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Oct 08 2025
Market Internals

Valuations: Small Cap Vs. Large Cap

  • Oct 8, 2025

Small Caps have come alive the past two quarters with the Russell 2000 posting a 21% price increase. Why hasn’t our Ratio of Ratios turned higher (lower SC discount)? This vignette excludes firms with no earnings. Note that the higher-quality S&P 600 has gained 13% since the end of March.

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About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil contributes to Leuthold research publications and is the author of the Green Book's At Random.

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