Predictably, Apple’s ascent is also re-exposing performance gaps between broad market ETFs heavy on the stock and comparable funds with smaller weights to the iPhone maker. For example, the PowerShares QQQ (NasdaqGM: QQQ), the NASDAQ-100 tracking ETF, came into Wednesday with an Apple weight of 14.7%. QQQ is up 1.3% this year compared to a 0.3% gain for its equal-weight equivalent, the First Trust NASDAQ-100 Equal Weighted Index Fund (NasdaqGS: QQEW). Apple has a weight of just 1.09% in QQEW, meaning eight stocks heavier weights in the fund.

The lesson here, and it has been taught before when shares of Apple have declined, is that Apple’s upside is great for ETFs like QQQ. When the stock declines, equal-weight ETFs like QQEW prove less bad. [Low Apple Weights Not Hindering Some Nasdaq ETFs]

Technology Select Sector SPDR

Tom Lydon’s clients own shares of QQQ, Apple and Microsoft.