With equal dollar amounts invested in three securities, the portfolio weights are 0.333, 0.333, and 0.333. For an equal‐weighted portfolio of five securities, each security would have a portfolio weight of 0.20. Of course, weights do not have to be equal. A five‐stock portfolio could have weights of 0.40, 0.10, 0.15, 0.25, and 0.10, or 0.18, 0.33, 0.11, 0.22, and 0.16.