USEW	EQL	USEW
Alphabet Inc.GOOGL	EQL +3.79 points	4.19%	0.40%
ExxonMobil Holdings Corp.XOM	EQL +2.64 points	2.89%	0.25%
Amazon.com Inc.AMZN	EQL +2.61 points	3.53%	0.92%
Linde PLCLIN	EQL +1.70 points	1.91%	0.21%
Chevron Corp.CVX	EQL +1.48 points	1.74%	0.26%
Tesla Inc.TSLA	EQL +1.44 points	1.69%	0.25%
Walmart Inc.WMT	EQL +1.36 points	1.71%	0.35%
Eli Lilly & Co.LLY	EQL +1.13 points	1.75%	0.62%
Meta Platforms Inc.META	EQL +1.04 points	1.85%	0.81%
Coca-Cola Co.KO	EQL +1.03 points	1.26%	0.23%
NextEra Energy Inc.NEE	EQL +1.00 points	1.17%	0.17%
Procter & Gamble Co.PG	EQL +0.97 points	1.17%	0.20%
Costco Wholesale Corp.COST	EQL +0.86 points	1.40%	0.54%
Philip Morris International Inc.PM	EQL +0.80 points	1.02%	0.22%
Newmont Corp.NEM	EQL +0.75 points	0.91%	0.16%
NVIDIA Corp.NVDA	EQL +0.69 points	1.70%	1.01%
Thermo Fisher Scientific Inc.TMO	USEW +0.64 points	0.37%	1.01%
Johnson & JohnsonJNJ	EQL +0.64 points	0.96%	0.32%
Dell Technologies Inc.DELL	USEW +0.61 points	0.05%	0.66%
Freeport-McMoRan Inc.FCX	EQL +0.54 points	0.72%	0.18%
Western Digital Corp.WDC	USEW +0.54 points	0.05%	0.59%
Southern Co.SO	EQL +0.53 points	0.72%	0.19%
Blackstone Inc.BX	USEW +0.51 points	0.10%	0.61%
Seagate Technology Holdings PLCSTX	USEW +0.50 points	0.05%	0.55%
Aon PLCAON	USEW +0.48 points	0.07%	0.55%
Starbucks Corp.SBUX	USEW +0.47 points	0.18%	0.65%
Duke Energy Corp.DUK	EQL +0.48 points	0.67%	0.19%
Nucor Corp.NUE	EQL +0.47 points	0.50%	0.03%
Berkshire Hathaway Inc.BRK.B	USEW +0.46 points	1.10%	1.56%
Sherwin-Williams Co.SHW	EQL +0.43 points	0.61%	0.18%
Constellation Energy Corp.CEG	EQL +0.43 points	0.60%	0.17%
ConocoPhillipsCOP	EQL +0.42 points	0.69%	0.27%
Ecolab Inc.ECL	EQL +0.41 points	0.61%	0.20%
PepsiCo Inc.PEP	EQL +0.41 points	0.58%	0.17%
Digital Realty Trust Inc.DLR	EQL +0.38 points	0.54%	0.16%
Dominion Energy Inc.D	EQL +0.37 points	0.39%	0.01%
Air Products and Chemicals Inc.APD	EQL +0.38 points	0.57%	0.19%
Broadcom Inc.AVGO	USEW +0.37 points	0.54%	0.91%
Sandisk Corp.SNDK	USEW +0.34 points	0.06%	0.40%
Crowdstrike Holdings Inc.CRWD	USEW +0.33 points	0.09%	0.42%
Home Depot Inc.HD	EQL +0.33 points	0.49%	0.16%
Xcel Energy Inc.XEL	EQL +0.33 points	0.34%	0.01%
American Electric Power Co. Inc.AEP	EQL +0.31 points	0.48%	0.17%
Vistra Corp.VST	EQL +0.30 points	0.31%	0.01%
CBRE Group Inc.CBRE	EQL +0.29 points	0.30%	<0.01%
Amphenol Corp.APH	USEW +0.29 points	0.07%	0.36%
Vulcan Materials Co.VMC	EQL +0.30 points	0.30%	<0.01%
Palo Alto Networks Inc.PANW	USEW +0.29 points	0.10%	0.39%
Consolidated Edison Inc.ED	EQL +0.29 points	0.29%	<0.01%
Cisco Systems Inc.CSCO	USEW +0.27 points	0.15%	0.42%
UnitedHealth Group Inc.UNH	EQL +0.27 points	0.53%	0.26%
Texas Instruments Inc.TXN	USEW +0.27 points	0.10%	0.37%
Caterpillar Inc.CAT	EQL +0.26 points	0.43%	0.17%
Cloudflare Inc.NET	USEW +0.26 points	0.03%	0.29%
Visa Inc.V	EQL +0.25 points	0.77%	0.52%
Public Service Enterprise Group Inc.PEG	EQL +0.25 points	0.25%	<0.01%
Targa Resources Corp.TRGP	EQL +0.24 points	0.25%	<0.01%
Snowflake Inc.SNOW	USEW +0.24 points	0.04%	0.28%
RTX Corp.RTX	EQL +0.23 points	0.41%	0.18%
SempraSRE	EQL +0.22 points	0.38%	0.16%
Martin Marietta Materials Inc.MLM	EQL +0.21 points	0.22%	<0.01%
Palantir Technologies Inc.PLTR	USEW +0.21 points	0.15%	0.36%
WEC Energy Group Inc.WEC	EQL +0.21 points	0.25%	0.04%
Eaton Corp. PLCETN	USEW +0.21 points	0.22%	0.43%
Netflix Inc.NFLX	EQL +0.21 points	0.35%	0.14%
Marvell Technology Inc.MRVL	USEW +0.21 points	0.06%	0.27%
AppLovin Corp.APP	USEW +0.19 points	0.02%	0.21%
Intel Corp.INTC	USEW +0.19 points	0.11%	0.30%
Republic Services Inc.RSG	USEW +0.19 points	0.07%	0.26%
International Flavors & Fragrances Inc.IFF	EQL +0.19 points	0.19%	<0.01%
Devon Energy Corp.DVN	EQL +0.18 points	0.21%	0.03%
CenterPoint Energy Inc.CNP	EQL +0.18 points	0.19%	<0.01%
Entergy Corp.ETR	EQL +0.18 points	0.35%	0.17%
DTE Energy Co.DTE	EQL +0.18 points	0.19%	<0.01%
Cadence Design Systems Inc.CDNS	USEW +0.18 points	0.03%	0.21%
PPL Corp.PPL	EQL +0.18 points	0.18%	<0.01%
Packaging Corp. of AmericaPKG	EQL +0.18 points	0.18%	<0.01%
Monolithic Power Systems Inc.MPWR	USEW +0.18 points	0.02%	0.20%
United Rentals Inc.URI	USEW +0.17 points	0.11%	0.28%
Merck & Co. Inc.MRK	EQL +0.18 points	0.54%	0.36%
Altria Group Inc.MO	EQL +0.17 points	0.41%	0.24%
Eversource EnergyES	EQL +0.17 points	0.17%	<0.01%
Analog Devices Inc.ADI	USEW +0.17 points	0.07%	0.24%
Ameren Corp.AEE	EQL +0.16 points	0.20%	0.04%
Comfort Systems USA Inc.FIX	USEW +0.16 points	0.06%	0.22%
Bank of America Corp.BAC	EQL +0.15 points	0.38%	0.23%
Natera Inc.NTRA	USEW +0.16 points	0.08%	0.24%
Williams Cos. Inc.WMB	EQL +0.15 points	0.34%	0.19%
Arthur J Gallagher & Co.AJG	USEW +0.15 points	0.08%	0.23%
Keysight Technologies Inc.KEYS	USEW +0.15 points	0.02%	0.17%
Interactive Brokers Group Inc.IBKR	USEW +0.15 points	0.04%	0.19%
Exelon Corp.EXC	EQL +0.15 points	0.32%	0.17%
Allstate Corp.ALL	USEW +0.15 points	0.07%	0.22%
Travelers Cos. Inc.TRV	USEW +0.15 points	0.09%	0.24%
Strategy Inc.MSTR	USEW +0.15 points	0.02%	0.17%
Arista Networks Inc.ANET	USEW +0.15 points	0.06%	0.21%
Synopsys Inc.SNPS	USEW +0.15 points	0.03%	0.18%
Mastercard Inc.MA	USEW +0.15 points	0.56%	0.71%
Aflac Inc.AFL	USEW +0.15 points	0.06%	0.21%
CMS Energy Corp.CMS	EQL +0.15 points	0.15%	<0.01%

