{"id":137991,"date":"2026-03-12T19:41:21","date_gmt":"2026-03-12T23:41:21","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/alternative-beta-equal-weight-corporate-bond-indices\/"},"modified":"2026-03-13T13:07:19","modified_gmt":"2026-03-13T17:07:19","slug":"alternative-beta-equal-weight-corporate-bond-indices","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/alternative-beta-equal-weight-corporate-bond-indices\/","title":{"rendered":"Alternative beta: Equal weight corporate bond indices"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d0b628f33d3'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Alternative beta: Equal weight corporate bond indices<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1066\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3653763631.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Securities display\" title=\"Securities display\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d0b62909d89'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">March 12, 2026<\/p>\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\t\t\t<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    \t\t<div class=\"bb-tts\" \n\t\t\tdata-selector=\"main\"\n\t\t\tdata-label=\"Speak this page\"\n\t\t\tdata-custom-play=\"Play\"\n\t\t\tdata-custom-pause=\"Pause\"\n\t\t\tdata-custom-stop=\"Stop\" \n\t\t\tdata-overlay=\"false\" \n\t\t\tdata-invert=\"false\"\n\t\t\tdata-no-time=\"false\"\n\t\t\tdata-no-button-text=\"false\"\n\t\t\tdata-one-button=\"true\"\n\t\t\tdata-one-style=\"true\"\n\t\t\tdata-hide-stop=\"true\"\n\t\t\tdata-voice=\"Gordon\"\n\t\t\tdata-pitch=\"1\"\n\t\t\tdata-speed=\"1\"\n\t\t\tdata-align=\"flex-start\"\n\t\t>\n\t\t<\/div>\n\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d0b6290c096'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li>Equal weighted corporate bond indices reduce issuer concentration compared with traditional market value weighted benchmarks in both investment-grade and high-yield markets.<\/li>\n<li>Research shows equal issuer weighting has historically delivered higher total returns in USD investment-grade and high-yield bonds, even after accounting for rebalancing transaction costs.<\/li>\n<li>Sector Neutral and Rating Neutral versions eliminate inherent overweights or underweights, while Largest Issue version improves tradeability by including one bond per ticker.<\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d0b6290f484'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><em><span class=\"TextRun SCXW220303206 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW220303206 BCX0\">This article was written by Scott Atha, Fixed Income Indices Product Manager<\/span><\/span><span class=\"TextRun SCXW220303206 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW220303206 BCX0\">\u00a0at Bloomberg<\/span><\/span><span class=\"EOP SCXW220303206 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/em><\/p>\n<p>Market value weighting has been the standard in fixed income indices for decades. While this will continue to be the default and natural scheme for bond indices, asset managers have been exploring other weighting schemes to differentiate their products. Equal weighting has been especially relevant and popular in equities recently due to Magnificent 7 dominance. Issuer capping is already commonly used in some areas of fixed income (i.e. high yield), and equal weighting is simply taking this concept a step further.<\/p>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d0b62911111'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t\n<div\n  id=\"cta_7202445196675438824\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/fixed-income\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Fixed Income Indices\"\n        >\n                      Bloomberg Fixed Income Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>One of the main refutes to bond indexing is that indices are \u201cbroken\u201d because they overweight the most indebted companies. <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/evaluating-market-value-weighting-in-us-corporate-bond-benchmarks\/\">Our research shows that this is not the case<\/a> \u2013 market value weighting does not systematically overweight fundamentally weaker credits in Investment Grade corporate bonds (IG). However, our role as an index provider is to provide a menu of different options (including weighting schemes).<\/p>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d0b62914c57'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Tailored indices insights and invitations in your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2416490905604245\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d0b629182ae'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>For investors who want to employ other weights, our modern index infrastructure supports efficient and scalable implementation. \u00a0At Bloomberg, we created the global Equal Weight Issuer indices below across investment grade and high yield as complementary offerings in the alternative beta space. Bloomberg Terminal subscribers can access this via function<strong> IN EQUAL &lt;GO&gt;<\/strong>.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2026\" height=\"1724\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Equal-Weighted-Indices-available-on-the-Bloomberg-Terminal.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 1-Equal Weighted Indices available on the Bloomberg Terminal\" title=\"Figure 1-Equal Weighted Indices available on the Bloomberg Terminal\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Equal-Weighted-Indices-available-on-the-Bloomberg-Terminal.png 2026w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Equal-Weighted-Indices-available-on-the-Bloomberg-Terminal-552x470.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Equal-Weighted-Indices-available-on-the-Bloomberg-Terminal-800x681.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Equal-Weighted-Indices-available-on-the-Bloomberg-Terminal-768x654.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Equal-Weighted-Indices-available-on-the-Bloomberg-Terminal-1536x1307.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-1-Equal-Weighted-Indices-available-on-the-Bloomberg-Terminal-127x108.png 127w\" sizes=\"auto, (max-width: 2026px) 100vw, 2026px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>Applying equal weights to all the tickers within Corporate bond indices ensures better diversification and less concentration in large issuers and sectors. On the equity side, the concentration is much more extreme \u2013 the top 10 names make up almost 40% of the large cap <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/27\/Bloomberg-500-Index-Fact-Sheet.pdf\">Bloomberg 500<\/a> index.<\/p>\n<p>There is far less concentration in fixed income (top 10 issuers make up roughly 15% of the US Corporate index) given the size of the universe, and allocating the same weight to all issuers has value beyond reducing leverage.<\/p>\n<h2>Do equal weighted bond indices outperform market value weighted benchmarks?<\/h2>\n<p>Rebalancing a portfolio each month to align with equal weights will likely increase the turnover, but historically the outperformance often outweighs the transaction costs.