The US stock market has never been this fragmented:

The 52-week correlation between the equal-weighted S&P 500 and the S&P 500 index is down to 0.67, its lowest level on record.

This measures how closely the performance of the equal-weighted S&P 500 tracks the cap-weighted index, with a lower reading indicating a growing gap between the broader market and mega-cap stocks.

The correlation has declined -0.25 points since August 2025.

By comparison, before the 2020 pandemic, this figure remained between 0.95 and 0.99 for nearly 15 years.

To put this into perspective, during the 2000 Dot-Com Bubble, this metric never declined below 0.85.

The S&P 500 is more concentrated than ever.

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