Each January since 1997, "Education Week," the K-12 industry's newspaper of record, has issued its "Quality Counts" report, ranking states by, among other things, the "equity" of their school finances. On the other hand, every fall since 2001, the "Education Trust," a national organization devoted to closing the achievement gap in public schools, has issued "The Funding Gap" report, also ranking states by the equity of their K-12 finance systems. Both lists receive a great deal of attention, as winning states issue press releases claiming credit for high marks, and education interest groups point fingers at those at the bottom. Litigants on both sides of school finance cases submit their preferred rankings as evidence, and judges sometimes cite them in their decisions. However, these two well-respected groups reach very different conclusions. In this article, the author examines why the equity rankings by "Education Week" and "Education Trust" don't agree, concluding that the equity-rankings industry should examine its performance and make the changes necessary to provide the public with an accurate barometer. (Contains 2 figures.)