Size Cycle - Rolling 36-Month Return Differentials
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
−25
−20
−15
−10
−5
0
5
10
15
20
25
30
35
40
45
Pro-Small Cap
Pro-Large Cap
-16%