Throughout much of 2012, small-cap stocks have underperformed large-cap stocks. But a surge over the last few days has pushed the Russell 2,000 above the S&P 500 in terms of year-to-date performance. As shown in the chart below, the Russell 2,000 was up just half of what the S&P 500 was when the market hit its post-election low on November 15th. The rally over the last month now has the Russell 2,000 up 14.20% versus the S&P 500's gain of 13.75%.
Below is a look at the performance of small-caps versus large-caps since the bull market began on March 9th, 2009. As shown, the Russell 2,000 is up 146% versus the S&P 500's gain of 111%.