If 4 in 7 stocks underperform Treasury bills, why do equally-weighted portfolios still do so well?

[This study](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447) shows that 4 in 7 stocks underperform Treasury bills, and that only 4% of stocks are responsible for the entire net wealth creation of the market. If this is true, doesn't it seem contradicting that the S&P 500 Equal Weight Index still has a competitive performance?

Additionally, take a look at the Dow Jones Industrial Average. It only has 30 price-weighted arbitrarily selected stocks and still performs well. How can that be? Shouldn't the Dow be too poorly diversified to capture the few outliers?