The S 500 is widely considered the best measure of how large U.S. stocks are doing, but it is also a rather top-heavy index. Since the S 500 is weighted in favor of larger companies, and several megacap stocks have surged in recent years, the index is highly dependent on just a few massive stocks. This is great when these companies are performing well -- but not so much when they perform poorly.

An equal-weight S 500 index fund like the Invesco Equal Weight S 500 ETF (NYSEMKT: RSP) could be a great alternative. Here's what it is, and why you might want to take a closer look at it now.

S&P 500 index funds like the Vanguard S 500 ETF (NYSEMKT: VOO) are designed to match the benchmark's index performance and invest in the stocks of the 500 companies that it is composed of.

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Source Fool.com