<\/p>\n<p>Indeed, to quote our research mentioned earlier: \u201cequal issuer weighted indices can deliver improved performance in both USD investment-grade and high-yield markets, even after accounting for higher rebalancing costs\u201d. In both USIG and USHY, the average annual total return seems to increase with the degree of the restrictiveness of the capping. Equal weighting, which is the most extreme version of concentration restriction, has the highest returns at 5.31% and 7.67% over the sample period, respectively. In particular, equal weighting issuers in HY results in roughly <strong>100bp per year of outperformance<\/strong> (or 50bp net of transaction costs) since 2000 per below.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2240\" height=\"1674\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 2a-Historical Performance of Equal Weighted vs Market Value Weighted in USIG and USHY\" title=\"Figure 2a-Historical Performance of Equal Weighted vs Market Value Weighted in USIG and USHY\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY.png 2240w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-552x413.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-800x598.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-768x574.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-1536x1148.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-2048x1531.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2a-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-145x108.png 145w\" sizes=\"auto, (max-width: 2240px) 100vw, 2240px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2326\" height=\"866\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 2b- Historical Performance of Equal Weighted vs Market Value Weighted in USIG and USHY\" title=\"Figure 2b- Historical Performance of Equal Weighted vs Market Value Weighted in USIG and USHY\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY.png 2326w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-552x206.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-800x298.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-768x286.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-1536x572.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-2048x762.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-2b-Historical-Performance-of-Equal-Weighted-vs-Market-Value-Weighted-in-USIG-and-USHY-192x71.png 192w\" sizes=\"auto, (max-width: 2326px) 100vw, 2326px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Sector Neutral, Rating Neutral and Largest Issue approaches in equal weighted bond indices<\/h2>\n<p>Bloomberg also provides <strong>Sector Neutral <\/strong>and<strong> Rating Neutral <\/strong>versions for investors who want to avoid inherent bets (i.e underweight large financial issuers) when applying equal weights. These versions equal weight within the underlying rating and sector sleeves, then combine together to maintain the market value of each bucket. Below is an example of sector neutrality (at Class 2 level) for the IG Corporate index.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2326\" height=\"756\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 3-Comparison of Sectors Weights as of Year-End 2025\" title=\"Figure 3-Comparison of Sectors Weights as of Year-End 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025.png 2326w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025-552x179.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025-800x260.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025-768x250.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025-1536x499.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025-2048x666.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-3-Comparison-of-Sectors-Weights-as-of-Year-End-2025-192x62.png 192w\" sizes=\"auto, (max-width: 2326px) 100vw, 2326px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>Additionally, versions of the US IG and HY indices are available that include only the <strong>largest bond<\/strong> (by amount outstanding) of each ticker. So instead of dozens of bonds per issuer in some cases, these so-called Largest Issue indices maintain the same equal weights of each ticker but with only one bond (see below).<\/p>\n<p>The exposure is the same, but the tradability is increased by reducing the number of constituents significantly (ie 90% fewer bonds in US IG). Not only are these versions more liquid, but they demonstrate outperformance over the long run as well (both in gross terms and net of transaction costs).<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2400\" height=\"1180\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Figure 4- Comparison of Top 10 Tickers by Bond Count vs Largest Issue Index\" title=\"Figure 4- Comparison of Top 10 Tickers by Bond Count vs Largest Issue Index\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index.png 2400w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index-552x271.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index-800x393.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index-768x378.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index-1536x755.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index-2048x1007.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Figure-4-Comparison-of-Top-10-Tickers-by-Bond-Count-vs-Largest-Issue-Index-192x94.png 192w\" sizes=\"auto, (max-width: 2400px) 100vw, 2400px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>Across regions and ratings, applying the same weight to all tickers of corporate bonds usually performed better over the long run (but past results are no guarantee of future performance). As asset managers look for ways to differentiate and generate alpha, the choice of weighting scheme can lead to different outcomes. Market value weighting is the natural option for fixed income, but alternatives such as equal weighting may offer better diversification and higher returns.<\/p>\n\t\t\t<\/div>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<style>section[data-anchor=row-69d0b6291f460]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\t<section\n\tclass='bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed' data-anchor='row-69d0b6291f460'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h3>Related Content<\/h3>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_8102497044562403912\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    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Although it remains default, asset managers increasingly explore alternative schemes to differentiate products and enhance diversification risk control.<\/p>\n","protected":false},"author":1933,"featured_media":71284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[457,453],"tags":[526,3671,547,3842],"series":[],"class_list":["post-137991","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","tag-fixed-income","tag-fixed-income-indices","tag-indices","tag-indices_2026","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alternative beta: Equal weight corporate bond indices | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Market value weighting has long been the standard for fixed income indices. Although it remains default, asset managers increasingly explore alternative schemes to differentiate products and enhance diversification risk control.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/alternative-beta-equal-weight-corporate-bond-indices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alternative beta: Equal weight corporate bond indices | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"Market value weighting has long been the standard for fixed income indices. 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