No, says Malkiel, the problem is that these indexes are weighted for market capitalization.

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But when weighted by market capitalization, the numbers look more positive, meaning larger companies have done better.

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Averages weighted by market capitalization. 2.

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The CAPM theory assumed that the portfolio would hold an amount of risk free assets plus it would embrace all risky assets weighted by their market capitalization.

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Additionally, constituents are weighted proportionally on free float market capitalization with the largest positions capped at 4.75% each.

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Indexes that are weighted by factors other than market capitalization can reduce the impact of Apple even more, says Cokie Berenyi, a financial planner at Alphavest in Charleston, S.C.

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The Dow is weighted by price, rather than market capitalization.

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