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When are equal-weighted index funds / ETFs preferable to market-cap-weighted funds?
Equal weighted indexes are not theoretically meant to be less volatile or less risky; they're just a different way to weigh stocks in an index. If you had a problem that hurt small caps more than large caps, an equal weighted index will be hurt more than a market-cap weighted one.  On the other hand, if you consider that second rung companies have come up to replace the top layer, it makes sense to weigh them on par.  History changes on a per-country basis - in India, for instance, the market's so small at the lower-cap end that big money chases only the large caps, which go up more in a liquidity driven move. But in a more secular period (like the last 18 months) we see that smaller caps have outperformed.