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Russell 2000-to-S&P 500 Ratio Hits Lowest Level Since November 2025
The decline erases a major portion of small-cap equities’ outperformance earlier this year.

The ratio comparing small-cap stocks in the Russell 2000 with large-cap stocks in the S&P 500 fell to its lowest level since November 2025, reversing a major portion of small caps’ outperformance earlier this year.