The S&P 500 Equal Weighted Index still has not been able to rise above its January values, according to WSJ. Even though the regular S&P 500 has already crossed this threshold in August and is now hitting new all-time highs.
In the typical S&P 500, each company's impact on the index is determined by its share of the total market capitalization of all index companies. That is, fluctuations in Apple's price have the strongest effect on the index. In SPXEW, capitalization does not matter, the shares of all companies have the same influence on the change in the index.
The presence of such gap may serve as additional proof that now the entire S&P 500 is being pushed forward by only a few large companies, while everyone else has not really managed to recover from the economic lockdown.