The Russell 2000 has become the preeminent representative of the US small-cap stock domain since its inception in 1984. More than 40 years of data enables deep insights into the relative performance and distinct characteristics of small-cap stocks. While there has been no clear performance advantage of small-cap stocks over large-cap stocks over the past four decades, there have been material differences over shorter periods, primarily driven by the underlying industry composition and economic sensitivities that distinguish large companies from their smaller counterparts.