{"id":19096,"date":"2026-01-23T18:00:11","date_gmt":"2026-01-23T18:00:11","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?p=19096"},"modified":"2026-01-23T18:00:12","modified_gmt":"2026-01-23T18:00:12","slug":"the-great-narrowing-sp-500-concentration","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration","title":{"rendered":"The ‘Great Narrowing’: S&P 500 concentration"},"content":{"rendered":"\n

By Tyler Frawley, CFA<\/strong><\/p>\n\n\n\n\n

Evolution of dominance: From 1990 to the AI era<\/h2>\n

\n In 1990, the S&P 500 looked like a far more representative cross-section\n of the U.S. economy. The 10 largest companies by market cap (including IBM,\n Exxon, General Electric and Philip Morris) made up roughly 19 percent of the\n index. Leadership was spread across multiple sectors, and no single industry\n dominated overall returns.\n<\/p>\n

\n That began to change during the late-1990s technology boom. By the end of\n 2000, the top 10 accounted for roughly 23 percent of the index (with\n concentration peaking during the year at about 27 percent), driven by the rise\n of companies such as Cisco, Microsoft and Intel. The subsequent unwind was\n sharp, and the early-2000s reset led to a period where concentration declined\n as energy and consumer stocks regained prominence.\n<\/p>\n

\n A more durable shift began after the 2008 financial crisis with the rise of\n the platform economy, defined by software, cloud computing and digital\n advertising, which created business models capable of scaling with minimal\n marginal cost. Even then, concentration remained relatively modest for a time.\n By the end of 2015, the top 10 stocks accounted for about 19 percent of the\n S&P 500\u2019s weight and roughly 19 percent of total index earnings,\n suggesting to us that market value and fundamentals were broadly aligned.\n<\/p>\n

\n That balance has changed meaningfully over the past decade. By the end of\n 2025, the 10 largest companies accounted for nearly 41 percent of the S&P\n 500\u2019s total weight, more than doubling in just 10 years.\n<\/p>\n\n

S&P 500: A trend of rising concentration<\/h3>\n

Cumulative weighting of 10 largest S&P 500 companies by year<\/h4>\n
\n
\n \"Cumulative\n \n

\n Source – RBC Wealth Management, FactSet; data as of 12\/31\/25 and reflects\n year-end weighting for each year\n <\/p>\n

\n The chart displays the cumulative weighting of the top 10 S&P 500\n companies by year from 1990 to 2025, illustrating a general trend of\n increasing market concentration that has recently surged to historic\n levels. The top 10 weighting hovered stably around 18%\u201323% between 1990\n and 2015 but has since nearly doubled in just one decade to a record 40.7%\n in 2025, driven largely by megacap technology and AI-related stocks.\n <\/p>\n <\/div>\n<\/div>\n\n

\n Valuation and performance disparity between cap\u2011weighted and equal\u2011weighted\n indexes\n<\/h2>\n

\n The effects of rising concentration are most visible when comparing the\n market-cap-weighted S&P 500 to the S&P 500 Equal Weight Index, which\n assigns each constituent an equal (about 0.2 percent) allocation.\n<\/p>\n

\n From 2003 through 2022, the equal-weighted index actually outperformed the\n cap-weighted index by roughly 1.5 percent per year, reflecting size effects\n and periodic mean reversion among large-cap leaders.\n<\/p>\n

\n However, this relationship has broken down meaningfully since the beginning of\n 2023, and over the past three years the market-cap-weighted S&P 500 has\n outperformed its equal-weighted counterpart by roughly 32 percent. This\n represents one of the largest three-year relative outperformances on record,\n exceeding the approximately 31 percent outperformance observed in the late\n 1990s and early 2000s in the run-up to the tech bubble.\n<\/p>\n

\n The outperformance has coincided with a dramatic widening of the valuation\n gap, as the market-cap-weighted S&P 500 now trades at a nearly 30 percent\n premium to its equal-weighted counterpart, up from approximately 13 percent\n just prior to the pandemic, and sharply higher than the near-parity levels\n seen a decade ago.\n<\/p>\n

\n This reflects, in part, how index concentration has risen significantly faster\n than earnings contribution. In 2025, the top 10 stocks represented roughly 41\n percent of the index\u2019s total weight but were expected to generate only about\n 32 percent of its earnings. That gap has widened meaningfully since 2015, when\n weight and earnings contribution were more closely aligned. While the largest\n companies remain highly profitable, market value concentration has\n increasingly run ahead of fundamental profitability.\n<\/p>\n\n

