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daily · indexed (100 = shared start)

Large caps vs small caps

Are large caps leading small caps, or is the small-cap trade working?

Small − large-5.0%
Data through 23 Jul 2026
-200.00.00200.0400.0600.0800.01,000May 2000Aug 2005Nov 2010Feb 2016Apr 2021Jul 2026
Large caps (SPY)
Small caps (IWM)
Large caps vs small caps: summary statistics (Max range)
SeriesFirstLatestMinMax
Large caps (SPY)100.0851.557.3873.9
Small caps (IWM)100.0896.273.1921.9
Source:Yahoo FinanceSPYIWM· Data may be revised by the source.
FormulaSPY and IWM adjusted close indexed to 100 at the shared start
Methodology

SPY (S&P 500 large caps) and IWM (Russell 2000 small caps), both daily, rebased to 100 at their shared start. Uses split- and dividend-adjusted close. When small caps lead they sit above large caps on the indexed scale; the gap is the small-cap premium (or discount) over the window.

Source series
SPYLarge caps (SPY)indexed (100 at base)daily · Not seasonally adjustedIWMSmall caps (IWM)indexed (100 at base)daily · Not seasonally adjusted
Freshness
Data through
23 Jul 2026
Last refreshed
24 Jul 2026
Native frequency
daily

The site is refreshed separately from the source. Data through = the latest observation published by Yahoo Finance; last refreshed = when PIER20 last fetched the file.

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