If you've been following the market pretty closely, you have no doubt seen the strong outperformance in small caps to kick off 2019. From a longer-term perspective, though, it's pretty amazing to see that small caps have pretty much been trading range-bound with respect to large caps over the last ten years. The chart below shows the relative strength of the Russell 2000 versus the S&P 500 since the start of 2000. In the chart, a rising line indicates small cap outperformance relative to large-cap, while a falling line indicates that large caps are outperforming.