Equal-weight S&P 500 (RSP): the last 12 months

The equal-weight S&P 500 (RSP) is up 21.8% over 1Y and at a 5-year high; its 90-day change is +2.6%. It beat the cap-weighted index by 5.8 pp in October as AI capex doubts hit the mega-caps while the average stock held up. Status quo for themes: breadth improving.

Status quo card: Equal-weight S&P 500 (RSP), new status quo.

Month by month

Computed in code. Change: the calendar-month change (z against its own monthly history). 90-day: the trailing 90-day change at the month-end. Rank: its place among that month's biggest moves. Causes: the surviving monthly causes acting on it (a force's loading on this asset times the month's fitted strength, in standard deviations). ETF holdings use current weights (an approximation).

MonthChange90-dayRankCauses
November 2026 (month to date)+2.3% (z 1.5)+2.6%none of the surviving causes loads on it
October 2026+5.0% (z 1.0)+1.9%AI capex / profitability doubts (drove: Equal-weight (RSP) beat cap-weight S&P 500 (SPY) by 5.8 pp, score 16.4)
September 2026−4.8% (z -1.6)−2.8%none of the surviving causes loads on it
August 2026+2.0% (z 0.2)+4.9%none of the surviving causes loads on it
July 2026+1.1% (z -0.0)+6.4%none of the surviving causes loads on it
June 2026+2.3% (z 0.2)+10.9%none of the surviving causes loads on it
May 2026+2.6% (z 0.4)+2.5%none of the surviving causes loads on it
April 2026+6.0% (z 1.3)+3.1%none of the surviving causes loads on it
March 2026−6.0% (z -1.9)+0.6%none of the surviving causes loads on it
February 2026+3.5% (z 0.7)+7.4%AI capex / profitability doubts (drove: Equal-weight (RSP) beat cap-weight S&P 500 (SPY) by 4.3 pp, score 12.0) Top holdings by contribution: MRNA +0.07 pp, IT -0.06 pp, ACN -0.06 pp. Sectors: Technology -0.26 pp, Healthcare -0.04 pp, Consumer Cyclical +0.04 pp (current weights, an approximation).
January 2026+3.4% (z 0.6)+5.8%none of the surviving causes loads on it
December 2025+0.4% (z -0.1)+0.9%none of the surviving causes loads on it
November 2025+1.9% (z 0.2)+2.0%none of the surviving causes loads on it

What drove each month · All assets

Not investment advice. MarketMoves describes past market data and reported news for general information. Figures can be delayed or wrong; check the original source before relying on them.