Equal-Weight S&P 500 Vs. Cap-Weight: Best Month Since April 2009

Financial Research, Money Management • Nov 1, 2026 at 4:39 PM EST • Updated Nov 1, 2026 at 5:13 PM EST

Defensive sectors like Utilities surged over 9%, highlighting a sharp rotation away from speculative growth and AI names.

While the S&P 500 didn’t get hit too hard last month, mega-caps, AI, growth, and momentum stocks took it on the chin. This resulted in the equal-weight version of the S&P 500 having its best month versus the cap-weighted version since April 2009!

At the sector level, we saw extremely wide performance disparity as well, with more defensive sectors flying, and more speculative sectors plunging.

Four sectors were up more than 9% in October: Consumer Staples, Energy, Health Care, and Utilities. Technology and Communication Services both fell more than 8%.

▲ 9%+

4 Sectors Soared

Consumer Staples, Energy, Health Care & Utilities

▼ 8%+

2 Sectors Sank

Technology & Communication Services

We’ll leave you with a look at our ETF performance matrix that highlights the recent performance of various asset classes.

Bespoke ETF performance matrix showing recent performance across asset classes

Disclaimer:

Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.

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