S&P 500 Record Fragmentation — Mega-Cap vs. Equal-Weight Diverges
The 52-week correlation between the equal-weighted and cap-weighted S&P 500 hit 0.67, its lowest on record, meaning market returns are more concentrated in mega-caps than ever — on the lowest NYSE volume in 23 years.
What we know
An account on X flagged the record correlation low as evidence of extreme index concentration. This coincides with another account on X reporting stocks slid on the lowest volume in 23 years, with energy up and tech down. Another account on X noted the paradox: 'Analysts agree macro looks like shit, but stocks keep printing new ATHs.' another account on X separately flagged anomalous $SPY volume. Meanwhile $SNDK broke its key support floor — another account on X reports it closed at 1,487, down 6%, on China memory supply news.
How the story developed
The 52-week correlation between the equal-weighted and cap-weighted S&P 500 hit 0.67, its lowest on record, meaning market returns are more concentrated in mega-caps than ever — on the lowest NYSE volume in 23 years.
SPY posted its lowest volume session since 2019 on Friday as traders wait for bank earnings (Tuesday) and CPI (Wednesday); the average S&P 500 stock is at its worst relative performance vs. the cap-weighted index since 2002.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.