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Chart of the week: Large caps crushing small caps again

Some value investors thought small- and mid-cap stocks might finally take the lead this year. The thinking was that large caps (which have dominated post pandemic) would potentially take a breather. In fact, more fund managers said it could be small caps' year to outperform than those that said large caps would lead in a Bank of America fund manager survey earlier this year. That outperformance hasn't happened yet in 2024, as the biggest companies (as represented in the chart below by the S&P 500) have continued to beat both small caps (represented by the S&P Small Cap 600) and mid caps (represented by the S&P Mid Cap 400).
Source: FactSet, as of March 28, 2024.

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Past performance is no guarantee of future results.

Indexes are unmanaged. It is not possible to invest directly in an index.

The S&P 500 is a market-capitalization-weighted index designed to measure the performance of 500 large-cap US companies. S&P Mid Cap 400 Index is a market capitalization-weighted index of 400 mid cap stocks of US companies chosen for market size, liquidity, and industry group representation. The S&P Small Cap 600 Index seeks to measure the small-cap segment of the US equity market.

Any screenshots, charts, or company trading symbols mentioned are provided for illustrative purposes only and should not be considered an offer to sell, a solicitation of an offer to buy, or a recommendation for the security.

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