All EQL 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.

EQL vs USEW Cost

Overpaying USEW vs EQL

$2,197

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

EQL 0.19%
$3,952
USEW 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

EQL 0.19%
USEW 0.30%
Overpaying

Year by year

Year	EQL	USEW	Overpaying
10	$347	$545	$198
20	$1,351	$2,113	$762
30	$3,952	$6,149	$2,197

Expense ratio

0.19%EQL, cheaper
0.30%USEW

EQL0.19%USEW0.30%

0.09%0.50%

Middle half of US Equal Weight funds
Median 0.20%

EQL 3rd cheapest of 9 funds

USEW 8th cheapest of 9 funds

EQL vs USEW Dividends

Last 12 months to Nov 2, 2026

Yield (12M): EQL 1.29%; USEW No data
Payout (12M): EQL $0.67; USEW No data
Last payment: EQL $0.18; USEW $0.14
Ex-dividend: EQL Sep 24, 2026; USEW Sep 28, 2026
Paid on: EQL Sep 29, 2026; USEW Sep 30, 2026
Frequency: EQL Quarterly; USEW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EQLQuarterly · 39 paymentsAll EQL payments⁠

USEWQuarterly · 4 paymentsAll USEW payments⁠

EQL vs USEW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EQL 10.5%USEW No data
Return per unit of riskSharpe ratio, 3 years: EQL 1.46USEW No data
Worst fallMax drawdown, 5 years: EQL −17.4%USEW No data
Market sensitivityBeta, 5 years: EQL 0.73USEW 0.83; Market = 1

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