Performance gap nearing unprecedented levels as megacaps dominate<\/h3>\n

S&P 500 vs. S&P 500 Equal Weight<\/h4>\n
\n
\n \"S&P 500\n
    \n
  • \n
    <\/div>\n Rolling three-year relative performance\n <\/li>\n <\/ul>\n

    \n Source – RBC Wealth Management, FactSet; data as of 12\/31\/25, monthly\n price return data\n <\/p>\n

    \n The chart illustrates the rolling 3-year relative performance of the S&P\n 500 versus its equal weight version from 1993 to the end of 2025. It\n begins with relatively flat performance in the early 1990s before the\n market-cap-weighted index surged during the tech bubble, peaking with a\n 31% relative outperformance in early 2000. This trend rapidly reversed as\n the bubble burst, leading to a period where the equal weight index\n significantly outperformed the market-cap-weighted index, which dipped to\n -33% 3-year relative performance by 2003. The relationship remained\n relatively stable for years until 2023, when market-cap weighting again\n dramatically took the lead, culminating in a record high relative\n performance peak of over 32% at the end of 2025.\n <\/p>\n <\/div>\n<\/div>\n\n

    Concentration doesn\u2019t automatically mean bubble<\/h2>\n

    \n It is important to acknowledge that today\u2019s concentration is not purely\n speculative and, unlike prior market peaks, the largest constituents of the\n S&P 500 are highly profitable businesses with strong balance sheets,\n durable competitive advantages and substantial free cash-flow generation.\n Many are returning capital to shareholders while continuing to invest heavily\n in growth, particularly in AI-related products and infrastructure.\n<\/p>\n

    \n Elevated concentration alone is not sufficient evidence of a bubble. Market\n leadership has narrowed in part because earnings, margins and cash flow have\n narrowed. That distinction matters and helps explain why valuations have been\n elevated for longer than many investors anticipated.\n<\/p>\n\n

    The risks of a top-heavy market<\/h2>\n

    \n Even so, we believe the current structure introduces several risks worth\n monitoring.\n<\/p>\n

    \n First, idiosyncratic shock risk<\/strong> is materially higher. In\n 1990, an earnings miss at a top holding would have had a limited index-level\n impact. Today, with NVIDIA alone representing nearly eight percent of the\n index, a single company can meaningfully influence index returns, affecting\n portfolios that assume broad diversification.\n<\/p>\n

    \n Second, there is the passive concentration trap<\/strong>. Many\n investors believe an S&P 500 fund offers wide diversification. But, more\n than $40 of every $100 invested flows into just 10 companies, creating a\n feedback loop where passive inflows disproportionately support the largest\n stocks, increasing their weights and reinforcing performance leadership\n regardless of fundamentals.\n<\/p>\n

    \n Third,\n correlation risk tied to AI exposure has increased<\/strong>. Unlike\n past periods when the top 10 spanned unrelated industries, today\u2019s leaders are\n closely linked by a common theme \u2013 AI. That effectively turns the index into a\n directional bet on AI adoption and monetisation. If expectations slip or\n timelines extend, there are fewer offsetting exposures within the index to\n absorb the impact.\n<\/p>\n\n

    What does this mean for investors?<\/h2>\n

    \n The \u201cGreat Narrowing\u201d of the S&P 500 reflects a structural shift, where a\n handful of technology and AI-driven giants now dominate the index\u2019s\n composition, performance and risk profile. While current leaders boast robust\n fundamentals, strong profitability, competitive advantages and growth\n trajectories, the sheer concentration of market value in a narrow cohort\n introduces new risk. The disconnect between weight and earnings contribution,\n outsized influence of individual stocks and passive inflows amplifying this\n dynamic underscore a critical reality \u2013 what appears as broad diversification\n increasingly functions as a concentrated allocation in a single thematic\n outcome.\n<\/p>\n

    \n For investors, this evolution requires a recalibration of assumptions. The\n index has been a resilient benchmark, but its top-heavy structure warrants\n scrutiny. Understanding embedded risks, from idiosyncratic volatility to\n thematic correlation, is more essential than ever, in our view.\n<\/p>\n","protected":false},"excerpt":{"rendered":"

    Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.<\/p>\n","protected":false},"author":22,"featured_media":19097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2026-01-22T11:58:54","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[80],"tags":[632,801,800],"rbcwm_content_owner":[506],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[81],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-19096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-sp-500","tag-sp-500-equal-weight-index","tag-top-10-stocks","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[8231],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\nThe 'Great Narrowing': S&P 500 concentration<\/title>\n<meta name=\"description\" content=\"Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 'Great Narrowing': S&P 500 concentration\" \/>\n<meta property=\"og:description\" content=\"Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration\" \/>\n<meta property=\"og:site_name\" content=\"RBC Wealth Management\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-23T18:00:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-23T18:00:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/scl-solo-hiker-at-summit-hor-EU.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"chloetejada\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration\"},\"author\":{\"name\":\"chloetejada\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c\"},\"headline\":\"The ‘Great Narrowing’: S&P 500 concentration\",\"datePublished\":\"2026-01-23T18:00:11+00:00\",\"dateModified\":\"2026-01-23T18:00:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration\"},\"wordCount\":1187,\"publisher\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg\",\"keywords\":[\"s&p 500\",\"S&P 500 equal weight index\",\"top 10 stocks\"],\"articleSection\":[\"Analysis\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration\",\"name\":\"The 'Great Narrowing': S&P 500 concentration\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg\",\"datePublished\":\"2026-01-23T18:00:11+00:00\",\"dateModified\":\"2026-01-23T18:00:12+00:00\",\"description\":\"Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg\",\"contentUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg\",\"width\":3210,\"height\":2140,\"caption\":\"A solo hiker stands at the summit of a green mountain.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The ‘Great Narrowing’: S&P 500 concentration\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/\",\"name\":\"RBC Wealth Management\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization\",\"name\":\"RBC Wealth Management\",\"alternateName\":\"RBC Wealth Management\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png\",\"contentUrl\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png\",\"width\":3000,\"height\":2000,\"caption\":\"RBC Wealth Management\"},\"image\":{\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c\",\"name\":\"chloetejada\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"caption\":\"chloetejada\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The 'Great Narrowing': S&P 500 concentration","description":"Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration","og_locale":"en_GB","og_type":"article","og_title":"The 'Great Narrowing': S&P 500 concentration","og_description":"Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.","og_url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration","og_site_name":"RBC Wealth Management","article_published_time":"2026-01-23T18:00:11+00:00","article_modified_time":"2026-01-23T18:00:12+00:00","og_image":[{"width":1200,"height":627,"url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/scl-solo-hiker-at-summit-hor-EU.jpg","type":"image\/jpeg"}],"author":"chloetejada","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#article","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration"},"author":{"name":"chloetejada","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c"},"headline":"The ‘Great Narrowing’: S&P 500 concentration","datePublished":"2026-01-23T18:00:11+00:00","dateModified":"2026-01-23T18:00:12+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration"},"wordCount":1187,"publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg","keywords":["s&p 500","S&P 500 equal weight index","top 10 stocks"],"articleSection":["Analysis"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration","name":"The 'Great Narrowing': S&P 500 concentration","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg","datePublished":"2026-01-23T18:00:11+00:00","dateModified":"2026-01-23T18:00:12+00:00","description":"Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this \u201cGreat Narrowing\u201d should be top of mind for investors.","breadcrumb":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#primaryimage","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg","width":3210,"height":2140,"caption":"A solo hiker stands at the summit of a green mountain."},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-great-narrowing-sp-500-concentration#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/"},{"@type":"ListItem","position":2,"name":"The ‘Great Narrowing’: S&P 500 concentration"}]},{"@type":"WebSite","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#website","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/","name":"RBC Wealth Management","description":"","publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#organization","name":"RBC Wealth Management","alternateName":"RBC Wealth Management","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/","url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/02\/rbc.png","width":3000,"height":2000,"caption":"RBC Wealth Management"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c","name":"chloetejada","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","caption":"chloetejada"}}]}},"jetpack_featured_media_url":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2026\/01\/solo-hiker-at-summit-3210x2140-1.jpg","jetpack_sharing_enabled":true,"publishpress_future_action":{"enabled":false,"date":"2026-04-12 11:44:27","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"RBC Wealth Management","distributor_original_site_url":"https:\/\/www.rbcwealthmanagement.com\/en-eu","push-errors":false,"last_revision_date":"2026-01-23 18:00:12","_links":{"self":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts\/19096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/comments?post=19096"}],"version-history":[{"count":3,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts\/19096\/revisions"}],"predecessor-version":[{"id":19136,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/posts\/19096\/revisions\/19136"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_cta\/8231"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/media\/19097"}],"wp:attachment":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/media?parent=19096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/categories?post=19096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/tags?post=19096"},{"taxonomy":"rbcwm_content_owner","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_content_owner?post=19096"},{"taxonomy":"rbcwm_need","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_need?post=19096"},{"taxonomy":"rbcwm_segment","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_segment?post=19096"},{"taxonomy":"rbcwm_solution","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_solution?post=19096"},{"taxonomy":"rbcwm_topic","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_topic?post=19096"},{"taxonomy":"rbcwm_channel","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_channel?post=19096"},{"taxonomy":"rbcwm_format","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-json\/wp\/v2\/rbcwm_format?post=19096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}