After years of being the market’s forgotten children, small-cap stocks are back in the spotlight in 2025. But are they catching up to their older, richer S&P 500 siblings? Not a chance.

Small-cap stocks, represented by the Russell 2000 index

RUT, are closing in on the S&P 500’s SPX gains so far this year, raising the possibility that they could be the surprise winners of a wild year for the stock market. The Russell 2000 index is up 10% so far in 2025, while the large-cap S&P 500 has risen more than 13% in the same period, according to FactSet data.