Equal-Weight S&P 500 Trails S&P 500 by Widest Margin in 24 Years

The equal-weight S&P 500 is underperforming the market-cap-weighted S&P 500 by its largest margin in more than 24 years.
The widening gap highlights how heavily headline index performance has been concentrated in the largest US companies rather than distributed evenly across the broader market.
The divergence is an important measure of market breadth, with $SPY strength increasingly masking weaker relative performance across the average S&P 500 constituent.