An interesting post on Realmoney.com earlier this week about how the median/mean stock is faring far worse than the indices would have you think. I'd argue that has been the case all year (remember, the Russell 2000 is down for the year). In the heavy corrections, the indexes do tend to hold up better than the median stocks - institutions stick to liquid names and by definition there is just so much more money in index funds and large cap mutual funds than small cap or mid cap. Also most of the major bull markets have been in very narrow areas - ask anyone tied to financials or consumer stocks how they have been faring since summer. But the actual numbers since this "2 week" correction began are quite startling.
While the broad cap weighted indices are down mid single digits from their highs, the average stock has been hit much harder. The median decline for all the components in the S&P 1500 is 19% and the mean is down 22.3%. Clearly, small/mid have been hit hard, creating some very cheap stocks in a middling valuation market.