The S&P 500 equal-weight index has climbed 10.8% year-to-date in 2026, while the cap-weighted index has declined 7.5%, highlighting a broad rotation away from mega-cap concentration. The equal-weight version is on track for its second-best monthly relative performance versus the cap-weighted index in more than two decades. Over the past month, the cap-weighted index gained 2.3% and the equal-weight index advanced 2.2%. The divergence stems largely from weakness in the Magnificent Seven stocks, which account for 35.25% of the cap-weighted index and have all posted notable declines over the past month, including Amazon falling 13.4% and Alphabet dropping 11.3%.
Apple Inc.
Amazon.com Inc
Alphabet Inc Class C
Microsoft Corporation
NVIDIA Corporation
Meta Platforms Inc.
Tesla Inc