How concentrated is S&P 500 Equal Weight?

The top ten hold 2.6% of the index; PayPal Holdings, Inc. alone holds 0.3%.

When was S&P 500 Equal Weight most concentrated?

Peak top-ten weight was 3.2% in Apr 2026.

Does concentration make the index riskier?

It means less diversification than the member count implies, not a timing signal.

Market proxy RSP$210.601D -0.81%as of market close, Oct 7, 2026

Share this page

Constituents & weights Stock performance Heatmap Sector weights Concentration

S&P 500 Equal Weight concentration (2026)

The ten biggest companies in S&P 500 Equal Weight hold 2.6% of it as of Jul 2026 — up from 2.4% in Oct 2019. The top five hold 1.3%, and PayPal Holdings, Inc. alone holds 0.3%. Weights are the index's own, from the tracking fund's quarterly SEC filings, so they reconcile with the constituents list.

Top 10 weight

2.6%

from 2.4% in Oct 2019

Top 5 weight

1.3%

of the whole index

Largest member

0.3%

PayPal Holdings, Inc. · Jul 2026 filing

Peak top 10

3.2%

Apr 2026

Each band is a rank slot, not a fixed company — band 1 is whoever is biggest in that filing. Hover a band to see who holds that slot today; switch between the top 1, 3, 5 and 10.

Largestcompanies vs the rest

#1 PayPal Holdings, Inc. · 0.27%#2 Bio-Techne Corp. · 0.26%#3 Zebra Technologies Corp. · 0.26%#4 Global Payments Inc. · 0.26%#5 Expedia Group, Inc. · 0.26%#6 DoorDash, Inc. · 0.25%#7 IQVIA Holdings Inc. · 0.25%#8 Baxter International Inc. · 0.25%#9 International Paper Co. · 0.25%#10 Willis Towers Watson PLC · 0.25%25%50%75%2020202220242026

Share of S&P 500 Equal Weight by index weight, as filed by the tracking fund each quarter.

Who is in the top ten now, and who was then#

#	Jul 2026	Weight	Oct 2019	Weight
1	PYPL PayPal Holdings, Inc.	0.27%	ALGN Align Technology, Inc.	0.28%
2	TECH Bio-Techne Corp.	0.27%	Tiffany & Co.	0.25%
3	ZBRA Zebra Technologies Corp.	0.26%	BIIB Biogen Inc.	0.25%
4	GPN Global Payments Inc.	0.26%	Leggett & Platt, Inc.	0.24%
5	EXPE Expedia Group, Inc.	0.26%	MPC Marathon Petroleum Corp.	0.24%
6	DASH DoorDash, Inc.	0.25%	CNC Centene Corp.	0.23%
7	IQV IQVIA Holdings Inc.	0.25%	BMY Bristol-Myers Squibb Co.	0.23%
8	BAX Baxter International Inc.	0.25%	LRCX Lam Research Corp.	0.23%
9	IP International Paper Co.	0.25%	CDW CDW Corp.	0.23%
10	WTW Willis Towers Watson PLC	0.25%	MHK Mohawk Industries, Inc.	0.23%

Into the top ten since Oct 2019: PayPal Holdings, Inc., Bio-Techne Corp., Zebra Technologies Corp., Global Payments Inc., Expedia Group, Inc., DoorDash, Inc., IQVIA Holdings Inc., Baxter International Inc., International Paper Co., Willis Towers Watson PLC. Out of it: Align Technology, Inc., Tiffany & Co., Biogen Inc., Leggett & Platt, Inc., Marathon Petroleum Corp., Centene Corp., Bristol-Myers Squibb Co., Lam Research Corp., CDW Corp., Mohawk Industries, Inc.. The largest member has changed too — Align Technology, Inc. then, PayPal Holdings, Inc. now. Arrivals and departures are matched by ticker, so a company that renamed or re-listed in between (Facebook to Meta) can show up on both lists.

FAQ#

How concentrated is S&P 500 Equal Weight?: The ten largest companies hold 2.6% of the index as of Jul 2026, and the largest alone (PayPal Holdings, Inc.) holds 0.3%. In Oct 2019 the top ten held 2.4%, so the index has become markedly more top-heavy over that span.
When was S&P 500 Equal Weight most concentrated?: On the filings we hold, the top ten peaked at 3.2% in Apr 2026, against 2.6% now. Our weights run from Oct 2019 onward.
Does concentration make the index riskier?: It makes it less diversified than the member count suggests: when ten names are a third of the index, the index's return is largely their return, and a sector shock that hits them hits everything. It is not a market-timing signal — concentration has risen for long stretches while the index compounded — but it does mean a cap-weighted position is a much more concentrated bet than "500 companies" sounds.

Weights are as filed by the tracking fund on Form N-PORT each quarter — the index's own weights, not a market-cap approximation — and a company's share classes are combined into one row, so “top ten” means ten companies. Our filings begin Oct 2019. See also the sector mix — the other way an index can be less diversified than its member count suggests. Not investment advice.

ChartRow is not affiliated with, sponsored by, or endorsed by S&P Dow Jones Indices LLC, S&P Global, Nasdaq, Inc., Robert Shiller, RSBB-I, LLC, or Yale University. "S&P 500®" and "Dow Jones®" are registered trademarks of S&P Dow Jones Indices LLC; "Nasdaq-100®" is a registered trademark of Nasdaq, Inc.; "CAPE®" is a registered trademark of RSBB-I, LLC. They are used here only to identify the indexes and series discussed. All index-related figures on this page are independently derived from public sources — SEC filings, the public Shiller S&P 500 monthly series, and our own computations — not from any index provider's data feed.