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macroJun 27, 2026, 2:01 PM

S&P 500 Equal-Weight ETF RSP Outperforms SPY by Most Since 2009

The S&P 500 equal-weight ETF (RSP) is on track for its largest monthly outperformance over the cap-weighted S&P 500 ETF (SPY) since 2009, with a 5 percentage point lead in June. Weekly outperformance hit 3.4 percentage points, the widest since the 2020 pandemic.

RSPSPY

The market rally is broadening, as evidenced by the S&P 500 equal-weight ETF (RSP) significantly outperforming the cap-weighted S&P 500 ETF (SPY) in June. RSP has gained 1.9% month-to-date, while SPY has fallen 3.1%, giving RSP a 5.0 percentage point lead—on track for the best monthly outperformance since 2009 and the second-largest in at least 23 years.

This week alone, RSP outperformed SPY by 3.4 percentage points, the biggest weekly gap since the 2020 pandemic. As a result, the 52-week correlation between the S&P 500 and its equal-weight index has fallen to 0.90, down from 0.97 in 2022 and the lowest since 2003, signaling a breakdown in mega-cap tech leadership.

Source: The Kobeissi Letter