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ETF

Small Caps Deliver Big Gains

· ETF Trends

Can the outperformance continue?

The small-cap stock rally we highlighted back in April has continued over the past few months, driven by factors such as robust U.S. economic growth disproportionately benefiting smaller, domestically focused businesses and the AI capital spending boom spreading to smaller tech and energy companies.

One result: Small-cap stocks are beating their larger peers so far this year¹, with the S&P 600 index of small-company stocks up 23.4% year to date, versus 15.7% for the Nasdaq-100 Index, 8.1% for the S&P 500 Index, and -5.4% for the Mag 7 group of stocks (see the chart). The small fry are also having a strong second quarter (up 19.2%). What’s more, small caps are generating that outperformance without relying on the handful of semiconductor stocks that have become Wall Street darlings.

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