What’s behind recent Russell 2000 underperformance?

Among this year’s notable twists and turns, the recent giveback of Russell 2000 outperformance to its large-cap counterpart has been particularly striking. What happened?

The Russell 1000 climbed 5.4% in April, more than double the 2.1% gain of the Russell 2000. The U-turn shaved 11 percentage points off of the small-cap index’s 12-month lead over the large-cap index, from a peak of 28% in mid-March.

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