As an example, the equal-weighted S&P 500 outperformed the market-weighted S&P 500 from mid-2003 until roughly 2014. From 2014 until today, the market-weighted S&P 500 has outperformed its equal-weighted counterpart, and this typically is temporarily reversed in major market drawdowns (2009, 2020, and somewhat 2022). But, overall since mid-2003, the equal-weighted index has slightly outperformed the market-weighted index on a total return basis.
Given the recent trend of the equal-weight index underperforming the market-weighted index, we would not seek to go against this trend just yet. Although, for an investor with a long-term timeframe and a willingness to see relative underperformance in the near-term, we think the equal-weighted index can outperform over the long term. We like the EQL ETF for a Canadian-denominated equal-weighted S&P 500 ETF.