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As mega-cap stocks led by companies such as Nvidia have dominated market narratives, small-cap stocks have, on average, outperformed their larger peers in 2026. The divergence is visible in major U.S. benchmarks, with the S&P 500 rising less than the Russell 2000 year to date.
The benchmark S&P 500 equity market index rose 4.05% in 2026, increasing from 6,858 on January 2 to nearly 7,136 at the latest close on April 29. Over the same period, the Russell 2000—tracking the smallest 2,000 of America’s roughly 3,000 biggest public companies—gained 9.22%, moving from 2,508 to over 2,739 in 2026.
One feature of the Russell 2000’s performance is that its gains appear concentrated among a relatively small number of major winners, based on the year-to-date (YTD) heatmap. At the same time, the index’s results also reflect the higher-risk, higher-reward profile of smaller-cap equities, which can produce a wider spread in YTD performance.
Within the S&P 500, six stocks more than doubled in 2026, led by SanDisk (NASDAQ: SNDK), up 348%, and Intel (NASDAQ: INTC), up 156.78%. The Russell 2000, by contrast, includes well over a dozen such companies.
Among the most notable names is Bloom Energy (NYSE: BE). The company has benefited from the ongoing artificial intelligence (AI) boom, tied to its manufacturing of solid oxide fuel cells (SOFCs) used in data centers. At an April 30 press time price of $291.90, Bloom Energy was up 235.94% versus the end of 2025.
ImmunityBio (IBRX) also stands out as a top performer. Shares changed hands at $6.97, representing a 251.52% YTD rise.
Applied Optoelectronics (AAOI) and Aehr Test Systems (AEHR) are described as among the biggest winners in the index. AAOI shares were up 345.51% YTD, trading at $155.31. AEHR, with a press time price of $83.94, rallied 315.69%.
While many smaller-cap stocks surged, several prominent names traded flat or underperformed in 2026.
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