Concentration in the U.S. equity market is at its all time high, as evidenced by the three-month rolling correlation between the S&P 500 (SPX) and the S&P 500 Equal Weight Index (SPW) reflecting the dominance of a few large-cap stocks within the broader market. The nature of float-adjusted ETFs, which allocate more weight to stocks with higher market capitalizations, ensures that as these large-cap stocks appreciate, they command an even larger portion of the index, thus increasingly making the Mag 7s the market.